bodily injury liability Archives - Car Insurance Nigeria

Motor Vehicle Insurance: Know Before You Buy

Most of us have childhood dreams of owning a car or a bike at some point in our lives. Once we get a job, we start saving money to buy a car of our choice and then finally we are able to do this. However, there are uncertainties car travels and cruises. Your car could meet with an unforeseen negative eventuality any day, for real!

It is important to get motor vehicle insurance for cars, trucks, motorbikes and other road vehicles. Having this kind of insurance gives you financial coverage in case of physical damage.

Things to keep in mind when choosing your motor vehicle insurance policy:

Here are the types of coverage that motor vehicle insurance usually provides:

Liability Coverage
Fire and Theft Coverage
Comprehensive Coverage
Property Damage Liability
Bodily Injury Liability
Rental Car Insurance
Pay-Per-Mile Coverage
Personal Injury Protection
Under-insured Driver Coverage
Collision Coverage
Physical Damage Coverage
Uninsured Driver Coverage
Gap Insurance

Most of these coverage facilities are optional. If you add them to the policy you choose, your premium amount will likely increase.

Make an informed decision about the kind of coverage you need:

Rates of motor vehicle insurance tend to vary depending on your gender, status, health, assets and income. All in all, always choose a policy that is most suited to you and your life style. Compare motor vehicle insurance quotes online or through agents so that you do not end up making an expensive mistake by choosing a policy that is wrong for you.

Know the loopholes: A good idea is to buy a car that qualifies for a discount, or at least does not lead to additional surcharges. Before deciding to purchase a vehicle, consult your insurance agent about the cost of insuring that vehicle.

What you need to know about motor vehicle insurance policy in Nigeria:

In Nigeria the Third Party Car Insurance policy is compulsory. However, before you acquire third party auto insurance, keep in mind that it does not cover any personal damage you may have incurred in whatever situation. The claim you can make on your third party auto insurance policy is limited. Before selecting a policy, make sure you find out what how much loss the policy covers.

Another kind of motor vehicle insurance, called Comprehensive Auto Insurance Policy, exists to save you from any losses that you might incur as a result of damages caused by an accident. This is not a compulsory kind of insurance, but experts recommend it for your benefit and safety.

In order to read up on any insurance company, you could look up the National Insurance Commission, NAICOM website. There you will get up to date and reliable information about the insurance companies. You will also get information about insurance brokers and reinsurance companies.

3rd party car insurance Policy in Nigeria

There isn’t an iota of doubt that life is uncertain and events don’t always follow the path of what we usually plan for. In the wake of unpredictability, there is always a fear of loss that can be physical or monetary. There is certainly no way to wipe off the unforeseen risks and loses completely from our lives but there are some sure shot ways through which one can minimize such risks. Insurance is one such tool that people from all walks of life use to minimize the risks from unforeseen events and accidents. It is in fact the best and the most reliable way to protect one’s property and safeguard one’s monetary position in the wake of contingencies and accidents. Today, one can find plenty of insurance policies that tend to cover risk of loss of one’s property, life and vehicles but out of all these policies, 3^rd party car insurance policy also carries a great importance.

There are various types and kinds of car insurance policies being offered across the globe but in Nigeria, the car insurance policies generally fall in two categories namely 3^rd party car insurance and comprehensive auto insurance policy. This policy serves as a tool of protection for the individual taking it from the losses his car/vehicle might cause to others. For instance, a car driver who rams into another car/vehicle thereby causing damage to the property of other people and their lives might be saved from the tedious task of monetarily compensating the other parties if he has subscribed for the much useful 3^rd party car insurance.

The 3^rd party car insurance can further be classified in 2 categories namely:

3^rd party property damage: Compensates other people for the damages done to their tangible property.
Bodily injury liability: This policy tends to compensate other people for the damages done by the car owner by paying for their medical expenses, suffering and loss of earnings.

In Nigeria, taking up 3^rd party car insurance is compulsory for every car owner which means every car driver in Nigeria has practically safeguarded himself from the loss he might cause to other people while driving his way through roads. However, most of the drivers still don’t get this useful policy cover as a result of which the importance of this insurance policy zeroes down to a mere document. Every car owner in Nigeria must realize that 3^rd party car insurance policy is by far the best and most reliable means of safeguarding oneself from unfortunate incidents that usually show up unannounced. In order to minimize the loses in the wake of accidents, one must opt for a coveted and comprehensive policy having flexible claim procedures with least terms and conditions and that too from a reputed preferably a registered insurance company in Nigeria.