comprehensive policy Archives - Car Insurance Nigeria

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.

Understanding How 3rd Party Insurance Online Works

It is compulsory by law in Nigeria to be equipped with motor insurance before actually publicly using a car on public roads. However, one common problem seen is that in Nigeria, people purchase insurance in order to be safe from law enforcement officials on the roads. One good option in this regard is taking advantage of 3^rd party insurance online as this is a whole lot cheaper as compared to a comprehensive policy.

How 3^rd Party Insurance Online Works

Let’s take for example the motor policy under the 3^rd party insurance online coverage. The first party refers to you; the second party refers to the insurance company, and the third party is everybody else. This means that if you crash into the vehicle of somebody else, the insurance company will pay the owner of the vehicle. This also applies if you happen to injure another person with your vehicle, as this is also covered by the insurance. Liability coverage is also part of the basic policy, covering you from claims that are made against you.

Under 3^rd party insurance online coverage, you cannot simply claim for the vehicle that you are personally driving regardless whether it is brand new or not. That needs a comprehensive coverage. At the same time, if you are driving another person’s car, it does not have to pay for the repair of the car that you are driving, but the car that you hit.

For instance, if you are the one responsible for the crash, you are generally responsible for the payment of repair for another vehicle, as well as in covering the medical cost of the injured driver. 3^rd party insurance online can protect you from these claims, as it can cover both the cost of the damage, as well as the sustained injuries with which you were initially at fault.

Things to Note

At this point, it is important to take note that the money that you use for paying the damages stems from the premiums. This means that if the premium has not yet been paid, no compensation will be made available in case of an accident.

If you decide to take advantage of a 3^rd party insurance online, make sure that you are dealing with a registered insurance company. This will protect you from the cost that is often connected with causing harm on others. There are some limitations to this policy as well, therefore, make sure that you are aware of such limitations before subscribing. This often comes true in the amount that the insurance company is willing to cover.