In Nigeria, similar to other countries, having car insurance is considered to be an essential, especially from a legal perspective. Nigerians purchase car insurance just to avoid being legally liable for not having such. However, because the cost is a major consideration, rather than a comprehensive insurance policy, many resorts into having third party insurance in Nigeria as an alternative. It can provide drivers and car owners with peace of mind without having to spend a lot. To learn more about third party insurance in Nigeria, keep on reading and you will know why you should have one.
What is Third Party Insurance in Nigeria?
Simply put, this kind of insurance is the minimum amount of protection that can be purchased and will provide coverage against physical damages that is incurred to another vehicle or property, injuries to your own passengers or the passengers of the third party, and for medical and legal cost for claims that are filed against you. However, if in case your own vehicle is damaged or if you have been injured and you are the one to be blamed, it is important to note that such is not covered by third party insurance in Nigeria. In the same way, if your vehicle has been stolen or if it has been vandalized, you will not also be covered with this type of insurance.
Some Things to Remember About Third Party Insurance in Nigeria
One of the first things that should be emphasized about this type of insurance would be the limitations in terms of coverage. Because it is an affordable insurance, expect the coverage to be limited compared to what you can anticipate from a comprehensive insurance. With a third party insurance in Nigeria, the insurer will not provide any amount that is more than your limit to the loss. If the amount of the damage is more than your limit, you will be personally liable in paying whatever is the excess.
More so, it is also important to always act in good faith. Car insurance companies are experts in their own field, which is why they find it easy to determine if a person is just trying to rip them off or make false claims. Always be truthful with your claims to avoid any inconveniences. If they can prove that you are not acting in good faith, your insurance can be cancelled, and worse, you will be reported to the police.
At the end of the day, it is important to make the right choice when looking for third party insurance in Nigeria. Make sure that the insurer has built a positive reputation and has gathered positive feedback in the past. See to it that the insurer is also licensed to operate to avoid trouble when filing claims.