06/01/2023
THIRD-PARTY MOTOR INSURANCE, EXPLAINED
Third-party insurance is a policy purchased by you, the Insured/Policyholder (who is the first-party) from an insurance company (who is the second-party) for protection against the claims of another person (who is the third-party).
Third-party motor insurance exists to compensate any person or repair/replace the property of any person you damage in the course of your driving, provided you, the driver has a genuine and unexpired insurance policy at the time of the accident.
Therefore, you are an indirect beneficiary as it is designed to pay your liability ( your gbese) thereby saving you out-of-pocket expenses.
Third-party Motor Insurance covers the Policyholder/Insured’s liability for death/injury to the third-party, their medical expenses, vehicle, or property, in the event of an accident, when the Insured/policyholder is at fault.
EXTENT OF COVERAGE OF THIRD-PARTY MOTOR INSURANCE
Limited Cover:
The responsibility of the Insurance Company to the Insured/Policyholder in the event of an accidental damage to the property or vehicle of a Third-party is to a maximum of Three Million Naira, only.
Unlimited Cover:
Reasonable compensation in the event of death, and medical treatment for bodily Injury of the third-party in the event of an accident.
Third-party Motor Insurance premium in Nigeria (cost of insurance) is fixed by the regulator (NAICOM) and applies to all registered Insurance companies in Nigeria.
Prospective policyholders can buy/renew their third-party motor insurance policy online ( www.InsureMoto.cityneeds.ng ) at anytime before its expiration and it can be renewed separately from your other vehicle particulars (licence, road worthiness, etc).
InsureMoto is the premier online seller of genuine third-party motor insurance in Nigeria.
To buy genuine Third-party Motor Insurance, click www.InsureMoto.cityneeds.ng , OR download the CITYNEEDS app on Google play store.
The certificate is issued by Cornerstone Insurance Plc., and are downloadable immediately upon payment.
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