Losses and risks square measure inevitable, however human societies have created novel ways that of reducing the burden of loss, the foremost effective being insurance. Insurance could be a means that whereby an individual pays some add of cash referred to as premium so as to indemnify self against loss of a happiness value rather more than the premium.
When the happiness being indemnified is Associate in Nursing automobile â€“ automotive, SUV, Bus, Truck, Pickup, etc such insurance is named a automotive vehicle insurance or vehicle insurance. it’s going to even be referred to as automobile insurance or automobile insurance.
In Nigeria, there square measure 2 forms of automotive vehicle insurance offered by most insurance corporations in African nation, particularly third party and comprehensive automotive vehicle insurance policy:
Third Party automotive vehicle insurance
Third party automotive vehicle insurance is obligatory in African nation and protects automotive homeowners from losses caused by their cars on others. as an example, if your automotive runs into a pedestrian, kill somebody, some ones property, or another automotive otherwise you accidentally break another cars headlight. However, in most such things Nigerians can find yourself contention or during a police headquarters.
This is as a result of though Third party automotive vehicle insurance in obligatory most drivers don’t apprehend what it means that. In fact, most Nigerian drivers simply see it mutually of the vehicle documentations they need to hold on the brink of prove their possession of their vehicle. This content has allowed for countless extralegal insurance corporations supply pretend and nugatory third party automotive vehicle insurance to unsuspecting Nigerians.
If you select a 3rd automotive vehicle party insurance from a registered insurance corporations, you’ll be ready to save yourself of the value related to inflicting harm on others. forward your automotive lac a pedestrian, the underwriter can pickup the medical bills saving you from being torn apart by the relatives of the lac.
Third party automotive vehicle insurance pays for damages your automotive cause on others and ignores any loss you in person incurred within the method. allow us to say you’ve got a 3rd party insurance and your automotive saw another automotive and unshapely the door and as a result, your bonnet was conjointly unshapely, the underwriter can solely decide the bill of the loss your automotive caused on the opposite automotive departure you to your fate. to guard yourself and any third party select a comprehensive automotive vehicle insurance.
Note that the claim you’ll build on Associate in Nursing automotive vehicle insurance is restricted. So, ascertain the limit to the loss the insurance covers before subscribing. as an example, Associate in Nursing automotive vehicle insurance might solely cowl loss up to a precise quantity say N1,000,000. this suggests that if the property you broken is value over that the underwriter can solely give N1,000,000.
To get a 3rd party automotive vehicle insurance contact a registered underwriter or use the services of Associate in Nursing insurance trafficker.
Comprehensive automotive vehicle insurance
Comprehensive automotive vehicle insurance is third party insurance and a lot of. The a lot of being that, Comprehensive automotive vehicle insurance conjointly indemnifies you from any personal loss. If you would like to indemnify yourself against automotive stealing, vehicle fires then you wish a comprehensive automotive vehicle insurance. though not obligatory beneath Nigerian law, we have a tendency to suggested comprehensive automotive vehicle insurance for all vehicle homeowners.
Most authorised automotive vehicle dealers can offer you comprehensive automotive vehicle insurance cowl as Associate in Nursing choice once shopping for a automotive. The automotive vehicle dealer or Associate in Nursing underwriter might also provide you with a car-tracking device.
Note that automotive vehicle dealers don’t seem to be insurance corporations, however solely have relationship with them. So, confirm the underwriter the automotive vehicle dealer is functioning with is registered and has smart expertise and name in automotive vehicle insurance business.
To get a comprehensive automotive vehicle insurance, contact a registered underwriter or use the services of Associate in Nursing insurance trafficker. Comprehensive automotive vehicle insurance covers personal cars, industrial vehicles (Taxis, Buses, and rent Cars), Motorcycles, Tricycles, etc.
Locating Associate in Nursing underwriter
The regulator of insurance in African nation is that the social insurance Commission, NAICOM. Visit NAICOM web site at www.naicom.gov.ng for Associate in Nursing up up to now list of registered insurance corporations in African nation. you’ll conjointly realize lists of registered insurance brokers and insurance corporations.
Insurance corporations in African nation
Some Insurance corporations with smart name include:
Industrial & General Insurance plc: www.iginigeria.com
Cornerstone Insurance plc: www.cornerstone.com.ng
Aiico Insurance Plc
Adic Insurance Ltd
More? Visit NAICOM website