The cost of third party vehicle insurance has become a daily inquiry because the government has made it compulsory. Insurance companies like Leadway, AIICO, IEI, and Allianz are all into third party insurance.
Do you have motor insurance on the vehicle that you drive? I mean, a valid motor insurance, not the usual ‘police make I pass’ which doesn’t give you claims in the event of an accident.
Do you also know that aside from the insurance protection that you enjoy, it is equally mandatory that you have a minimum of third party insurance on your car as it is a punishable offense to drive a car without insurance on a Nigeria road according to section 68(1) of the Insurance Act 2003?
Protect your car and the lives of other road users. Get your motor insurance today from any of the third party insurance companies discussed below.
Third Party Vehicle Insurance in Nigeria
Third party vehicle insurance covers accidental damage caused by your vehicle to another person’s vehicle or property. It also covers the third party’s medical expenses, if any bodily injury is sustained, or compensation for any death resulting from the accident.
Refund of legal fees, if you are prosecuted in court over an accident with the insured vehicle, all to the tune of not more than N3,000,000. If you hold an active third party insurance policy, when next you hit someone’s car by accident, you will not run or beg.
Just take pictures and videos of the scene, and simply agree with the person where to take the vehicle, and the insurance company will pay the cost and keep your balance.
Benefits of Third Party Vehicle Insurance in Nigeria
Many Nigerians after renewal of their papers have third-party insurance. Unfortunately, so many are not enlightened on the benefits of that document.
Instead of seeing this as another avenue for Police to make life uncomfortable for you, take advantage of this. Nobody prays for accidents to happen. But if and when it happens, don’t bear the cost alone.
If you have your third-party insurance, NAICOM comes in handy and ensures you are paid for the replacement or repairs of your property or vehicle. In case of injuries or death, the insurance covers medical bills, disability compensation, or burial expenses.
Below are the benefits;
- Your third party insurance pays for the repair or replacement should you cause damage to another person’s car, house, or any other property (up to ₦3 million, depending on the insurer). What this means is that you don’t have to pay out of pocket for damages you cause to others
- If an accident involving your vehicle results in injury or death to a third party, the insurance covers medical bills, disability compensation, or burial expenses. This protects you from financial burdens or lawsuits from victims.
- Avoid fines and penalties for not having mandatory third-party insurance. Some insurers offer roadside assistance, vehicle towing, and repair services
Leadway Third Party Car Insurance
The Leadway third party car insurance is designed to cover liabilities that may arise in the case of an accident especially for affected innocent victims on the road while driving the insured vehicle.
Nothing beats that Leadway has got you covered in unpredictable happenstances such as this so you don’t have to pay for damages from your pocket. Bodily injury, death, and damage to their property name it, Leadway takes of them all.
Their insurance policy is pretty much affordable for drivers who do not want to be offenders of Nigeria’s mandatory insurance requirement. More so, it is worth noting that Leadway doesn’t cover damages on the vehicle that was insured.
IEI Third Party Car Insurance
If you are looking for an alternative third party car insurance to Leadway, IEI comes in as a good option. Save yourself from troubles as you use the road with the IEI third party insurance coverage.
While this policy may not cover your vehicle, it protects you from third party claims. Should there be bodily injury, death, or property damage in the case of an accident involving you, IEI will bear the losses on your behalf.
There’s no better way to put it than having peace of mind knowing that you follow the minimum insurance coverage required by law for vehicle owners. Save yourself and help save others who use the road.
AIICO Third Party Car Insurance
AIICO third party car insurance caters to vehicle owners who are looking to fulfill the mandatory insurance requirement in Nigeria. With AIICO you can protect yourself against third party claims without opting for comprehensive coverage.
Cost effective and great customer services come as a plus. The policy promises to provide coverage for bodily injury, death, or property damage caused by the insured vehicle to victim third parties.
Since it is not comprehensive insurance but third party car insurance, coverage is limited only to third parties who have suffered damages and not the insured vehicle’s damages or theft.
Allianz Nigeria Third Party Vehicle Insurance
The Allianz Nigeria third party vehicle insurance likewise the previous insurance companies performs similar functions. With Allianz, peace of mind is guaranteed in the case of an accident, they provide coverage against third party claims.
In essence, third party bodily injury, death, and property damage caused by the insured vehicle are being taken care of throughout the claims process. You don’t have to bear the loss alone when Allianz has you covered.
Allianz’s third party vehicle insurance excludes damage to the insured vehicle itself, however, a more comprehensive policy would cater to both you and the vehicle should you be involved in an accident.
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Average Cost of Third Party Insurance in Nigeria
At the time of writing, the average cost of third party car insurance in Nigeria is N15,000 per year for all private vehicles, N20,000 per year for commercial vehicles and N100,000 per year for trucks/Trailers . The type of vehicle, insurance provider, and location determines the cost of the policy.
Third party insurance covers damages or injuries caused to other parties in the case of an accident. To get the best deal, compare quotes from different providers.
Car Insurance Cover
There are various insurance covers for different vehicles in Nigeria. For private vehicles and staff bus, there is an insurance cover of N3,000,000 while vans, commercial vehicles and trucks/trailers have an insurance cover of N5,000,000
Final Thoughts
Third party insurance is the minimum legal requirement for vehicle owners in Nigeria. However, if you want a better option that caters to you and your car, you may want to opt for comprehensive insurance.
However, skipping insurance entirely exposes you to severe financial, legal, and personal risks. Investing in proper coverage ensures safety and peace of mind.
Mathew
