This is the most commonly known class of insurance for vehicle owners in respect of accidental loss or damage to the insured’s vehicle, his legal liability to compensate third parties for bodily injury or death and loss or damage to third party properties.
This insurance is designed for Motor cars (private or commercial use), buses, trailers, trucks, motorcycles, tricycles and other vehicles (including Agricultural vehicles and those regarded as special types).
Third Party Motor Insurance
This is the minimum type of insurance legislated upon provides indemnity to policyholder against legal liability to Third Parties for death, bodily injury and property damage. It covers up to a limit of N1,000,000.00 although additional premium could be paid for optional extra.
Third Party Fire and Theft Insurance
In addition to the covers provided under the Third Party Only cover above, the Third Party Fire and Theft insurance compensates the policyholder if the car is damaged by:-
- Damaged either during attempted theft or while it is stolen
- Stolen but not recovered
However, note that the policy does not cover accidental damage to the insured vehicle and subject to standard motor vehicle insurance exclusions.
Comprehensive Motor Insurance
In addition to the cover provided under the Third Party Insurance only and Third Party Fire and Theft covers, this policy will also indemnify the policyholder for loss or damage to the vehicle resulting from road accident.
To enable us advise the premium payable, we will require the following information:
- make, type and use
- the type of cover required
- value of the vehicle to be insured
Scope of Cover
- Own damage
- Impact damage
- Third party death, bodily injury and property damage
- Strike, Riot and Civil Commotion cover
- Flood, Typhoon, Hurricane, Earthquake, Volcanic Eruption and other convulsion of Nature cover
- Third Party Property Damage cover of =N=2 Million
- Free Personal effects cover up to a maximum limit of =N=100,000.00
- Personal Accident Cover for maximum of 5 persons including the driver
This will pay compensation for bodily injury as hereinafter defined sustained by any person including the insured and driver.
|COVER||SCALE OF COMPENSATION =N=|
|2||Total and irrevocable loss of sight in both eyes||100,000.00|
|3||Total loss by physical severance at or above the Wrist or ankle of both foot or of one hand Together with one foot||100,000.00|
|4||Total loss by physical severance at or above the Wrist or ankle of one hand or one foot together with the total irrevocable loss of sight in one eye||100,000.00
The limit of liability in any one occurrence or series of occurrences arising from any one event shall not be more than =N=500,000.00.
Enhanced Third Party Motor Insurance
The product is intended to enrich the scope of benefits on the existing Motor Third Party policy by extending part of the benefits under the Comprehensive Motor Insurance cover (own damage) to augment the Third Party Insurance Policy.
The benefits to the policy comes in various categories which is dependent on the risk appetite of the insured, and his/her ability to pay the required premium. It ranges from an own vehicle liability limit of N250,000.00 to a maximum of N1,000,000.00 in addition to the existing 3rd party only coverage.
The policy is subject to the standard motor policy terms and conditions.
See table below;
The above table shows the various premiums and liability limit respectively. Please note that only vehicles with a year of make from 2008 and above is eligible to obtain the 3rd Party Prestige Cover.*
- The policy excludes liability as a result of fire, theft of vehicle and loss of accessories.
- Standard motor policy exclusions applies.