Oga mode can you help me with front page so as to have quicker solution? Please my people, what is different between comprehensive insurance and third party insurance. I mean the insurance you pay 5000 on your car while doing your vehicle documentation. I was going listening to a radio program this morning and I overheard a lawyer making reference to it but only what I can here him say is that 5000 insurance, the company will be responsible for anything that happens to your vehicle. But my question is, why do we always take the responsibility of fixing our cars instead of the company. What is different between corporate insurance and comprehensive insurance and please any lawyer in the house should do justice to this.

jacoik:
Oga mode can you help me with front page so as to have quicker solution? Please my people, what is different between comprehensive insurance and third party insurance. I mean the insurance you pay 5000 on your car while doing your vehicle documentation. I was going listening to a radio program this morning and I overheard a lawyer making reference to it but only what I can here him say is that 5000 insurance, the company will be responsible for anything that happens to your vehicle. But my question is, why do we always take the responsibility of fixing our cars instead of the company. What is different between corporate insurance and comprehensive insurance and please any lawyer in the house should do justice to this.

3rd party insurance is ₦5,000 as prescribed by insurance regulator NAICOM. As the name implies, it covers damage to 3rd - another - party property (vehicle, building, bodily injury etc) adjudged caused by you by relevant security agent, up to a maximum of ₦1m, that is, if the cost of repairs is ₦1.1m, the insurance company will only pay ₦1m and you will pay the ₦100k balance. 3rd party insurance doesn't take care of your own vehicles.

Comprehensive motor insurance is a total package that takes care of every damage caused by the accident (there are other sub-divisions of Comprehensive policy but no need to go into it now). The insurance company usually charge a percentage % of the value of vehicle as premium to be paid by vehicle owner, often annually.

It is important to state that this is only possible if and only when you purchase from any of the over 50 duly licenced insurance companies by NAICOM and can be confirmed on askniid.org/verifypolicy.aspx. Fake insurance policy do not pay compensation.

DelTel:


3rd party insurance is ₦5,000 as prescribed by insurance regulator NAICOM. As the name implies, it covers damage to 3rd - another - party property (vehicle, building, bodily injury etc) adjudged caused by you by relevant security agent, up to a maximum of ₦1m, that is, if the cost of repairs is ₦1.1m, the insurance company will only pay ₦1m and you will pay the ₦100k balance. 3rd party insurance doesn't take care of your own vehicles.

Comprehensive motor insurance is a total package that takes care of every damage caused by the accident (there are other sub-divisions of Comprehensive policy but no need to go into it now). The insurance company usually charge a percentage % of the value of vehicle as premium to be paid by vehicle owner, often annually.

It is important to state that this is only possible if and only when you purchase from any of the over 50 duly licenced insurance companies by NAICOM and can be confirmed on askniid.org/verifypolicy.aspx. Fake insurance policy do not pay compensation.

. 3rd party insurance doesn't take care of your own vehicles. This is where I get confused! If it doesn't take care of my vehicle, why will I then pay the 5000 every year and also, if it's the 3rd party that caused the accident that damaged my vehicle, I can still not be compensate? What is the essence of me paying every year for to repair another persons car every year when mine will be sort out by me alone

jacoik:
. 3rd party insurance doesn't take care of your own vehicles. This is where I get confused! If it doesn't take care of my vehicle, why will I then pay the 5000 every year and also, if it's the 3rd party that caused the accident that damaged my vehicle, I can still not be compensate? What is the essence of me paying every year for to repair another persons car every year when mine will be sort out by me alone

3rd party insurance is the minimum permissible motor insurance policy that must be procured by any vehicle owner, it is not only in Nigeria but most countries of the world. It is to safeguard 3rd party that might be unfortunately involved in an accident.

If the damage is not caused by you, the adjudged guilty party insurance company will pay to repair your own vehicle.

Choice is yours to either procure 3rd party or comprehensive.

DelTel:


3rd party insurance is ₦5,000 as prescribed by insurance regulator NAICOM. As the name implies, it covers damage to 3rd - another - party property (vehicle, building, bodily injury etc) adjudged caused by you by relevant security agent, up to a maximum of ₦1m, that is, if the cost of repairs is ₦1.1m, the insurance company will only pay ₦1m and you will pay the ₦100k balance. 3rd party insurance doesn't take care of your own vehicles.

Comprehensive motor insurance is a total package that takes care of every damage caused by the accident (there are other sub-divisions of Comprehensive policy but no need to go into it now). The insurance company usually charge a percentage % of the value of vehicle as premium to be paid by vehicle owner, often annually.

It is important to state that this is only possible if and only when you purchase from any of the over 50 duly licenced insurance companies by NAICOM and can be confirmed on askniid.org/verifypolicy.aspx. Fake insurance policy do not pay compensation.

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