This thread will try to give answers to the series of questions bothering the mind of Nigerians as it relates to Insurance Plans.

This thread will also highlights the inherent advantages in buying an insurance policy.

In our society today, very often you hear of stories of people who were wealthy at a time who later became very poor. Even wealthy footballers are not left out in this regard.

Also, there're cases of families who suffer some levels of hardship as a result of the demise of their breadwinners.

How about families of some Security personnel who suffer hardship at their demise?

How about firms, organizations, churches who can actually secure the future of their workers, staff, members, etc. against emergency situation?

How about car owners who due to high cases of accidents, thefts, snatching are vulnerable?

How about home owners, shops, Mall, Gas/Fuel stations, whose properties worth millions?

These are some of the areas this thread will try to discuss and answer questions on.

In a simple language, Insurance is something people buy to protect themselves from losing money.

What this mean is that, if something bad happens to the person or the thing that is insured, the company that sold the insurance will pay the money back.

For example, if you insured a car, and the car has an accident or even destroy another car or fence, instead of you to repair your car or the other persons car or fence, it's the insurance company that will take responsibility of those repairs. To some levels, of the car is beyond repair, it's the responsibility of the insurance company to replace it depending on the type of plan the person subscribe to.

Also, during the playing days of some footballers or period of abundance of even oil workers/contractors/businessmen, etc... If such a person buys an insurance policy that relates to their future, such a person can fall back to such plans later to recuperate himself/herself.

They're cases where a breadwinner dies, if such a person has a life cover, there's no way the family can suffer.

That's why it's very important to take insurance plan serious.

As we proceed, we'll highlight some of those policies.

Probably, you may have some questions bothering you about insurance generally, you may ask.

Third Party Motor Insurance


Third Party Motor Insurance is one of the compulsory insurance policies in Nigeria.

This policy takes care of the damage caused by the insured vehicle to the Third Party's property or vehicle, also the Third Party's medical expenses (if any) in the event of an accident, when the policyholder is at fault.

What this mean is that, policyholders of third party motor insurance have liverage on any accident involving another vehicle. For example, if Mr A. has an accident and damaged Mr X vehicle, if Mr. A has a third-party policy, it's the duty of the insurance company to take responsibility of Mr. X vehicle's repairs. This policy however does not take care of the policyholder's vehicle.

What many don't know is that, it's a law in Nigeria and not just a paper work. Many don't seem to know that by law, they're entitled to the third party car repairs cover by their insurance company.

One may now ask, what about the policyholder's vehicle? Explanation on other types of motor insurance will answer for that.

Keep your questions coming.