Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,658 members, 7,955,375 topics. Date: Sunday, 22 September 2024 at 01:07 AM |
Nairaland Forum / Nairaland / General / Car Talk / Third Party Auto Insurance In Nigeria (8346 Views)
How Good Is Car Insurance In Nigeria / Is Vehicle Insurance In Nigeria A Fraud? / I Need Info On Auto Insurance (2) (3) (4)
Third Party Auto Insurance In Nigeria by wewe1(m): 9:55am On Nov 25, 2011 |
what has become of third party auto insurance in Nigeria? This is because an accident happened yesterday and from the looks of things the guy that hit the 2010 Toyota Corolla cant afford the cost of repairing the damage done to the car. Then it occurred to me that every car owner in Nigeria has third party insurance. So in my thinking the insurance company should pick up the bill. Abi? but, Is there anything like it in the real sense of it? Has anyone in Nigeria has access to it? If yes, how did you go about it? Is it fraud? why do we keep paying for something that doesnt in the real sense exist? Cant we mandate insurance company to fulfilled its own side of the bargain since we are being mandated to pay for third party insurance? Gurus in the house please enlighten us |
Re: Third Party Auto Insurance In Nigeria by wewe1(m): 10:01am On Nov 25, 2011 |
Still waiting, |
Re: Third Party Auto Insurance In Nigeria by roxander: 3:46am On Sep 26, 2013 |
FROM IEI (International Energy Insurance) What is third party insurance policy? Experts say third party auto insurance policy is that protects car owners from losses caused by their cars on other people. Besides, the policy protects one against legal liability arising due to accidental damages, such as any permanent injury/death of a person, any damage caused to the property and caused while anyone who is driving the insured vehicle. Cos I myself I'm insured by IEI. The policy is valid for only a year and should be renewed annually. The premium of the insurance is dependent on certain parameters like vehicle classification, value etc. What the law says about Third Party Motor Insurance The Nigerian Insurance Act 2003 prescribed for compulsory Third-Party Motor Insurance in Section 68 of the Insurance Act, 2003. Section 68 of the Insurance Act and Section 3 of the Motor Vehicle (Third Party) Insurance Act requires that no person shall use, or cause or permit any other person to use, a motor vehicle unless such a motor vehicle is insured against damage to the property of third parties. According to section 68 (1),no person shall use or cause or permit any other person to use a motor vehicle on a road unless a liability which he may thereby incur in respect of damage to the property of third parties is insured with an insurer Registered under this Act. It said the insurance taken out pursuant to sub- section (1) of this section, shall cover liability of not less than N1 million. It also said a person who contravenes the provisions of this section commits an offence and liable on conviction to a fine of N250,000 or imprisonment for 1 year or both. N5000 is amount to buy a third party motor insurance and IEI now sells a scratch card that vehicles owners can use to activate their licenses via their mobile phones while they printout at the nearest cybercafe within the space of 24 hours and its renewable annually. The insurance law said for a motorist to drive on Nigeria roads, it is a legal requirement to have at least third party only (TPO) car insurance in order to ensure that third parties involved in an incident are protected. It further said third party only will not cover a car in the event that it is stolen or burnt by fire. "To protect against such losses, a driver may choose to upgrade to third party, fire & theft. Comprehensive cover will see your car repaired in the event of an accident. Third party only will, however, cover you for any injury or even death caused to third parties. It will also cover your legal costs in the event of such proceedings, but not any fines you may incur". How to get indemnified under third party auto insurance In order to get claims under the third party auto insurance, from IEI holders are expected to among other things note the licence plate number of the other vehicle involved in the accident (if any), note names and contact numbers of witnesses (if any), call the International Energy Insurance company and file a claim. Make a note of the claim reference number given and the list of documents required for claim processing. of the details of the same, file an FIR at the nearest police station in case of property damage, bodily injury, theft, or major damages, submit the documents to any International Energy Insurance company representative and verify it with originals. Meanwhile an "Excess" fee would be charged being capped @ 10% of total claims for every recurring damages.. Does a motorist derive any benefit from third party auto insurance? Most of the respondents, said third party auto insurance policy, render them no particular importance rather than mere vehicle documentation. They also criticized the processes in filing claims by the holders of the policy, saying its time-consuming and monotonous. "Yes its time consuming and Monotonous only because you make it seem that way" have all evidential proofs and stated criteria and IEI would fully reimburse all claims within 48 Hours. And from proven statistics, IEI has paid claims of 2.4 Billion Naira as at the year 2012. They also said insurance companies in the country have not done enough to educate Nigerians enough on the type of policies they undertake. "All they care is about the quantum of customers they are able to grab. They do not educate us extensively on the kind of insurance policies and the advantages or what is involved in laying claims. Third party auto insurance is not better either. Infact insurers have capitalized on the compulsory nature of the policy to create some funny barriers to clients but I can assure you that IEI does prioritize customer services over sales of insurance that is why they are still existing for over half a century now. Process of claim not boring Adams Oyenyole an insurance practitioner, said the process of filing claims by holders of third party auto insurance is not boring as claimed. According to him, the documents required for filing claim under the policy and other conditions are in line with insurance law in the country and global best practices. He said insurance is a delicate profession so it behoves practitioners to be meticulous while handling the issue of claim by policy holders. "We need police report in order to buttress that policy holders car has accident with other cars or persons. We also need witnesses if there are any just as we also need proper method of filing this claim, which I belief is not boring an inch. This is to serve the customers better while also complying with the principle of proximate cause in insurance." He blamed the hue over third party auto insurance on the fact that most motorist take fake third party insurance. To check if your Insurance is valid and recognised in Nigeria simply visit www.askniid.org - enter your insurance policy serial pin in the dedicated space fill all necessaries and click Enter. And if your insurance is fake such development makes it difficult for people to access claims when such claims arise. but I trust IEI on reimbursement of Claims and many motorists are ignorant about their rights when they enter into third party insurance contract, adding that even when they have genuine insurance, they don't access claims. He explained the ignorance has allowed for lots of illegal insurance companies issuing fake and worthless third party auto insurance to unsuspecting Nigerians. IEI has paid claims to a huge number of customers who filed their claims appropriately. If you want to purchase IEI's new thirdparty motor Insurance scratchcard to activate at your own comfort via your mobile phone. Feel free to contact my consultant or drop an email to the following address below: roxyibanibo@gmail.com or call 08061119227
|
Re: Third Party Auto Insurance In Nigeria by UGOCHUKWU3: 5:04am On Sep 26, 2013 |
You have taken time to provide a detailed explanation,i think the problem here is most people are not well educated on insurance in Nigeria,the third party, as cheap as it is,people still go for fake,Insurance professionals shld do more than they are currently doing in the area of educating people |
Re: Third Party Auto Insurance In Nigeria by wewe1(m): 5:08am On Sep 27, 2013 |
roxander, I really appreciate you for taking your time to provide this detailed explanation. Most Nigerian motorists are not well versed on this important aspect of vehicle documentation and also insurance companies in the Nigeria have not done enough to educate and sensitize vehicle owners, all they care about is the quantum of customers they are able to grab like you pointed out, Most disturbing part is the unchecked proliferation of fake insurance companies aided by government agents (V I O, Road Safety etc). In some states (Like Lagos) vehicle paper renewal is automated, you pay (third party Insurance included) in some designated banks and you are provided with a sticker for your vehicle. In other states (Like FCT) V I O or Road Safety Officer process it for you and you are provided with the papers (Third Party Insurance included) after payment. Here is my question, do I pay for this paper renewal and also pay for Scratch card from IEI? I would have sent a mail but I believe it is better discuss here so that other motorists can see it too. Comments from motorists and experts in the house are welcome. Thanks |
Re: Third Party Auto Insurance In Nigeria by roxander: 9:31am On Sep 27, 2013 |
thanks a lot for all your positive responses towards thirdparty motor Insurances. we all know that there are fake Insurance policies selling out there at a cheaper rate, instead of the appropriated price of N5000. I am insured by IEI and i can prove that i have claimed from IEI as long as you provide every necessary evidence and documentation required by IEI or every reputable insurance company out there. and please don't forget to verify your insurance policy authentication with your Policy No.. just visit Nigerian Industrial Insurance database (NIID). @ www.askniid.org, input your Policy and Click Submit. |
Re: Third Party Auto Insurance In Nigeria by wewe1(m): 12:21pm On Sep 27, 2013 |
I have always pay =N=5,000 for insurance on every of my vehicle paper renewal. Universal Insurance PLC is the current insurer on my vehicle paper. I searched for it on the link you provided below is the response I got from the site. Apparently, I am not Insured !!! On that note, how do I guide against this occurrence in the future? that bring me to the question you didn't answer. Does it mean that I will have to pay for fake insurance during vehicle paper renewal and also pay for Scratch card from IEI or I should just exclude the insurance part in my next vehicle renewal payment then buy the insurance from IEI? All vehicle owners, please visit Nigerian Industrial Insurance database (NIID). @ www.askniid.org 1 Share
|
Re: Third Party Auto Insurance In Nigeria by roxander: 4:59pm On Sep 28, 2013 |
Just buy IEI's Insurance scratch card and self-renew your Thirdparty policy insurance via sms or online webportal on your mobile Devices by following the details behind the card. A security pin will bw sent to your mobile phone Use that pin via the web portal to print your certificate in the nearest cyber cafe within 24 hours Send an email to roxyibanibo@gmail.com or call 08061119227 he is my authorised insurance agent Thanks. |
Re: Third Party Auto Insurance In Nigeria by emperoracro(m): 10:44pm On Jul 12, 2014 |
Thanks pls i av a question, if i av an accident wt my car, will IEI b responsible for d repair? |
Re: Third Party Auto Insurance In Nigeria by Nobody: 9:13pm On Aug 30, 2014 |
D answer is yes. And do you knw dat u can register for your third party insurance yourself by using your phone? All you need to do is visit www.cornerstone.com.ng or call me on 07032251160. It will take you less than 5minutes to get insured. |
Re: Third Party Auto Insurance In Nigeria by WAJW: 9:35pm On Apr 30, 2015 |
D answer is yes. And do you knw dat u can register for your third party insurance yourself by using your phone? All you need to do is visit www.cornerstone.com.ng or call me on 07032251160. It will take you less than 5minutes to get insured. |
Re: Third Party Auto Insurance In Nigeria by WAJW: 9:03pm On May 16, 2015 |
D answer is yes. And do you knw dat u can register for your third party insurance yourself by using your phone? All you need to do is visit www.cornerstone.com.ng or call me on 07032251160. It will take you less than 5minutes to get insured. 1 Like |
Re: Third Party Auto Insurance In Nigeria by pattybf(f): 9:57pm On Jan 10, 2016 |
paying #5000 to insure your vehicle under third party insurance does not guarantee you an authentic policy. to be very sure, always very by login in to www.askniid.org in d presence the person who did it for you, even if you got alert. Take this from the person who knows better! there is even #100 insurance |
(1) (Reply)
Have You Ever Fooled Your Mechanic? / My Successful Experience With Saintjoel Of Nairaland In Buying A Car Frm Cotonou / Ford, Lincoln And Mercury Cars Thread
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 48 |