₦airaland Forum

The main problem is people still see insurance as a means of camouflaged exploitation.In fact most people don't even claim their proceeds from the insurance company, despite paying heavily on premium .There should be more awareness especially for the motor vehicle insurance.

I have seen some people commenting here that 3rd party insurance claim does not work in Nigeria.When are we going to start believing ourselves and that things can work if we want it to work.A danfo bus rammed into my wife's RAV4 last month.The Danfo,s driver and the owner agreed to repair the vehicle but when I reviewed the level of destruction, I told them that I don't see them being able to foot the bill.They did not even know the importance of their 3rd party insurance, even the agent that got the papers for them told them nothing can come out of it when they called him.After confirming the genuineness of the policy number from the insurance database we went to their office at Alagomeji,Lagos.They came for inspection and within 3 weeks; the cheque to repair the vehicle was handed over to my wife by the officer of Law Union Insurance Plc.3rd party insurance works in Nigeria.Let people stop saying what they don't know.

Papiikush:
In Nigeria, there are no benefits to third party insurances. Your money has been embezzled by "Baba alayes"

Where do you do your insurance?
With Agberos?

caniva:
YES you are. Here is how it works.

God forbid, if anything happens before January next year. You'll approach the Insurance company and file for compensation.

What matters to them is the "policy number" and if they'll gotten that, they'll give you a form to fill.

There is a section, where they'll ask; "Who drives the car as at accident time" below are some of the options:

-Owner
-Owner's driver or Employee
-Others. (Relative, New Owner, etc)

As you can see....all you need to do is tick others.

So, while submitting, since you'll have all your evidence as new owner inclusive of "Transfer of ownership"

Sir or Ma....you are as good as the origial owner.

I beg to differ on this.

The new owner is covered only if the previous owner is ready to file the claims paper on his behalf because insurance policies are not transferrable.

The most important requirement to the insurance company is the insurable interest of the insured to the property insured. Insurable interest means the relationship between the policyholder and the property insured. The new owner has insurable interest in the car in question but he is not the policyholder because he is not a party to the contract.
At renewal he may decide to do a fresh motor insurance policy provided he has done reregistration or change of ownership.

and one bad part of just doing third party without considering comprehensive is that while the third party benefits from the policy, you will have to carry your vehicle by yourself to repair at your own cost.....

AutoJoshNG:
Do you know the benefits of a third party motor insurance? Before we delve into the benefits, let’s understand what third party motor insurance means.

Third party car insurance means that the person that is not a party to the agreement between the insured (car owner) and the insurer (insurance company) is covered when there is a claim. Motor third-party insurance is a compulsory policy for all car owners in Nigeria and it is backed by law. Third party motor insurance only covers the following:

1. Third party property damage,
2. Third party bodily injury or death.

For example, if you insure your car on third party only insurance (the premium is N5,000.00), and you get involved in a road accident where you are at fault, the insurance company will be liable for the repair of the other person's car while you repair your own car. Also, if you damage somebody's property like a building's fence in an accident, the fence will be repaired by the insurance company. However, you should take note that there is a certain limit to what the insurance company will pay for motor third party property damage. The maximum is N1,000,000.00, but some can pay as high as N2,000,000.00.

The main importance of third party motor insurance is for the protection of other road users while you use your car. If compensation for bodily injury or death, or the repair of a third party car is more than the insurance contract limit, then you would be required to pay the excess. For example if you are involved in an accident and the claim is N1,400,000.00 after adjustment. If your policy limit is N1,000,000.00, what it means is that the third party will be paid N1,000,000.00 by the insurance company while you will pay the remaining N400,000.00 to the third party to settle the claim. The limit can be drawn many times during the policy year, but it cannot exceed the limit.

In Nigeria, many car owners and drivers believe motor third party insurance is among the vehicle license documents that make it legal for them to use the road. In fact, only 1 in 100 car owners understand that third party car insurance is not just a document for road usage, but a savior in times of unexpected occurrences. When you run into Police or other agency road blocks, and your car particulars are checked, if you do not possess third-party insurance, you would be arrested. So, what really does the third party insurance do than allow car owners free passage during stop-and-search by government officials like the Police?


The Benefits of Third Party Motor Insurance:

1. Peace of mind when you are driving your car.
2. Confidence when you get into an accident on the road.
3. Control over your loss (i.e. you do not shoulder claims’ liability alone after an accident).
4. Shift of burden (i.e. instead of worrying over third party loss, the Insurer supports you).
5. Security (i.e. you do not have to get in a fight with any third party).


What & How Can You Invoke The Third-Party Insurance Policy?

Anytime you get involved in any of the scenarios mentioned in the previous paragraphs (and covered in the insurance contract); all you need to do is file a claim. You can file a claim directly via the Insurance Company or the agent that underwrote the insurance policy for you. Make sure you have clear photo evidences, and receipts (in case you paid for part or the full claims already).

By Jimoh Akintobi (08174839915, 07038152995)

https://autojosh.com/5-benefits-third-party-motor-insurance-didnt-know/

Lalasticlala
Mynd44
Ishilove
Marpol
Semid4lyfe
Obinoscopy
Seun

Nice one.....this will help many vehicle users

waledeji:
Yes you are right, I recently bought a Nigerian used car and the insurance paper will expire by January next year, what I want to know is that between now and that January am I covered with that paper that is still carrying the seller name?

Bro, you're not covered. unless the former owner help you make the claim on his name, otherwise you're on your own.

charlesucheh:
and one bad part of just doing third party without considering comprehensive is that while the third party benefits from the policy, you will have to carry your vehicle by yourself to repair at your own cost.....

That is why it is called TPO (Third Party Only).

matiuni:
I have seen some people commenting here that 3rd party insurance claim does not work in Nigeria.When are we going to start believing ourselves and that things can work if we want it to work.A danfo bus rammed into my wife's RAV4 last month.The Danfo,s driver and the owner agreed to repair the vehicle but when I reviewed the level of destruction, I told them that I don't see them being able to foot the bill.They did not even know the importance of their 3rd party insurance, even the agent that got the papers for them told them nothing can come out of it when they called him.After confirming the genuineness of the policy number from the insurance database we went to their office at Alagomeji,Lagos.They came for inspection and within 3 weeks; the cheque to repair the vehicle was handed over to my wife by the officer of Law Union Insurance Plc.3rd party insurance works in Nigeria.Let people stop saying what they don't know.

Most of the third party insurance policies in Nigeria are fake because the policyholders believed they have nothing to gain as such they patronize fake insurance agents.

To confirm the authenticity of your motor insurance policy go to www.askniid.org/checkpolicy.aspx

herrlekan:
I beg to differ on this.

The new owner is covered only if the previous owner is ready to file the claims paper on his behalf because insurance policies are not transferrable.

The most important requirement to the insurance company is the insurable interest of the insured to the property insured. Insurable interest means the relationship between the policyholder and the property insured. The new owner has insurable interest in the car in question but he is not the policyholder because he is not a party to the contract.
At renewal he may decide to do a fresh motor insurance policy provided he has done reregistration or change of ownership.

Well, we are on the same page. The only inclusion is and i quote you below:

"The new owner is covered only if the previous owner is ready to file the claims paper on his behalf because insurance policies are not transferrable."

Thanks for the additional education.

caniva:
Well, we are on the same page. The only inclusion is and i quote you below:

"The new owner is covered only if the previous owner is ready to file the claims paper on his behalf because insurance policies are not transferrable."

Thanks for the additional education.

Big thumb up for you my guy. We are all learners.

Housing:
Third-party insurance still work, and insurance companies do pay the problem is that most Nigerians do not know their right and benefits of the insurance scheme (3rd party) I too use to reason as such before I confirmed from friends that claimed damages and got 3rd parties car repaired by the insurance companies.

Please whenever you are being enlightened, is better to comment based on experience not on mere perception.

please which insurance company paid your friends claim ..so we can know the one to patronize