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How Nigeria Car Insurance Work
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[QUOTE="Kola Dimitry, post: 140, member: 10"] It is mandatory to have car insurance policy in Nigeria before making use of a car in Nigeria roads. On the other hand, many Nigerians purchase insurance coverage just to get cleared from the road by Federal Road Safety Corps (FRSC), Police, Task force. So most Nigerians choose to visit third party car insurance which is usually more affordable as compared to comprehensive insurance policy. However, many accidental motor vehicles which is supposed be repaired by an insurance policy company are paid for by the vehicle owners in Nigeria. [B]This is how third party insurance work in Nigeria:[/B] For third party car insurance policy, the 1st party is you; the 2nd party is the insurance policy company while third party is anyone. So 3rd party car insurance coverage means that in case you damage somebody vehicle, the insurance company will pay the owner of the car (the 3rd party), or moreover if you cause an injurying to a person with your own car, the insurance policy provider pays. [B]Third party liability insurance:[/B] Third party liability insurance coverage is part of the standard car insurance coverage and it covers you for claims made towards you other vehicle drivers after an accident. Basically, under 3rd party insurance policy you are unable to claim for the vehicle you drive irrespective of whether or not it is a new car. In case you happen to be driving somebody car, it will not pay to get the vehicle you are driving fixed. Only the vehicle you hit. In the event that you are responsible for an accident, you could be accountable for paying to fix another car or covering its driver’s medical costs. Third party liability coverage protects you against these claims, covering the cost of damage and injuries sustained in an accident because you are at fault. The actual money to spend for damages will come from the premiums. in case premium hasn't been paid for a 3rd party car insurance policy, generally there will not be any kind of compensation, in the event of an accident. [/QUOTE]
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