By Tope Adaramola
There is no point saying the obvious that “town is bad” as we often say in street lingo. To feed for many Nigerians is hard, talk less of replacing a precious lost property.
Just like many Nigerians, young and upwardly mobile Ogunsanya Motolani was hesitant yielding to the advice to insure his Toyota Camry car which he bought for close to N4 million, to ease his movement to and from work in Lagos as well as bouy his swag.
He had thought within himself that the money he paid for a comprehensive third party insurance placed with Royal Exchange Assurance Plc was a “lost money” as many often erroneously think when they insure.
Alas, the unexpected happened sometime May 23, 2023. Motolani was coming from work in the night and it was raining heavily, making visibility quite poor. While on the road little did he know that there was a stationary truck without any indicator or hazard light on. Before Motolani could say jack he had run with full force into the stationary truck. Thank goodness he escaped with the skin of his teeth, but the car was badly damaged and indeed it was a write off.
Two things ran through his distressed mind quickly; he had been saved but how will he replace his beloved car? Pronto, the thought of his insurance flashed through his mind, though with skepticism if anything could come out of the policy. Anyway, he l filed his Claims papers with the Insurance Company and the process commenced. In less than a month Royal Exchange General Co. Ltd had offered him what they computed as his compensation. Though happy on one side, Motolani felt the compensation could be higher and made his views known with further evidences and clarifications. Wth sound and responsive claims administration coupled with the effective leadership of the Managing Director, Mrs Ebelechukwu Nwachukwu, Motolani was paid an amount with which he replaced the car at prevailing market value. He is now a proud owner of another car to his great delight.
This scenario is just one of the silent narratives of claims payment by the insurance industry for those who wisely chose the path of insuring their valued assets. It remains a fact that if there is any time when insurance is most needed it is during a period of recession as we are now in Nigeria when recovery capability in the event of a loss is difficult. Wise people like Motolani log into the advantage and they get results in the event of recovering their losses when they occur even when others are busy licking their wounds. Thank God for the likes of Motolani for being wise and circumspect in choosing to insure, as we also appreciate Royal Exchange Assurance General Co. Ltd, like many other underwriting companies for doing the industry proud through prompt and efficient claims payment which is a great hallmark of the insurance industry.
