By Bisi Bamishe
Beyond the fact that Third Party Motor Insurance is compulsory by law, the benefits of the policy make it a must have for every Nigerian vehicle owner. The policy takes care of the damage caused by the insured 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.
Third Party Motor Insurance is one of the compulsory insurance policies in Nigeria. Others are ; Employer’s liability/ workmen’s compensation insurance; Group life assurance; Health care professional indemnity insurance: Occupiers liability insurance or insurance of public buildings:
Commonly known as ‘Police Let Me Pass’, Third Party insurance is the legal minimum level of motor insurance cover any vehicle owner plying the Nigerian road is required to have.
For private vehicles, the policy offer unlimited cover whereby, accidental damage to the property or vehicle of a third party up to N3million and limited cover for death / bodily Injury of the third party in the event of an accident. Premium payable is fifteen Thousand Naira. Until December 31st 2022, premium paid for this cover was N5,000 and limit of claims payable was N1million.
Still under Private vehicles category, Staff Bus will get Third Party Property Damage (TPPD) which is the limit of claims an insured vehicle can enjoy on a policy, of N3million for N20,00 premium while Own Goods vehicle will pay same premium of N20,000 and get N5million claims.
For commercial vehicles, Trucks or General cartage will pay N100,000 as premium and get TPPD of N5million while Special Types will pay N20,000 premium and get compensation to the tune of N3million.
Also to enjoy the benefits of buying Third Party insurance cover are owners of Tricycles, popularly known as Keke Napep and motorcycles, called okada. For premium of N5,000 paid by a tricyclist, limit of claims payable is N2million while motorcyclist gets compensation of N1million for paying premium of N3,000.
When you have a third party insurance, after an accident, take the following steps immediately:
1. Make a claim against the other driver with enough evidence (pictures and more) for your insurer to decide who is at fault for the accident. Note that if you are at fault, then you would have to pay for the repairs of your own vehicle.
2. Put it in writing that you want to claim from the other driver. Also, write to the owner of the other driver’s vehicle, if it’s not a personal one.
3. Inform your insurer through your insurance broker/agent and explain what happened.
4. Request that the other driver contacts his own insurer.
To get a third party motor vehicle insurance policy, contact a registered insurance company or use the services of an insurance broker/agent. Do not patronise unprofessional insurance officers who sell fake insurance certificates. Beware of them because when a claim occurs, you will not get paid. No insurance company will settle such claim