By Bisi Bamishe
Kingsley Okoh, popularly known among his colleagues as Fine Boy is a middle age man who had been in transport business for eight years. Late last year, he moved from Owerri to Lagos with his wife and two sons in search of better life. After setting down, he became a regular shuttle bus driver along Okokomako – Mile 2 route. He was enjoying his work until tragedy struck. In the first quarter of this year, he left home on the fateful day with high hopes of making more money than the previous day but his expectation was cut short at midday when his yellow commercial bus popularly known as danfo was involved in a collision.
Owner of a private car driving one way, against the traffic on top speed suddenly appeared. In an attempt to avoid head on collision with the car, he swerved but he was not all that lucky. The car rammed into one side of his bus.
According to Kingsley, though he was happy that there were no deaths. But to his amazement, driver of the car was unperturbed. He told Kingsley that his car had Third Party motor insurance which will cover the repair of his vehicle. So, the car owner took pictures of the two vehicles and exchanged telephone numbers with Kingsley, assuring him that his car would be repaired.
<span;>To Kingsley, since he started his transport business, he had been escaping Police harassment, at worst he tips them if they persist he must show them his insurance papers.
Few days later, he got a call from a man who introduced himself as the insurance broker handling his case. The broker reassured him that his vehicle would be repaired because the car owner purchased insurance cover, precisely Third Party Motor Insurance.
The broker took time to educate Kingsley about the benefits of third party motor insurance cover. Today, he is happy that procedure for repair of his vehicle has commenced.
Third Party Motor Insurance is one of the six compulsory insurances in Nigeria. As part of the determination to sensitise motorists, especially road transporters, the supervisory body of risk bearing industry, National Insurance Commission (NAICOM) has reiterated the benefits of third party insurance cover.
It covers accidental damage done to another’s vehicle or property.and the third party’s medical bills where bodily injury is sustained.
Before the 1st of January 2023, Third party motor insurance premium was N5000 to claim N1 million for private car owners. NAICOM increased all premiums to be paid by vehicle owners.
According to the new rate, private car owners now pay N15,000 premium for N3 million claim. This N3<span;> million claim for damages will provide an increase to the amount of claim they can get for damages.
As for Owned goods vehicles, they pays N20,000 premium for N5 million claim. Staff Buses pay N20,000 premium for N3 million claim.
Also, Tricycles (Keke Napeps) pay N5,000 premium for N1 million claim. Special types pay N20,000 premium for N3 million claim. “Special types” are vehicles such as cranes or forklift trucks that aren’t easily spotted on the road but are used for unique commercial purposes.
Aside enjoying an increase to the amount of claim motor vehicle owners can get for damages, other benefits of the increase include provision of limitless life cover for accident victims. In addition, Third Party Motor lnsurance has resulted to upgrading of the Ecowas Brown Card for third-party insurance cover.
Ecowas Brown Card, as it is called, allows free movement for West African international motorists that commute within Nigeria and West African countries.
The card is recognized by government authorities, exempting the policyholder from any other formalities relating to a guarantee against civil liability risks.
It provides a full guarantee of fair and immediate compensation for vehicle owners when an accident occurs.
The brown card has been captured in the upgraded third-party insurance premium. This will relieve the policyholder from the stress of accessing the brown card separately.
