Archive Motor Insurance: Why Vital?

Motor Insurance: Why Vital?

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Jude Chukwuemeka

There are basically several policies. These can be grouped into four categories, such as Private Motor insurance, Commercial Vehicle insurance, and Specialized Vehicle Types category.

You could say that your new car or truck is your responsibility, that you don’t need anyone to take care of it for you. You’re going to have a nice time driving your car or truck around town but do you ever think about what may happen after a negative occurrence involving your car or truck?

“Why do I need motor insurance?” You may ask yourself. There are several reasons. For example, the law requires that your newly purchased automobile be insured, according to the Road Traffic Act, 1950.

Another reason is that it provides replacement cost of damage or theft of your car or truck, if you have one. You may have seen a case of instant car replacement after an accident. Such car owner was only able to get a replacement because of adequate payments of auto insurance premium.

Some see auto insurance in Nigeria as a means of providing financial support for themselves when they damage other people’s property, while others see auto insurance as possible re-imbursement of litigation expenses.

Summary of auto insurance
Insurance companies in Nigeria often offer fully comprehensive, cost effective, motor vehicle insurance that cover all risks related to owning and driving a vehicle. Motor policies are all scalable, which means that you can structure your cover to best suit your own unique requirements.

There are basically several policies. These can be grouped into four categories, such as Private Motor insurance, Commercial Vehicle insurance, and Specialized Vehicle Types category.

So what group of people in our society need to serious consider motor vehicle insurance?

Insurance companies in Nigeria often consider customers in the following categories:
• Private Vehicle Owners
• Multiple Family Owners
• Okada Riders
• Taxi Owners
• Bus Owners
• Delivery vehicles
• Commercial fleets

But there are some exclusions to be considered and these could be:
• Any accident, loss, damage and/or liability caused, sustained or incurred outside the geographical area.
• Any claim arising out of any contractual liability
• Whilst any motor car in respect of or in connection with which insurance is granted under the policy is:
 Being used otherwise than in accordance with the limitations as to use; or
 Being driven by any person other than a licensed driver
• Any accident, loss or damage to any property whatsoever or any loss or expense whatsoever resulting or arising there from or any consequential loss.
• Any Liability of whatsoever nature directly or indirectly caused by or contributed to by or arising from ionizing radiation or contamination by radioactivity from any nuclear fuel or from any nuclear waste from the combustion or Nuclear fuel.
• All war risks are exempted
The preceding shows just how important it is to get motor vehicle insurance in Nigeria. If you fully consider the benefits, you wouldn’t hesitate to get one today.

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