Insurance coverage agency AIICO has mentioned that third-party motor insurance coverage is greater than a authorized obligation however a security web for all highway customers.
This was disclosed amid the continuing nationwide enforcement of third-party motor insurance coverage by the police. The enforcement commenced on Feb 1.
Third-party motor insurance coverage is the minimal motor security measure required of motorists by legislation in Nigeria. It offers monetary protection to third-party victims in case of bodily hurt or demise and property harm.
In accordance with a press release from AIICO, uninsured automobiles on Nigerian roads pose vital dangers, with numerous highway customers dealing with monetary and emotional misery every year attributable to accidents involving automobiles with out legitimate insurance coverage.
It learn, “Generally, individuals need to pay for medical payments, automotive repairs, or different losses after a automotive accident. If everybody concerned had insurance coverage, it might assist cowl these prices and cut back the monetary burden. However that doesn’t at all times occur. The scenario is worse when the individual accountable for the accident doesn’t have legitimate insurance coverage to compensate the victims. One of these insurance coverage is known as third-party insurance coverage.
“In Nigeria, many automobiles, particularly industrial automobiles, don’t have legitimate insurance coverage. This leaves accident victims with no monetary help. They’re typically compelled to bear the prices themselves as a result of the accountable driver can not pay for the harm. With the rising price of dwelling, the monetary affect of highway accidents will be devastating, emphasising the important want for motorists to adjust to insurance coverage rules and shield themselves and others on the highway.”
AIICO Insurance coverage Plc added that it has offered well timed and dependable claims settlements.
It said, “The corporate has constructed a robust repute for guaranteeing that real claims are processed effectively, providing aid to policyholders and third events alike. Because the enforcement of third-party motor insurance coverage intensifies, AIICO continues to bolster the significance of securing legitimate insurance coverage protection as a safeguard towards unexpected liabilities.
“To additional simplify entry to third-party motor insurance coverage, AIICO has made it straightforward for automobile house owners to acquire protection inside minutes. Anybody can join a legitimate coverage seamlessly by way of the corporate’s web site, guaranteeing compliance with the legislation whereas securing monetary safety towards unexpected accidents.
“The enforcement of this coverage isn’t merely a regulatory requirement however a mandatory step towards creating safer roads and a extra accountable driving tradition. By guaranteeing compliance, authorities are taking a proactive method to scale back the monetary and emotional burdens that accidents impose on harmless third events. The message is evident: having legitimate third-party motor insurance coverage isn’t just a authorized obligation; it’s a important security web for all highway customers.”
