By Ngozi Onyeakusi—Days are gone when motorists pay for third-party motor insurance policy and still have little or nothing to benefit.

Interestingly, the revised third-party has done it all. With the revised policy you have a whole lot to enjoy.

Benefits of the revised Third party

With the revised third-party policy
motorists can enjoy

1. Claims benefits upto N3million
2 Unlimited payment of medical bills
3 Unlimited financial support in case of loss of life when accident occurs.
4 Opportunity to drive within West African region without fear of cover.

Why the Benefits?

This is because the recent National Insurance Commission (NAICOM)’s upward review of the rate from N5,000 to N15,000 has authomatcally and significantly increased the maximum claims limit that is the Third-Party Property Damage(TPPD) for motorists by 200 per cent, from N1million to N3 million.

Meaning that at event of an accident, the new rate offers a third party vehicle’s owner right to claim up to N3million to repair damage done to his vehicle or property.

NAICOM had January 1, 2023, raised the rate for third-party motor insurance by 200 per cent from N5,000 to N15,000.

To this end, NAICOM said, the TPPD, which is the limit of claims an insured can enjoy on the policy, TPPD on private  vehicle is now N3 million; Goods vehicle and staff bus goes for N5 million, even as trucks/general cartage will now have maximum Claims limit of N3 million, adding that, the special types is N5 million; tricycle N3 million and N1 million for motorcycle.

Meanwhile, NAICOM said: “the new motor insurance premium rate increase third party motor insurance to N15, 000 for private, while commercial is N20, 000. Goods and staff busses are to pay N20,000 while truck pays N100,000 even as tricycle has been mandated to pay N5,000 and motorcycle goes for N3,000