By Ngozi Onyeakusi

The dream of the insurance industry to change the narrative that considers third party insurance a statutory responsibility that offers no corresponding value has become a reality.

It is worthy of note that the industry was able to achieve this feat with the 200 per cent increase in the third-party motor insurance which has significantly increased its maximum claims limit to N3million.

With this increase in claims limit, claims by market watchers that the new rate will pave way for patronage of fake policies has been defeated as motorists are now willing to buy genuine policy.

Simarly, worries by the public that with spike in inflation,  high cost of vehicle maintenance, many road users may not cope with the N15,000 premium, cannot stand as motorists appreciate the N3mlion they stand to enjoy at accident occurrence.

Meaning Of Third-party Insurance

Third-party insurance is a form of liability insurance that covers you when someone makes a claim against you for damages. A common example of this is auto insurance, which will pay another driver who is injured in an accident that you have caused. Another common type of third-party insurance is for property damage.

Benefits Of The New Rate

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.

Third-Party Guarantees Savings

Apary from the above mentioned benefits, third-party insurance protects you against having to potentially pay thousands or tens of thousands of dollars in claims.
Like other forms of insurance, you may not need it. But if you do, it could save you extremely large amounts of money, or even protect you from bankruptcy.

Third-Party Guarantees Peace Of Mind

When realize that third Party Auto Insurance protects you from the damage to other people, vehicles, and properties in the event of an accident whilst using your vehicle, you have peace of mind. knowing that all the unforeseen expenses are catered for,

How To Claim For Third-Party

In the event of accident motorists are to submit the following documents for their third-party motor insurance claim:

A duly filled and signed claim form.

A photograph of the damage vehicle.

Police report.

Vehicle registration certificate.

A copy of your valid driver’s license.

A copy of their car insurance policy.

How To Claim Insurance As A Third party

In order to file a third-party claim, you have to know the at-fault driver’s name, auto insurance policy number, phone number, and details about the accident. Then, you can work with your own insurance company to file the third-party claim — or you can do it yourself through the other driver’s insurance company.