MOTOR INSURANCE

TYPES OF COVER

PRIVATE MOTOR: Vehicles covered under this type of cover include cars and jeeps of different makes.
COMMERCIAL MOTOR:Category of vehicles covered include Buses of all types including Owngoods, Bullion vans, Ambulances, Trucks and any other vehicle not beingpart ofprivate cars.
MOTORCYCLE: Covers all kinds of motorcycles.

FORMS OF COVER:

A)THIRD PARTY ONLY COVER: This is the minimum type of motor insurance, legislated upon to provide indemnity to policyholder against legal liability to Third parties for death, bodily injury and property damage arising from the use of motor vehicles. Government makes this class of insurance compulsory through the legislation known as the Motor Vehicle (Third Party) Insurance Act of 1945.

B) THIRD PARTY FIRE & THEFT: This policy provides indemnity against damage by fire, external explosion, self-ignition or lightning, burglary, housebreaking or theft in addition to the cover provided under the Third Party Only cover.

C) COMPREHENSIVE COVER: The most popular type of cover under Motor Insurance is comprehensive insurance cover, which in addition to the cover provided under the Third Party Fire & Theft, will also indemnify the policy holder against loss or accidental damage to the insured vehicle. Covers under this policy are regulated by a statistical table of rate known as ‘‘tariff” which is approved by the Government.

To enable us advise the actual premium payable in this regard, we will require the following information:

A list of the vehicles to be insured showing make, type, cubic capacity, year of manufacture and the value.
The type of cover required.

Other benefits under the Comprehensive Motor Policy could be arranged free of charge or with additional premium depending on the trade of the insured as noted below.

ADDITIONAL COVER INCLUDES POLICY EXTENSIONS:
EXCESS BUY BACK: On a standard motor policy there is usually an Excess, this is amount of the claim that would be borne by the insured on each and every loss after which the underwriter pays the balance. It is usually a certain amount of money or 10% of the claim. 'Excess Buy Back’ is an extension by which the policy excess could be purchased in return for additional premium of 1% of sum insured. Thereafter, each and every claim is paid in full by the underwriter.
RIOT AND STRIKE EXTENSION (RSCC): By incorporating this extension, the policy is extended to cover any loss or damage resulting from riots and strike which are specifically excluded from a standard motor policy.
MEDICAL LIMIT: Medical expenses are a benefit cover under private motor policy in respect of injury sustained by the insured in course of the accident. The limit granted by underwriters is usually around N10, 000.00.
By our influence with reputable underwriters in the industry, we can obtain extension of the Limits up to around N100,000.00
AUTHORISED REPAIR LIMIT: This is the limit to which the insured may authorize repair of the motor car necessitated by damage for which the underwriter may be liable under the policy without prior approval from the underwriter.
Limit granted by underwriter is usually around N20, 000.00 on which we can negotiate and extend to about N100,000.00 minimum without extra charge.
TOWING LIMIT: In the event of insured motor car being disabled by reason of loss or damage covered under the policy, the underwriter will bear the reasonable cost of protection and removal to the nearest repairs but not exceeding the specified limit. Limit granted by underwriter is usually very low.
This we can negotiate and improve upon up to N25,000.00 per insured vehicle without additional premium as against the standard limit of about N1,000.00.

THIRD PARTY LIABILITY: Motor policy will indemnify the insured in the event of accident caused by the use of the motor car against all sums which the insured shall become legally liable to pay in respect of :

Death of or bodily injury to third party
Damage to property belonging to anyone other than the insured.

The Limit of Liability in respect of property damage in line with Insurance Regulations is N1, 000,000 but this we can extend further at no extra cost.