Depending on the type of vehicle, annual insurance premium costs between N5,000 to N10,000.
What is the rate of third party insurance?
Third-Party Car Insurance Price
|Private cars with engine capacity||Premium rate|
|Not exceeding 1000cc||₹2,072|
|Exceeding 1000cc but not exceeding 1500cc||₹3,221|
How does third party insurance work in Nigeria?
covers the Insured’s liability for death/injury to Third Party and loss or damage to the third-party property in the event of accidents. This means it is the legal minimum level of motor insurance cover any motor vehicle owner plying the Nigerian road is required to have. …
How much does car insurance cost in Nigeria?
Annual insurance costs amount to N62,500 (Auto Bronze), N75,000 (Auto Silver), N87,500 (Auto Gold), and N100,000 (Auto Platinum).
What is the maximum coverage amount for a third party claim?
The case for claiming compensation under third party will be filed against you and your insurer. While there is no limit on the liability covered for injury or death, the cover for third-party property (usually the third party’s car) damage is capped at Rs 7.5 lakh.
Is third party insurance the cheapest?
Traditionally, third party and third party fire and theft cover were much cheaper than comprehensive insurance, but for many this is no longer the case. … For a more experienced driver, quotes for third party fire and theft cover came out cheaper than comprehensive cover, but by just 1%.
Is third party insurance good?
The level of cover offered by third-party insurance policies can be good for drivers who are more likely to claim for any damage they cause when driving – and for drivers who can afford to pay repair costs for their own car without needing to claim on their insurance.
What are the benefits of third party insurance?
A third-party insurance cover is a specific policy that protects you against legal or accidental liability, financial loss or damage to property. The cover also protects you in case of a third-party injury or even death of the person because of your vehicle. When driving, there is a real risk of an accident.
Is third party insurance compulsory in Nigeria?
In Nigeria, third-party insurance is compulsory under the Motor Vehicle (Third Party) Insurance Act of 1950. … The policy protects the insured from liability for death or injury to a third party arising from the usage of the vehicle.
How does a third party insurance work?
Third-party insurance offers protection against damages to the third-party by the insured vehicle. It covers physical injuries, damages to the vehicle, damage to the property, and death. Third-party insurance does not provide any compensation, if: The accident was caused due to drunken driving.
Which car insurance is best in Nigeria?
List of Car/Vehicle Insurance Companies in Nigeria
- AXA Mansard Car Insurance. AXA Mansard provides different packages of motor insurance. …
- AIICO Car Insurance. …
- LeadWay Car Insurance. …
- Industrial and General Car Insurance (IGI) …
- Custodian and Allied Car Insurance.
Which insurance company is the best in Nigeria?
The Top 10 Insurance Companies in Nigeria
- Custodian and Allied Insurance. …
- Cornerstone Insurance Plc. …
- AXA Mansard Insurance. …
- African Alliance Insurance Plc. …
- Goldlink Insurance Plc. …
- Continental Insurance. …
- Industrial and General Insurance Plc. …
- Lasaco Assurance Plc.
Do you need car insurance in Nigeria?
Many Nigerians shy away from buying car insurance as they consider it to be an unnecessary expense. However, insurance is actually compulsory by law, and serves as invaluable protection much like any other insurance.
How do I claim third party damage?
The long procedure of claiming third party insurance starts with registering an FIR in a nearby police station followed by collecting a charge sheet. After that Motor Accident Claims Tribunal, a special court, registers a case, as Civil courts can’t make a judgement on road accidents or decide a compensation claim.
What does third party only cover?
Third party only (sometimes referred to as TPO), covers any damage to other cars in the event of an accident but does not cover your own vehicle. … If you’re travelling with a passenger in the vehicle and you get into an accident, third party insurance will also compensate these passengers for their injuries.
Can you claim on third party insurance?
If you have third party insurance
You should make a claim against the other driver and allow the insurer to decide who is responsible for the accident. … If you’ve been in an accident and you receive a letter or claim form from the other driver or their insurer forward this to your own insurer.