Driving without motor insurance policy is an offense, the Insurers Committee, a policy making arm of the regulatory body for insurance, has said. The committee, which comprises the National Insurance Commission (NAICOM) and insurance operators, said it is a must for vehicle owners and others to have a motor insurance policy.
The Chairman, Sub-Committee on Publicity and Communication, Insurers Committee, Oye Hassan-Odukale, said motor insurance protects road users from unexpected occurrences on the highway.
According to him, having motor insurance goes beyond being safe from road marshals, explaining that there are two kinds of motor insurance policies- Third Party and Comprehensive. He called on every Nigerian who have cause to drive on the road to purchase motor insurance policy, noting that the premium for Third Party is as low as N5000
“It protects road users from unexpected occurrences on the highway. Insurance covers when someone bashes your car or breaks into your car, as well as cases of accidental damage to third party property while driving.
“As the name implies, Third Party Motor Insurance covers for accidental damage or injury to third party property, which refers to other road users while driving. It does not cover accidental damage to the insured vehicle.
“Comprehensive motor insurance on the other hand covers for loss or damage to the vehicle caused by fire or theft, damage to third party, as well as personal injury or fatality resulting from accident. It also comes with perks, such as covering the cost of towing your vehicle, as well as a car tracker.
“It is worthy of note that insurance companies in Nigeria under the umbrella of Insurers Committee and National Insurance Commission (NAICOM) have made insurance policies to be affordable to all Nigerians. With N5, 000, you can get your third party motor insurance.
“The companies have gone a notch higher to ensure Nigerians don’t fall victim to false schemes. Anyone can now validate a motor insurance policy by dialing this simple USSD code –*565*11 and follow the simple steps to confirm if your vehicle insurance is genuine”, he added.