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The roads in the busiest cities in Nigeria come alive before sunrise. Yellow buses transporting traders to various markets, okadas swerving between cars in traffic, and hundreds of pedestrians frantically searching for buses to their destinations.
Solape was one of them.
Her car was making some “funny noises”, so she took it to her mechanic’s shop for servicing over the weekend. The car was perfect when she got it back. But as she drove through the usual Third Mainland Bridge traffic, something unexpected happened. A coaster bus in the next lane swerved suddenly to avoid another vehicle and rammed into Solape’s car.
Solape felt several emotions at once, but the dominant one was anger. Determined not to let things slide, Solape jumped out of her car, yelling and pointing at the damage on her bumper as she addressed the bus driver.
“Who will pay for this?” She shouted.
“I’m so sorry, ma. Please, I have insurance with Coronation Insurance. I will call them now.” The bus driver responded meekly.
Solape stared at the bus driver in annoyance that quickly turned into relief. His active third-party motor insurance policy with Coronation assured her that everything would be resolved, and it was in no time.
What could have been a stressful and expensive situation became manageable because the coaster bus driver had the protection required by law and designed to protect him and other road users like Solape.
Several Nigerians encounter situations like this daily. Accidents happen in an instant, and the result is often financial strain that can last for months or years. Having third-party motor insurance is usually what saves the day.
What is third-party motor insurance, and Why is it Important?
Third-party motor insurance is the minimum insurance cover required for all vehicle owners in Nigeria under the National Insurance Commission (NAICOM) regulations. A third-party insurance policy covers the cost if an accident involving the insured causes injury, death, or property damage to another person.
Many drivers assume that their third-party motor insurance policy document is just another document to keep in their glove compartment for checkpoints. However, its real value becomes evident when something goes wrong on the road. Some of the benefits that make a third-party insurance policy indispensable are:
Financial Armouring
Road accidents usually lead to repairs or medical bills that could cost hundreds of naira. Third-party motor insurance helps cover these expenses when your vehicle causes damage or injury to others, shielding you from spending your savings or taking on debt.
Compliance with The Law
Driving without a valid third-party motor insurance policy is illegal in Nigeria.
NAICOM, in collaboration with other law enforcement authorities, enforces this regulation to ensure that victims of road accidents can receive compensation. Having the policy keeps you compliant and enables you to avoid fines.
Inexpensive Premium
Compared with the bills that arise after an accident, third-party motor insurance is significantly more affordable. Priced at N15,000 annually, insured drivers enjoy protection everywhere they go in their vehicle. It is one of the best financial decisions one can make.
Care for Others
A third-party motor insurance policy is more than protection for oneself. It reflects a commitment to ensuring care for the well-being of pedestrians, passengers, other drivers, as well as the overall safety of our roads and the community at large.
Smart Drivers Are Covered by Coronation Insurance
Uninsured drivers are more likely to struggle financially after an accident than insured drivers. Without a third-party motor insurance policy, they must pay post-accident expenses themselves.
At Coronation Insurance, we offer our customers the best third-party motor insurance coverage in Nigeria. We have a track record of paying our claims within 48 hours, swiftly protecting those we serve whenever the need arises.
Finally, third-party motor insurance might seem irrelevant; however, it is a resource every driver should have in preparation for the unexpected. It is often what de-escalates tense situations on the road, as seen in the incident between Solape and the coaster bus driver.
To start driving in absolute confidence, reach us at info@coronationinsurance.com.ng or call 02-01-2275475 | 02-01-2275476 to get third-party motor insurance today.
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