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7 THINGS INSURANCE COMPANIES MAY BE HIDING FROM YOU ABOUT THIRD PARTY INSURANCE (FOR PRIVATE VEHICLES)

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YOUR ASSET THAT COULD WORTH UP TO NGN3.0 MILLION NAIRA IN NIGERIA

Many vehicle owners / drivers may not have considered it serious having Third Party Insurance Cover (Policy) on their vehicles if not for the law that made it mandatory for every vehicle.

Also now, a charge as much as NGN20,000.00 is automatically fined and billed on a vehicle through road Traffic Camera each time same vehicle passes the Traffic Camera with expired, invalid, or no Third-Party Insurance Cover (at least). 

Here are 7 things that ought to motivate you to have at least a genuine Third-Party Insurance Cover (policy) on your vehicle even if above Government law and stipulated penalty are not there.

  1. Each genuine Third-Party Insurance Cover on event of genuine claim has a Financial Security Value of up to NGN3.0 Million Naira and can exceed the same in peculiar circumstances.

Hence a genuine Third Party Insurance in your possession is like an asset that could worth up to NGN3.0 Million naira.

  1. Third Party Insurance Claims in Nigeria today are real, possible, and achievable.
  1. Processing Third Party Claims are not as difficult as you were made to think but are just as easy as every other insurance claims.
  1. The goal behind your Third-Party Insurance Cover (being more than compliance to the law and freedom from penalty for going against the law), ought to inform you on the CHIOCE of Insurer (company), Agent (Insurance expert/specialist/Professional) and or Broker (a type of Agent in form of an individual or company) to use from the onset in securing the same Third-Party Insurance Cover.
  1. The fight, commotion, bitter /hurtful verbal exchanges and more often witnessed in the event and scene of Auto clash / accident are not only avoidable but really unnecessary where those involved are in possession of at least genuine Third-Party Insurance Cover as well as properly informed about the value of same Third Party Insurance Cover in their possession.
  1. The cost of an Insurer (insurance company) settling (paying for) a genuine Third-Party Insurance Claim is cheaper for the Insurer than the cost of settling a Regulator (e.g. NAICOM) for failing to settle a genuine Third Party insurance Claim.

So, the Insurer is not doing you a favour when she pays your genuine claims because it is for her own good.

  1. A legally licensed Insurance Expert or Professional managing your Insurance Policy such as Third-Party Insurance is more beneficial and profitable for you than you to be the one managing the same by yourself.

CONCLUSION

Insurance companies and their Agents may not have informed you of all these above. 

Feel free to share your thoughts the with us in the comment section below.

P.S.

We are BEN’S AND BETHEL INTEGRATED CONCEPT (as well known as BBIC NG), a Corporate Client Representative, CR recognized and regulated by Motor Vehicle Administration Agency (MVAA) of Lagos State Ministry of Transportation.

Click here to contact us for your Auto Registration, Vehicle Documents Renewals, Drivers Licence, and Motor Insurance needs.

EKEKILI, UGOCHUKWU

Business Development Partner

BBIC NG

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