How motorists attitude to insurance measures value of their vehicles

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Chuks Udo Okonta

The things we love are specially protected and insurance is one of the best means to ensure protection. Therefore, your attitude to insurance shows the value of your vehicle.

In this article, the value on vehicles would be considered in four dimensions which are; useless; less important; important and very important.

* Useless.

Vehicles without insurance no matter their cost of purchase are termed useless as they can be completely lost to mishaps.

If you drive a vehicle without any insurance cover, you stand a chance of loosing it absolutely because you consider it useless and not worth to be protected against risks.

If you cherish that your vehicle get an insurance cover today to secure and protect it.

* Less important

Motorists who consider their vehicles less important only buy third party insurance policy to mitigate risks on third parties, while leaving their lives and vehicles unsecured.

Though third party motor insurance is compulsory and enforced by law, it doesn’t provide cover for the policyholder in time of risks.

As you express love and care for the third party, endeavour to also cater for yourself and your vehicle.

The stipulated premium for third party motor insurance policy is N15,000 and to fully enjoy the cover ensure you buy it from registered and recognised insurance agents, brokers and underwriters.

* Important

Motorists who consider their vehicles important secure them with third party plus policy which is a hybrid of third party and comprehensive covers.

With third party plus cover, motorists at the time of risks enjoy elements of third party and comprehensive benefits.

Original and genuine third party plus cover can be obtained from all registered insurance agents, brokers and underwriters at a premium rate of N30,000.

* Very important

Motorists who accord great values on their vehicles secure and protect them with comprehensive motor insurance policy. With this policy which at least attracts a premium of five per cent of the worth of the vehicle, coverage is extended on the vehicle; the policyholder and third party.

As it has become so extremely difficult to replace lost items due to the soaring inflation, occasioned by the weak economy, securing and protecting your loved vehicle with comprehensive insurance policy would save you in time is mishap.

The wisdom exhibited by leadership of National Insurance Commission (NAICOM) to increase motor insurance premium from January 1, 2023, moving the premium of third party vehicles from N5,000 to N15,000 and liability from N1 million to N3 million, has really put policyholders in better position as it would have been difficult to mitigate risks owing to the soaring inflationary trends.

Now that you are aware how important your vehicle is, ensure you secure and protect it with the right insurance cover.

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