How vehicle owners turn N15,000 premium to N3 million benefits

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Chuks Udo Okonta

Where else can you invest N15,000 and harness N3 million and other benefits? Such an opportunity is available in insurance through third party motor products.

With just N15,000 paid as premium for a third party policy on your vehicle, insurance, you are guaranteed N3 million to cover damages done to another person with you vehicle. Aside, the N3 million benefits that come as claims, you also have protection of limitless life cove for those killed by you vehicle and your vehicle can be driven across West African subregion with buying insurance over there to cover risks that occured in the subregion.

How to get the benefits

* Understand the policy

Understanding what third party motor insurance policy is, would help you know what it will do for you. Therefore, note that third party motor insurance is a risk protection system that helps you solve problems caused by your vehicle.
Also note that it is against the law not to have the policy and drive.

* Buy original policy

Buy only original policy would enable you get the enormous benefits from the policy and to buy correct policy, visit Nigerian Insurance Industry Portal (NIIP) to buy the policy from your preferred insurance company.

You can also buy correct policy from registered insurance brokers and agents.

* Pay the correct price

The price, which is called premium, for original third party motor insurance policy is N15,000 for private motor; N20,000 for staff bus; N100,000 for commercial trucks/General carriage; N5,000 for tricycle and N3,000 for motorcycle.

* Keep your policy document.

To enable you report and make claims when there is an incident, you have to properly keep your third party motor insurance policy document.
Note that the policy document is the evidence of your purchase of the policy from an insurance company. Ensure you keep the original copy in a proper place at home or office, while you drive with the photocopy. And if the policy document get lost, quickly report to the insurance company and do all you are asked to do.

* Be trustworthy

Insurance contract stands on trust which is called utmost good faith. This means that you should be honest

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