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Chuks Udo Okonta
Do you know that your life and properties have a latent insurance protection secured through motor insurance?
According to the law, insurance of motor vehicles against the risk of liability for injury to, or death of, third parties caused by the driver’s negligence was made compulsory by the Motor Vehicles (Third Party Insurance) Act 1945, which came into force in 1950.
This, therefore provides that motorists should insure their vehicles against damages caused to the public.
If a vehicle causes damage on you or your property, you have the right to desire a compensation from the owner who is expected to have a valid motor insurance cover.
Benefits
* Life
You are entitled to unlimited compensation from the insurance policy obtained by the motorist. If the damage leads to death the compensation has to be paid to your beneficiaries. But if it bodily injury the insurance cover is expected to Carter for the treatment.
* Property
Under the new motor insurance policy, a damage on your property by a motorist should attract compensation to the tune of N3 million.
Motor insurance policy also provide for victims of hit and run vehicles. The fund, which is domiciled with the insurance industry regulator – National Insurance Commission (NAICOM) can be accessed to take care of the victim.
Now that you are aware of your benefits from motor insurance policy, don’t allow motorist cause you harm and go free.
