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The announcement by the National Insurance Commission (NAICOM) that Nigeria will commence full enforcement of third-party motor insurance on February 1, 2025, is a significant milestone in the nation’s insurance landscape.
This decision, driven by the need to enhance road safety and ensure compliance with insurance regulations, places a renewed focus on the importance of third-party motor insurance.
As a leading provider of third-party motor insurance, Coronation Insurance Plc is committed to helping motorists navigate this critical transition while staying compliant with the law.
Here’s what you need to know and how you can ensure you remain on the safe side of the law.
Understanding Third-Party Motor Insurance
Third-party motor insurance is the minimum legal requirement for all vehicle users on Nigeria roads under the Third Party (Motor Insurance) Act (1945) as amended by Insurance Act of 2003.
It provides coverage for third party property damage, bodily injury or death caused to third parties as a result of an accident involving the insured vehicle.
These coverages are further expatiated as stated below:
1.Bodily Injury or Death: Compensation for bodily injuries or death sustained by pedestrians, passengers, or other road users.
2.Property Damage: Coverage for damage to third-party property, such as vehicles, buildings, or other structures.
3.Legal Costs: Assistance with legal expenses arising from claims made by third parties.
The aim is to ensure that victims of road accidents are adequately compensated and to reduce the financial burden on the at-fault driver.
Why Full Enforcement Matters
The enforcement of compulsory insurance by the Nigeria Police Force reflects the government’s commitment to reducing the number of uninsured vehicles on Nigerian roads. According to recent statistics, a significant percentage of vehicles are uninsured, exposing both the vehicle owners and accident victims to financial risks.
With enforcement kicking off on 1st February 2025, law enforcement agencies will actively verify motorists’ insurance status during routine checks.
Non-compliance could result in:
• Fines and penalties.
• Vehicle impoundment.
• Legal consequences, including lawsuits from third-party claimants.
How to Stay Compliant
1.Obtain Valid Third-Party Motor Insurance: Ensure your vehicle is covered with a valid third-party motor insurance policy.
Coronation Insurance Plc offers wide range of insurance products tailored to your needs.
2.Verify Authenticity: Purchase your insurance from a reputable provider. Fake or invalid insurance certificates could lead to legal issues.
Coronation Insurance Plc ensures transparency and provides genuine coverage with industry-leading turnaround times.
You can verify the authenticity of our Motor Third-party Insurance via https://www.askniid.org or dial *565*11#.
3.Keep Your Motor Insurance Certificate Handy: Always carry your valid Motor Insurance Certificate in your vehicle.
This could be a physical certificate or a digital copy, depending on your provider.
4.Renew on Time: Stay proactive by renewing your policy before it expires. Coronation Insurance Plc offers seamless renewal processes to keep you covered without interruption through our various digital channels or in our various offices nationwide.
5.Educate Yourself: Understand your policy’s terms and conditions to avoid misunderstandings.
Coronation Insurance Plc provides detailed guidance to help you make informed decisions.
Why Choose Coronation Insurance?
At Coronation Insurance Plc, we pride ourselves on being at the forefront of Nigeria’s insurance industry, delivering reliable and efficient services.
Our third-party motor insurance policies stand out for the following reasons:
•Ease of Purchase: A simple and user-friendly process, both online and offline.
•Quick service delivery: Policy issuance within 24 hours and claims processing within 48 hours.
•Dedicated Customer Support: Our customer service team are always ready to assist you with any enquiries or claims.
Coronation Insurance Plc: Tel: 020-1-2774500, 020-1-2774566, 020-1-2774577, or email contactcentre@coronationinsurance.com.ng
Final Thoughts
The enforcement of third-party motor insurance marks a pivotal moment for road safety and financial security in Nigeria.
By obtaining and maintaining valid insurance coverage, you are not only complying with the law but also protect yourself and others from unforeseen financial burdens.
At Coronation Insurance Plc, we are here to help you navigate this new era with confidence. Visit https://retail.coronation.ng/ today to secure your third-party motor insurance and stay on the safe side of the law.
Together, we can drive towards a safer and more responsible future on Nigeria’s roads.
