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Chuks Udo Okonta
The complaints by motorists that some Police personnel are turning down comprehensive motor insurance documents and demanding for only third party policies, have raised the need for more education and why the officers should insure their vehicles and other assets.
According to some insurance experts, the demand for only third party documents by the personnel is an indication that they don’t insure that vehicles, adding that if they insure, they would have understand the different types of motor insurance.
A top insurance broker told this medium that if the personnel have been insuring their vehicle, they would have under the three kind of policies motorists can buy to insure their vehicles.
He noted that motorists have the option of Comprehensive Insurance Cover; Enhanced Third Party Cover and Third Party Motor Insurance, stressing that comprehensive policy provides total coverage for a vehicle, while enhanced third party policy provides some elements of comprehensive cover and third party only provides cover for people that suffer risks from motorists.
The experts noted that it has been observed that most Police personnel drive on the road without insurance, leveraging on esprit de corps, which can’t mitigate any risk caused to other road users.
They implored the Police personnel, who are enforcing the insurance law to also embrace insurance, using it to secure their lives and hard earned assets.
Comprehensive motor insurance
The Comprehensive Auto Insurance plan covers the loss or damage to insured vehicles as a result of fire, theft, vandalism, accidental damage or collision. Coverage also includes legal liability for death, bodily injury or damage to the property of 3rd parties arising out of the use of insured vehicles.
Enhanced Third Party Motor Insurance
The product is intended to enrich the scope of benefits on the existing Motor Third Party policy by extending part of the benefits under the Comprehensive Motor Insurance cover (own damage) to augment the Third Party Insurance Policy.
Benefits:
The benefits to the policy comes in various categories which is dependent on the risk appetite of the insured, and his/her ability to pay the required premium. It has a maximum of N500,000.00 in addition to the existing 3rd party only coverage.
The policy is subject to the standard motor policy terms and conditions.
Please note that only vehicles with a year of make from 2008 and above is eligible to obtain the Enhanced 3rd Party Cover.*
Exclusions:
The policy excludes liability as a result of fire, theft of vehicle and loss of accessories.
Standard motor policy exclusions applies.
Third Party Motor Insurance
This is the minimum type of insurance legislated upon provides indemnity to policyholder against legal liability to Third Parties for death, bodily injury and property damage. It covers up to a limit of N3,000,000.00 although additional premium could be paid for optional extra.
