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Chuks Udo Okonta
As most motorists struggle to buy comprehensive or hybrid third party motor insurance policies, which cater for them in time of mishap, combining personal accident with third party insurance would also make sense.
Imbedding personal accident in third party motor insurance would be cheaper compared to N30,000 for hybrid third party and 5 per cent for Comprehensive motor insurance policy.
Presently third party motor insurance policy is sold for N15,000, while personal accident cover is sold for N3,000, making the combination of both policies N18,000.
To effectively serve the public, insurance companies should begin to consider combinations of products. Motor third party policy can also go with fire cover.
As customers’ quests are changing, innovative insurance products should also be designed to meet and surpass their quest.
