KNOW YOUR RIGHT - INSURANCE

A man walked into my office the other day and asked for a third party private motor insurance but when he was told the premium is N5,000 he walked away. I was amazed and asked my manager what the man could be expecting to hear since the premium is fixed within the industry and cannot be altered. Everyone knows that third party insurance for private motor attracts N5,000 premium, or so I assumed. He told me that most motorists obtain fake vehicle insurance certificates from fake insurance companies at cheaper rates at the point of purchase of their vehicles.

The unfortunate thing here is that most Nigerians do not understand insurance and they think the vehicle insurance certificate is a mere gate pass.

The truth is that when you have an adequate third party insurance cover for your vehicle, in the event of an accident involving a third party (ie. another vehicle, a motorcycle, a pedestrian, property etc), the insurance company is responsible for footing the expenses of whatever damage you incurred on a third party up to the tune of N1,000,000.00.

(Note: The comprehensive vehicle insurance handles both your vehicle and that of the third party involved in the case of an accident. However, the premium varies accrding to the value of the vehicle in question).

More unfortunate is the fact that some people have adequate insurance cover but they're not aware of all these because there's no one to advice them. This is where an insurance broker comes into the picture.

An insurance broker mediates between you (the client) and the insurance company(the insurer) holding you covered. The good news is that you the client do not pay the brokers, the insurance company are the ones responsible for the brokers bill. The better news is that you can relax while the broker run around for you and the best part is that with the right broker, no insurance company can cheat you or deprive you of your entitlement 'cos the broker understands the rudiments of insurance as much as the insurers.

Note that there are other types of insurance, eg Commercial vehicles, property, motocycle, workmen's compensation, fire and special perils, burglary and housebreaking, oil and gas, machinery breakdown etc.

For further enquiries and if you need good and reliable insurance brokers, call 08036267387 or send an email to [email protected]