Driving is an unpredictable activity. One minute you are cruising, enjoying the luxury of your car, and the next, a little distraction causes you to crash into another vehicle. Depending on how serious the crash is, it could result in car damages and bodily injuries where you have to bear the cost of repair or foot the hospital bills. This is where having third-party insurance makes the difference.
Why should you have Third Party Insurance?
In Nigeria, every driver must obtain Third Party Insurance to drive legally. This is the minimum insurance requirement for every motorist in Nigeria. The intent is to ensure that other road users get reasonable compensation (indemnity) for damages to vehicles or injuries caused in the event of an accident.
Should your action on the road result in an accident, the victim (third party) – who could be the driver or passenger(s) – will receive compensation for injuries as well as damage to the vehicle.
However, these benefits do not include compensation for your own damaged vehicle or personal injuries suffered during the accident. It is crucial to note that driving without any auto insurance cover in Nigeria is against the law and will attract a penalty.
What exactly are the benefits of Third-party Car Insurance?
So, how do you benefit when the victim gets compensated? Here are some of the benefits:
Takes Care of Unplanned Expenses
Besides being on the right side of the law, Third-Party Vehicle Insurance protects you from unplanned financial exposures to legal liabilities resulting from being sued by the victims of an accident you caused.
Get Covered up to 1 Million Naira
The Leadway Assurance Third-Party Vehicle policy provides a maximum cover of up to 1 million Naira for the victim’s damaged vehicle and costs just N5,000/per year.
Unlimited Cover for Bodily Injury
Leadway also provides an unlimited cover for bodily injury or death of a third party.
How do I get valid Third-Party Vehicle Insurance?
The number of vehicles with fake certificates on Nigerian roads has risen to 9.4 million. The Nigeria Insurers Association revealed that only 2.72 million vehicles have valid insurance covers as of February 2021.
These fake insurance certificates result from purchasing from unauthorized agents. But Leadway Assurance is changing that by bringing insurance closer to motorists.
As a motorist, you can opt for any of our auto insurance options- from Third-party insurance to our hybrid Auto Base Insurance and even a Comprehensive insurance policy that provides all-around cover -not only for damages to the third-party but also damage to you and your vehicle in the event of an accident.
To find out more about our auto insurance products and available options, please click here, or call us on 01-2800-70. You can also send an email to for professional advice. Looking for something else? Kindly Request a callback.
