In Nigeria today, having Third-Party Auto Insurance is not just a good idea, it is the law. The Nigerian government has made it mandatory for every vehicle owner to have this type of insurance. If you don’t, you could face serious consequences. But don’t worry, this blog will explain everything you need to know about Third-Party Auto Insurance in the simplest way possible.
Let’s start from the beginning.
What is Third-Party Auto Insurance?
Third-Party Auto Insurance is a type of vehicle insurance that protects you if your vehicle causes accidental damage to someone else’s property or injures another person. For example, your insurance will cover the costs if you accidentally hit another car or damage someone’s fence.
This type of insurance is called “third-party” because it covers the other person (the third party) involved in the accident, not you or your car. It is the minimum level of insurance required by law in Nigeria.
Why is Third-Party Auto Insurance Mandatory in Nigeria?
The Nigerian government made Third-Party Auto Insurance mandatory for a few important reasons:
- Protecting Accident Victims: If you cause an accident, the other person shouldn’t have to suffer financially. Third-Party Auto Insurance ensures they can get compensation for their losses.
- Reducing Financial Burden: Accidents can be expensive. Without insurance, you might have to pay for damages out of your own pocket, which could ruin you financially.
- Promoting Responsibility: By making this insurance mandatory, the government encourages drivers to be more careful and responsible on the road.
What Happens if You Don’t Have Third-Party Auto Insurance?
Driving without Third-Party Auto Insurance is against the law in Nigeria. If you are caught, you could face:
- A fine of ₦250,000
- Up to one year in prison
- Or both
The Nigerian police are actively enforcing this law, so it’s not worth the risk.
What Does Third-Party Auto Insurance Cover?
Third-Party Auto Insurance covers the costs of your vehicle if it accidentally:
– Damages another person’s car
– Damages someone else’s property (like a fence or building)
– Causes injuries to another person
However, it does not cover:
– Damage to your own car
– Theft of your vehicle
– Natural disasters (like floods or fire)
If you want coverage for your own car, you will need to consider Comprehensive Auto Insurance, which offers more protection.
Do You Already Have Third-Party Auto Insurance?
If you already have customized Third-party Insurance like the Leadway Third-Party Auto-Base or Comprehensive Auto Insurance, you are good to go! These policies already include Third-Party Auto Insurance as part of their coverage. You don’t need to buy anything extra.
How to Avoid Fake Insurance Certificates
Unfortunately, fake insurance certificates are a big problem in Nigeria. To avoid falling victim:
- Buy Directly from a Licensed Company: Always purchase your insurance from a trusted provider like Leadway Assurance
- Verify Your Certificate: After buying, check that your insurance certificate is genuine. You can do this by contacting the insurance company directly.
- Avoid Roadside Vendors: While it might seem convenient, buying insurance from roadside vendors increases the risk of getting fake certificates. Do not buy from them until it is confirmed that they are registered insurance agents.
Why Choose Leadway Assurance for Third-Party Auto Insurance?
Leadway Assurance is one of the most reliable insurance providers in the country, having over 50 years of experience. They are your best bet. They make it easy for you to stay compliant with the law and protect yourself from financial risks. Here’s why you should choose us:
Affordable Premiums: Our Third-Party Auto Insurance plans start from as low as ₦5,000 per year.
Quick and Easy Process: You can get insured online, or at any of our offices in just a few minutes.
Instant Certificate: Once you’ve paid, you will receive your insurance certificate instantly via email.
Trusted by Millions: With decades of experience, Leadway Assurance is one of the most trusted insurance companies in Nigeria.
How to Get Third-Party Auto Insurance with Leadway Assurance
Getting your Third-Party Auto Insurance with Leadway Assurance is simple. Here is how you can go about it:
- Visit Our Website: Go to auto.leadway.com
- Fill Out the Form: Provide some basic information about yourself and your vehicle.
- Choose Your Plan: Select the Third-Party Auto Insurance option or any other policy you may like.
- Make Payment: Pay securely online using your debit card or bank transfer.
- Get Your Certificate: Once your payment is confirmed, you will receive your insurance certificate instantly via email.
What Happens if You Have an Accident?
If you’re involved in an accident, here’s what to do:
- Report the Accident: Contact the police and your insurance company immediately. Hopefully it is Leadway, as they have a track record of fast and reliable response.
- Provide Documentation: Share details about the accident, including photos, police reports, and contact information for the other party involved.
- Wait for Assessment: Your insurance company will assess the situation and determine the coverage amount.
- Receive Payment: Once the claim is approved, the insurance company will cover the costs of damages or injuries to the third party.
Take Action Today
Don’t wait until it is too late. Driving without Third-Party Auto Insurance is not worth the risk. Protect yourself, your finances, and others on the road by getting insured today.
Visit auto.leadway.com or say “HI” to +234 812 999 7044 to get your genuine Third-Party Auto Insurance for N15,000 for a full year now. It’s quick, easy, and affordable.
