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motor <span>Insurance</span>

There are several products within our motor insurance portfolio. These include:

  • Comprehensive Motor Cover (Standard): Our Comprehensive Motor Insurance Policy provides cover for your private or commercial vehicles. It pays for loss or damage to the insured vehicle and third party liabilities in event of an accident, fire or theft.
  • Motor Safe Guard (MSG): Motor Safe-Guard is a new form of motor insurance with standardized cover and premiums payable. It is designed for private cars. It offers more advantages that an ordinary Third Party:

Motor Safe-Guard will pay for damage to your car in event of an accident. A Third Party Policy will not.
Motor Safe-Guard will pay for damage to your car in case fire incident. A Third Party Policy will not.
Motor Safe-Guard will pay you if your car is stolen; A Third Party Policy will not.
Motor Safe-Guard will also pay for third party liabilities.
Motor Safe-Guard has four (3) types of cover from which a client can chose – Maxi, Medi and Mini.

Maxi Cover provides the following cover.
Accidental Damage (whether by accident or fire) – up to N200,000
Total Loss (whether by accident or fire) – up to N300,000
Third Party Liabilities: – up to N1,000,000
The Premium for MAXI Cover is only N25,000 per annum.

Medi Cover provides the following cover
Accidental Damage (whether by accident or fire) – up to N100,000
Total Loss (whether by accident or fire) – up to N200,000
Third Party Liabilities: – up to N1,000,000
The Premium for MEDI Cover is only N20,000 per annum.

Mini Cover provides the following cover
Accidental Damage (whether by accident or fire) – up to N50,000
Total Loss (whether by accident or fire) – up to N100,000
Third Party Liabilities: – up to N1,000,000
The Premium for MINI Cover is only N15,000 per annum.

  • THIRD PARTY ONLY MOTOR INSURANCE POLICY

In consideration of the information provided by the Insured and the payment of premium which are the basis of this contract, the company shall provide cover for the period of insurance, as stated on the motor insurance certificate, subject to the terms and conditions stated below.

COVER

This policy covers the legal liability of the Insured against:

1. Third Party property damage
2. Accidental bodily injury or death to the Third Party arising from the use of the vehicle.
3. Claimant’s

LIMITS OF LIABILITY<p.< p=””>

1. Damage to Third Party property – N1, 000, 000, per occurrence.
Policy excess is N10, 000 or 10% of the amount claimed whichever is higher. (Policy excess is the amount the insured will bear in the event of any claim).
2. Bodily injury or death to the Third Party – Unlimited.

CONDITIONS

1. . In the event of a claim,
i. Notify the company immediately and not later than seven days.
ii. Report the incident to the nearest police station and request for police report.
iii. In event of death of any person entitled to indemnity under this policy, the company will indemnify the personal representatives subject to the limits of liability

2. Driving under the influence of alcohol or drugs is prohibited.

3. Either party may cancel this policy by giving seven (7) days notice.

4. Where ownership of the vehicle is transferred, the cover terminates.

5. The Insured shall take necessary precaution in the use of the vehicle, maintain safety standards and observe all traffic rules.

GOVERNING LAWS

This contract shall be governed by the Laws of the Federal Republic of Nigeria.

ARBITRATION

In the event of disagreement regarding the amount of claims, arbitration option shall be explored in the first instance.

 

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