For many Nigerian motorists, purchasing Third-Party Motor only Insurance is simply a legal requirement. While it satisfies the minimum insurance obligation under the law, many drivers are unaware that a standard third-party policy does not provide compensation for damage to their own vehicle following an accident.
As the cost of vehicle repairs continues to rise, motorists are increasingly seeking affordable insurance solutions that offer broader protection without the higher premium associated with comprehensive motor insurance. One such solution is the Enhanced Third-Party Motor Insurance offered by Sovereign Trust Insurance Plc.
The Enhanced Third-Party Motor Insurance is specifically designed to bridge the gap between the traditional Third-Party Motor Insurance and Comprehensive Motor Insurance. It combines the statutory third-party liabilities with limited protection for the insured’s own vehicle, providing motorists with greater financial security and peace of mind.
Speaking on the importance of the policy, the MD/CEO of Sovereign Trust Insurance Plc, Lucas Durojaiye, said: “Insurance should not only help motorists comply with the law; it should also provide meaningful financial protection when the unexpected happens. Our Enhanced Third-Party Motor Insurance gives customers an opportunity to enjoy wider coverage at an affordable premium, making it an ideal option for motorists who want more than the basic statutory cover.”
For an annual premium of ₦25,000, policyholders enjoy benefits that extend beyond the conventional third-party insurance policy. These include:
- Third-Party Property Damage cover of up to ₦3 million.
- Unlimited (reasonable) compensation for Third-Party Bodily Injury or Death.
- Own Damage Cover for the insured vehicle of up to ₦500,000 arising from accidental damage.
The policy also provides support in handling third-party claims and legal proceedings where applicable, giving policyholders additional confidence whenever they are on the road.
According to Sovereign Trust Insurance, the Enhanced Third-Party Motor Insurance is particularly suitable for owners of private vehicles who desire better protection but may not require, or may not yet be ready for, a comprehensive motor insurance policy. It offers an ideal balance between affordability and expanded coverage while helping motorists reduce the financial burden that may arise from accidental damage to their vehicles.
With millions of vehicles on Nigerian roads and accidents occurring daily, the company is encouraging motorists to take a closer look at the level of protection their motor insurance provides. Choosing an insurance policy should go beyond meeting legal requirements; it should also provide confidence that both the motorist and other road users are adequately protected when unforeseen events occur.
