Sovereign Trust Insurance Plc has announced that it will be embarking on a Pan-Nigeria radio campaign for the next 13 weeks to promote one of its home-grown motor insurance policies, the Enhanced Third-party Motor Insurance Policy with the acronym, E3P, reflecting the growth agenda for the class of business.
This was made known by the Head of the company’s Corporate Communications and Investor Relations, Segun Bankole at a media parley in Lagos over the weekend. According to the Chief Spokesperson of the underwriting firm, the Enhanced Third-Party Motor Insurance Policy is a unique product designed to meet the demands of the motor insuring public who want value for money on the premise of affordability. Unlike the conventional Third-Party Motor Insurance which only cater for the third party in the event of a mishap, the Enhanced Third-Party Motor caters for both the insured and the Third-Party in the event of a road crash with an annual premium of N25,000 (Twenty-Five Thousand Naira) only while the conventional Third-Party Motor insurance is N15,000, (Fifteen Thousand Naira).
The only beneficiary for compensation with a Third-party motor insurance cover is the third party as the name of the product suggests while on the other hand, the insured and the third party gets compensated with the Enhanced Third-Party Motor insurance cover.
For the Enhanced Third-Party Motor Insurance, (E3P), The insured gets indemnified to the tune of N500,000, (Five Hundred Thousand Naira) and the third party to the tune of N3,000,000.00, (Three Million Naira) as applicable with a Third-Party Motor Insurance Policy.
The nationwide radio campaign will span all the major commercial cities in the country, namely, Lagos, Ibadan, Akure, Enugu, Port-Harcourt, Kaduna and the Federal Capital Territory, FCT, Abuja.
Segun Bankole noted that with the enforcement of the Third-Party Motor Insurance Policy, it has become very imperative for motorists across the country to ‘put their money where they will get optimal value’ and that can only be with the company’s home-grown motor insurance cover, the Enhanced Third-party Motor Insurance, E3P. A cover that offers the best of two worlds, he concludes.
