BY NKECHI NAECHE-ESEZOBOR—For many Nigerian motorists, purchasing Third-Party Motor only Insurance is simply a legal requirement.
While basic third-party insurance satisfies the law, it won’t cover damage to your own car after an accident.
To help motorists tackle rising repair costs without paying high comprehensive premiums, Sovereign Trust Insurance Plc developed Enhanced Third-Party Motor Insurance. Designed to bridge the gap, it pairs standard third-party liability with limited protection for your vehicle, giving you affordable, well-rounded security on the road.
Speaking on the importance of the policy, the MD/CEO of the company 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 the company, 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.
Motorists interested in learning more about Enhanced Third-Party Motor Insurance can visit any Sovereign Trust Insurance branch nationwide or call 09042540561 to speak to a customer care representative.
