There are various types of motor insurance policies.
A policy provides compensation for vehicle owners in the event of unfortunate circumstances.
These include circumstances such as accident, fire or theft.
There are, at least, three kinds of motor insurance policies in Nigeria:
1.Third party motor insurance
At just N5, 000, this insurance cover is the most affordable for vehicle owners.
Also, it is the most common of motor insurance policies.
It is compulsory by law in Nigeri.
This policy is readily accessible from insurance brokers like The Trusted Risk Managers.
(TRM is a member of Sky Capital Limited)
This policy offers the widest compensation to policyholders.
These covers include cover for towing fee and emergency medical expenses.
Additionally, cover for personal effects in the event of theft or accident (up to a certain limit).
Replacement and repair costs are also covered in this policy.
3.Third Party Fire & Theft (TPFT)
As the name implies, this policy is a third party insurance policy with added advantage.
The added advantage includes cover in case of fire or theft.
Also called TPFT, this policy is offers more than a regular third party insurance policy.
However, it does not offer as much as a comprehensive motor insurance policy.