Motor insurance is a type of insurance purchased for cars, and other road vehicles. Its primary use is to provide financial protection against physical damage and/or bodily injury resulting from accidents and/or traffic collisions against third party liability that could also arise from the usage of the vehicle.
Motor insurance policies can broadly be divided into two main categories:
- Third-party
- Comprehensive
Third-party insurance is the minimum statutory insurance required by law; it covers third-party bodily injury and property damage. Whilst Comprehensive insurance provides cover for both third party liabilities and all other risks associated with the usage of the insured vehicle.
Contrary to what many people think, comprehensive insurance is not an unnecessary expense nor is it a luxury. It is very important and should be considered as an investment than an expense. Comprehensive insurance usually covers for third party liability, accidental damage to your own vehicle, fire damage and theft. This will ultimately help preserve the value of your vehicle. Make sure that you insure your car at the right value to ensure that you are not over insured or under insured and you can get the best out of your policy.
Depending on the insurance package you choose from AXA Mansard, you could get a free Auto tracking device, a courtesy car in the event of an accident or theft, and if you have to make a claim, you can get your settlement in less than 24 hours on MyAXA App.
So, what are the things you may not know about your Motor Insurance?
- Towing charge is covered: If you drive often in the city of Lagos, you may have experienced an accident in unexpected places. Sometimes, you have to walk a long distance before getting a mechanic who will tow your car to his garage and many times, you will have to pay a arm and a leg for it. Interestingly, this charge is covered by your motor insurance policy up to a limit as stated in the terms and conditions of your policy.
- You can get a courtesy car: You don’t have to pay for car services while your car is being fixed by your insurance provider. Depending on the motor insurance policy you take, you can be entitled to a courtesy car at no extra charge till your car is ready to hit the road again.
- You can claim up to N60m on your 3rd party insurance: Many Nigerians often take 3rd party insurance just to avoid sanctions from law enforcement officers, not knowing they too can benefit from it. Depending on the terms and conditions of your motor insurance policy, you can claim up to N60m on bodily injury of a 3rd party when a risk crystallizes.
- Your comprehensive car insurance policy doesn’t cover everything: It’s true that comprehensive car insurance is more advantageous than the 3rd party insurance, it still doesn’t cover everything. You may have to go through the policy document in details before making any purchase to ensure you’re well covered.
- You can’t get cover for your car accessories: Many times, car users leave their gadgets and devices in their cars which are not covered by the basic car insurance policy. There are however other insurance policies that can cover those items and give you peace of mind.
- There is a Difference between Business and Personal Usage Cover: There are certain privileges you can get when you take up a motor insurance for your business compared to using it for your personal use. Always, ensure to make the right findings before insuring your car.
- Multiple drivers can impact your premium: If the insured car is driven by more than one driver, the chances of having to pay a high premium also increases. This is because, having more than one person drive a car increase the risk of having an accident and ultimately making a claim.
Having a motor insurance doesn’t absolve one from taking safety precautions when driving. Always ensure that you take safety precautions before and during commute.
If you want to drive without worries visit AXA Mansard Insurance plc websites at www.axamansard.com to get started with a motor insurance policy that suits you.
