Third-party vehicle insurance is a type of car insurance policy that covers the policyholder against any damage or injury caused by their vehicle to a third party (i.e. someone other than the policyholder or the insurer). This type of insurance covers the policyholder's liability towards a third party for any damage or injury caused by their vehicle, including damage to the third party's property or vehicle, as well as injuries or death caused to the third party.
There are several insurance companies in Nigeria that offer third-party vehicle insurance. Here are some of them:
AIICO Insurance Plc
AXA Mansard Insurance Plc
Consolidated Hallmark Insurance Plc
Cornerstone Insurance Plc
Custodian and Allied Insurance Plc
Leadway Assurance Company Limited
Mutual Benefits Assurance Plc
NEM Insurance Plc
Sovereign Trust Insurance Plc
Wapic Insurance Plc
How does third party car insurance work
Third party car insurance is a type of car insurance that covers the damages or losses caused to a third party in case of an accident involving your car. The third party can be anyone who is not you or your car. This type of insurance is mandatory in many countries and is designed to protect the third party's interests in case of an accident.
When you purchase third party car insurance, the insurance company agrees to pay for the damages or losses incurred by the third party in case of an accident involving your car. This can include damages to property or vehicles, as well as injuries or fatalities.
However, it's important to note that third party car insurance only covers damages or losses caused to the third party and does not cover damages to your own car or injuries sustained by you or your passengers. If you want to be covered for such damages or injuries, you will need to purchase additional coverage such as comprehensive insurance or personal injury protection.
The cost of third party car insurance varies depending on various factors such as the type of car you own, your driving record, and the level of coverage you choose. It's important to compare different insurance policies and providers to find the best deal and coverage for your needs.
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