I once had a discussion with a friend who claimed to have been defrauded by his insurance company. He lodged a claim under his motor insurance policy and at the end of the whole thing, what he got in form of compensation fell way below his expectations.
As a Claims Expert, i requested to know the details of the transaction and a copy of his insurance policy. After a careful perusal I discovered that my guy like many other claimants threw caution to the wind when he took up his motor insurance policy. It is too late to cry after the head has been chopped off!
Continue reading HOW TO GET FULL COMPENSATION UNDER YOUR MOTOR INSURANCE POLICY
A claim in insurance is the occurrence of the eventuality(ies) insured against upon which the liability of your insurance policy is engaged. In other words, it means you have suffered a loss from the use of your vehicle which requires your motor insurance policy to come into operation. Continue reading YOU’VE GOT A CLAIM? GET COMPENSATED!
This is a continuation of our series “Understanding Motor Insurance Policy”. We have explained the basic covers provided by a standard motor insurance policy. Kindly go through our page to read it up.
Today we shall be focusing on how to maximize the covers available under motor insurance policy. Your may call them policy “ad-on” but they are technically referred to as “policy extensions or exclusions”. It means the policy excluded these items or the policy has been extended to cover these items. We should however state here that these extensions comes with payment of an additional premium. Continue reading YOUR MOTOR INSURANCE POLICY CHECKLIST (PT 2)
Nothing could be more frustrating and humiliating than paying for something only to discover that it is useless. I would feel defrauded. The painful part is that this realization usually dawns on you at the point when you have suffered a loss and you expected that you have a right to compensation under your motor insurance policy. Continue reading UNDERSTANDING MOTOR INSURANCE POLICY (PT 1) – KNOW THE EXTENT OF YOUR COVER
Ignorance they say is a disease and what you don’t know can sometimes cost you so much.
Two years ago, fortune smiled on my friend Mr. Tough and he got a new car for N2,500,000.00. All our effort to ensure he insured it proved abortive as he claimed to be a “strong man”.
Some months later, he was involved in a road accident where he damaged his car, another person’s car and also injured a pedestrian. He spent over N500,000.00 in repairing the 3rd party’s car and settling medical bills for the injured party. Something he could have done for just N5,000.00 if he had obtained a 3rd Party Motor Insurance cover. Continue reading THIRD PARTY MOTOR INSURANCE – SO MUCH FOR SO LITTLE.