An area of challenge that has been observed in the adjustment of motor insurance claims is the inadequate understanding of the difference between the Policy Excess clause and the Contribution conditions in an insurance policy. Even among some insurance marketers, this two concepts are oftentimes misunderstood and therefore misconstrued. And this misunderstanding is further passed on to the insured by means of unintentional misrepresentation. Continue reading THE CHALLENGES WITH MOTOR CLAIMS ADJUSTMENT PART 2→
Motor Insurance is about the most popular of all the various classes of insurance in Nigeria and understandably so. It is an everyday risk and the very nature of an automobile easily brings to mind the risks attached. Besides, in Nigeria, it is a criminal offense to drive an automobile without having at least a Third-Party Motor Insurance cover (read more on Third-Party Motor Insurance cover “here“). Continue reading THE CHALLENGES WITH MOTOR CLAIMS ADJUSTMENT (PT.1)→
There are extraordinary extensions you can incorporate into your motor insurance policy that goes way beyond the regular motor insurance protection.You will recall that we dealt extensively with the covers (both standard and extensions) provided by motor insurance policy in our previous discussions. As we round up our discussion on motor insurance, we shall be taking this extensions a little further. Continue reading BEYOND MOTOR INSURANCE – The Extended Benefits→
“If you have suffered a loss from the use of your vehicle, you have a right and a duty to lodge a claim under your motor insurance policy”.
It is a right because you have obtained a genuine insurance cover and have paid the required premium for the relevant period. You are therefore entitled to your claim. It is a duty because you will be helping the general public have confidence in insurance. Insurance penetration in Nigeria is very low therefore making prompt claim settlement and quality customer service a unique selling point for insurance companies. Continue reading WHY YOUR MOTOR INSURANCE MAY NOT COMPENSATE YOU (FULLY)→