Authorized Repair Limit (ARL) in motor insurance is an amount above the policy excess which a policy holder is allowed to expend on repairs of an insured vehicle following a loss or damage without necessarily requiring the insurer’s consent. Continue reading AUTHORIZED REPAIR LIMIT IN MOTOR INSURANCE
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)
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!
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.