Good day Gentle men and Ladies. Please what is the meaning of third party insurance , and the benefits of this kind of insurance policy.
Thank you all.

captianfreeman:
Good day Gentle men and Ladies. Please what is the meaning of third party insurance , and the benefits of this kind of insurance policy.
Thank you all.

Has the name implies, only the 3rd Party gets compensated.
You are left High and dry!!!
NB: Assuming your car is worth N3million and you decide on having only 3rd party cover.
Assuming an accident occurs and the driver of the car is at fault (and this said car on 3rd party is written off). The owner of the said car is at a total loss, while the other car(s) involved gets compensated.
I am using others in reference to not attempting to label a curse.

Third party only insurance as the name implies means that the person that is not a party to the agreement between you (insured) and the insurance company (insurer) is covered when there is a claim. Third party only insurance covers the following:
1, Third party property damage
2, Third party bodily injury or death

For example you insured your car on third party only insurance, the premium is N5,000.00. If you are involved in an accident and you're at fault, the insurance company will repair the other person's car while you repair your own. If you damage somebody's property like fence in an accident, the fence will be repaired. However, there is a limit to what the insurance company will pay for third party property damage. The maximum is N1,000,000.00 but some can pay as high as N2,000,000.00.

Compensation for bodily injury or death is unlimited.

There is something called excess in insurance, it simply means part of the claim that will be beard by the insured. It is always stated in the policy document. For example if you are involved in an accident and claim is N500,000.00 after adjustment. If your policy excess is N15,000.00, what it means is that the third party will be paid N485,000.00 by the insurance company while you will pay N15,000.00 to the third party to settle the claim

Hi. That's a good question.

Third-party insurance is the most basic kind of motor insurance you must have by law and should have by being your brother's keeper. Anybody who plans to put a car on a Nigerian road must have a third-party insurance cover in place. The details of the benefit to you and the third-party is fully stated here:https://davidsthoughts.site/thirdparty and connect with me via call or WhatsApp: 08038209658 for further details.

Thanks.