February is a month dedicated to celebrating love worldwide, and this year will be no exception. The excitement surrounding St. Valentine’s Day is already in the air.
However, in Nigeria, the situation may become tough love, especially for the 70% of car owners who drive on the country’s roads and highways without valid third-party motor insurance, as mandatorily required by Section 68 of the Insurance Act, 2003.
Insurance Act requires that no person shall use, or cause or permit any other person to use, a motor vehicle unless such a motor vehicle is insured against damage to the property of third parties.
The Nigerian authorities recognise that, despite good intentions and driving expertise, other road users depend on the responsible actions of drivers and the vehicles they operate. To protect these individuals from the risks involved in road usage—such as accidental damage to their vehicles or properties nearby, as well as the financial implications of treating injuries caused by accidents—the need for proactive risk coverage became clear. This reality of risk led to enacting the Third-Party Motor Insurance law, which makes basic insurance legally compulsory for all vehicle owners in the country.
This law was therefore implemented to safeguard motor vehicles against the risk of liability for injury to or death of third parties caused by a driver’s negligence. It reflects a love for the safety and well-being of all road users.
With only 30% of Nigerian vehicle owners documented as compliant, the authorities have decided that enough is enough! Beginning February 1, 2025, Nigeria’s roads will see increased third-party motor insurance compliance enforcement. The collaboration between the National Insurance Commission (NAICOM) and the Nigeria Police Force (NPF) is not just a formality; it represents a strong effort to ensure that all vehicles meet legal standards while protecting road users from the consequences of accidents. This initiative aims to put a definitive end to widespread noncompliance.
Dear reader, are you ready for this imminent shock and awe? It takes just N15,000 (Suya money) and two minutes to save yourself from the possibility of facing a fine of up to ₦250,000, imprisonment for up to one year, or both. Did we mention that offenders may also have their vehicles impounded?
You might think about pleading your case, but remember, ignorance of the law is not a valid excuse. A court appearance could mean disrupting your work week as you deal with legal procedures. And then there’s the worst-case scenario: the officer signals that your car will be seized, leaving you stranded on the side of the road. The time to do the right thing is now!
You can secure your third-party motor insurance for just ₦15,000 annually—approximately the cost of 15 litres of fuel. This policy covers up to ₦3 million damages for third-party property, injuries, and even fatalities. Compared to the stress of negotiating settlements out of pocket, this is a much better option.
Better yet, Leadway Assurance, with over 55 years of experience, has made the process simple. In just two minutes, you can finalise your insurance. All you need to do is visit auto.leadway.com, enter your vehicle registration number and a valid ID, and your insurance certificate will be ready.
For the next two minutes, you can purchase the Leadway Third-Party Motor Insurance and prepare for February by visiting https://www.leadway.com/third-party-insurance/ or scanning the QR code above.
It’s essential to recognise that this initiative is not just about avoiding penalties; it’s about something much more significant. It’s about protecting lives, safeguarding livelihoods, and promoting a culture of accountability on our roads.
For more information on this insurance policy, please visit https://www.leadway.com/third-party-insurance/ or scan the QR code. Alternatively, you can contact the Leadway advisory team at 070022559466 or via WhatsApp at +2349040760684 for expert advice and assistance.
We are within your reach on our social media outlets – @LeadwayAssurance on Facebook & Instagram, and @Leadwayinsure on Twitter. You can send a DM, and we will revert with all the information you require.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
