• Wednesday, April 24, 2024
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Linkage Assurance offers budget-friendly motor third-party plus variants

Linkage Assurance records growth across key indices in FY’23

Underwriting firm, Linkage Assurance Plc has unveiled budget-friendly motor third party plus variants to enhance customer experience.

The Third Party Plus Variants provide policyholders with greater flexibility in choosing insurance coverage that suits their needs and risk tolerance.

Daniel Braie, managing director/CEO Linkage Assurance Plc speaking at the unveiling ceremony at its corporate headquarters in Lagos said the variants are budget-friendly plans designed with simplicity in mind.

According to him, these make the insurance process straightforward and easy to understand, making it an appealing option for individuals who prefer uncomplicated insurance solutions.

He noted that the ‘Third Party Plus Motor Insurance Plan’ offered by Linkage Assurance Plc has value propositions for individuals looking for cost-effective coverage.

The CEO said the primary value proposition of budget-friendly insurance plans is their affordability.

“These plans are designed to offer coverage at a lower premium, which can be especially attractive for individuals looking to meet legal insurance requirements or protect against basic risks without a significant financial burden,” Braie said.

Braie said the Third Party Plus variants as budget-friendly plans may not offer extensive coverage options, however, they provide essential coverage needed to comply with legal requirements and protect against third-party liability and own damage.

“The Third Party Plus fulfils these legal requirements, allowing individuals to drive with confidence while meeting their obligations.”

This can be particularly beneficial for those who primarily want coverage for potential damages or injuries caused to others in accidents, the CEO said.

Concerning cost management, he said for individuals on a tight budget, a budget-friendly insurance plan can help manage the costs associated with vehicle ownership.

Read also: FX, inflation hits hard on life insurance – NAICOM

“It provides a level of financial protection against unforeseen accidents without requiring a substantial financial commitment.”

These plans he said can be suitable for first-time vehicle owners or young drivers who are starting to build their driving experience.

“They provide a way to enter the insurance market and gain basic coverage without a significant financial outlay,” he added.

“The Third Party Plus and its variants will also contribute to insurance penetration, especially in the retail and personal line spaces because it’s associated with No Excess Buy Back, No Depreciation on claims, as well as reinstatement of cover upon erosion due to multiple claims,” he concluded.