Getting the best out of your motor insurance

Motor insurance, either third party or comprehensive policy, requires that you follow the right process to be able to get maximum benefit of the policy.

There are different clauses in a given policy that count at any point in time in the life of the policy. This spells the dos and don’ts that a policy holder observes in the course of the policy. Read the policy terms or engage a broker to place the risk on your behalf.

If you have taken up an insurance cover for your vehicle, and sure you have paid the adequate premium for that coverage, taken note of the terms and conditions, certainly you have a claim to make from your insurance company in the event of loss.

However, the level of damage in the event of accident, does not admit to any kind of liability on your part but just stick to the facts without expressing any opinion. The ascertaining of liability is a function of different circumstances. It is not your job to admit fault but the job of the insurance investigators to gather all the necessary facts and evidence and then determine liability.

The process of pursuing the claims is important in determining whether or not you will be paid. So if there was an error in the process, that means, you have lost your cool pay to the insurance company whether for your car or a third party liability.

In Nigeria, like many other jurisdictions are two types of motor vehicle insurance. There is the motor third party insurance, which is compulsory for all vehicles plying the Nigerian road and so covers the third party liability resulting in damage or death; and the comprehensive motor insurance which is not compulsory, but offers higher protection against the insured vehicle as well as the third party damage or death.

While the third party sells for N5, 000 for cars with maximum claims up to N1 million for property damage or medical and an endless life value, comprehensive is determined by the insurer and the insured. “If you have comprehensive insurance, this is a more elaborate motor policy. The insurance company here would have incorporated in the policy the value for third party insurance, and therefore covers you against damages on your car or loss as result of stealing and at the same time takes care of third party damages.”

Sometimes, filing an insurance claim and handling insurance adjusters can be quite challenging so experts have identified a number of steps that can be taken and here are some of them.

First, contact your insurance company, broker or the agent as soon as the accident happens unless you have some serious injuries that would require you going for medical first.

Secondly, having studied your policy and understand details of it, get as many information as possible concerning the accident among which are important includes photograph of the scene, names of eye witnesses or police report where possible.

Thirdly, ensure you cooperate with your insurance investigators, giving them every detail they require an if you have made some payments before their arrival or paid for repairs, do let them know of all these.

Many a times, people try to take laws into their hands, at first, not knowing what to do; whether or not there is insurance even to the level of motor third party insurance and if such insurance protect the vehicle owner or the victim.

Experts also said if you have a genuine motor insurance, it is your right to make claim. If what you have is the third party motor insurance, it then means that in the event of an accident with the vehicle, whether or not you are the one driving it, your insurance company will pay claims for damages to any third party who encounter losses as result of the accident.