The realities of the present economic conditions continue to affect businesses and Nigerians’ purchasing power, particularly in acquiring third-party vehicle insurance policies.
This policy guarantees protection against unplanned risks that may occur partly or wholly in the third-person vehicle occasioned by a holder. The adverse effects of inflation have, therefore, propelled insurance policy providers to offer a pathway that will offer broader support to present and potential policyholders during the unexpected period.
The pathway is known as Enhanced Third-Party Vehicle Insurance, which bridges the gap between third-party vehicle insurance and comprehensive vehicle insurance policy.
The normal third-party vehicle insurance policy offers financial coverage to policyholders against any legal liability due to loss or damage caused to a third-party person or property. The Enhanced Third-party Vehicle Insurance policy on the other hand provides higher compensation and additional coverage to the third-party individuals and property damaged with limited benefit to damage caused by the insured to his vehicle, such include the cost of repairing accidentally damaged property. However, the policy’s price depends on the level of coverage purchased.
Moreover, the policyholders will receive comprehensive coverage for third-party liabilities and additional benefits for their damage, provided it is because of an accident involving a third party. This condition is essential for the insured to access the add-on benefits within the coverage.
This policy is designed to address the needs of the insured, specifically those who, for one reason or another, may find it challenging to buy a fully comprehensive or third-party fire and theft vehicle insurance policy.
NEM Insurance Enhanced Third Party Vehicle Insurance Policy Variant includes:
- NEM Enhanced Third Party Type A (ETP-Type A) covers vehicles used exclusively for private purposes.
- NEM Enhanced Third Party Type B (ETP-Type B) provides coverage for privately used buses and pick-ups by individuals or corporate bodies such as companies and schools, specifically for transporting their staff and students but not intended for hire or public purposes.
- NEM Enhanced Third Party Type C (ETP-Type C): provides coverage for goods-carrying vehicles privately owned by individuals or corporate bodies for private use in transporting goods related to the insured business or profession only but does not extend to heavy truck vehicles.
NEM Insurance Plc, one of the finest insurance firms in Nigeria, has continued to offer reliable and innovative vehicle insurance coverage to its individual or corporate clients. No doubt, NEM in its quest for improved product and service delivery anticipates that vehicle owners are bound to be involved in some unaccommodating situations with other road users, hence introducing the Enhanced Third-Party Vehicle Insurance to meet the unpredictable needs of their clients further.
The Group Managing Director and Chief Executive Officer of NEM Insurance Plc, Mr. Andrew Ikekhua, has reaffirmed its commitment to innovative quality service delivery through improvement in products and services tailored to meet the required needs of policyholders of NEM Insurance. ”We are poised to provide continuous improvement in our day-to-day insurance service delivery to our clients, the Enhanced Third-Party Vehicle Insurance is one of its kind and a testament that we are working round the clock to ensure we deliver on our mandate which is geared towards mitigating risks and one of such is the Enhanced Third Party Vehicle Insurance perfectly designed and introduced as an advancement to address liability issues associated with vehicle insurance coverage,” he said.
Nonetheless, the Enhanced Third-Party Vehicle Insurance policy offers reduced liability and more add-ons to risk coverage to the insured against any incidence using accident to the third party, therefore, all old and intending vehicle insurance policyholders are required to seek adequate professional help to make the right decision and safeguard themselves against unplanned expenditure that may be incurred to fix third-persons damaged property advertently or inadvertently caused by them.