{"id":57771,"date":"2023-05-23T18:44:22","date_gmt":"2023-05-23T17:44:22","guid":{"rendered":"https:\/\/carmart.africa\/blog\/?p=57771"},"modified":"2023-05-23T18:44:22","modified_gmt":"2023-05-23T17:44:22","slug":"understanding-third-party-car-insurance-in-nigeria-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/carlots.ng\/motoring\/understanding-third-party-car-insurance-in-nigeria-what-you-need-to-know\/","title":{"rendered":"Understanding Third-Party Car Insurance In Nigeria: What You Need to Know"},"content":{"rendered":"\n

Third-party car insurance is a type of car insurance policy that protects car owners from losing or damaging a third party\u2019s vehicle. Using third-party car insurance<\/a>, car owners won\u2019t have to worry about paying extra free to repair another driver\u2019s car if, for any reason, they hit the car on the road.<\/p>\n\n\n\n

This article explains everything you should know about paying for third-party car insurance<\/a> in Nigeria. <\/p>\n\n\n\n

Third-Party Insurance in Nigeria<\/strong><\/h2>\n\n\n\n

Third-party car insurance is a compulsory insurance policy for car owners in Nigeria under the Motor Vehicle (Third Party) Insurance Act of 1950. It is classified as one of the six compulsory types of insurance under the laws of the Federal Republic of Nigeria.<\/p>\n\n\n\n

\"Car
Car Owners to Pay More as NAICOM Increases Third-Party Insurance to N15,000<\/a><\/figcaption><\/figure>\n\n\n\n

There are other types of insurance in Nigeria that are compulsory. They are Group Life Insurance, Health Care Professional Indemnity Insurance, Insurance of Public Buildings, Insurance of Buildings in Construction, and Employers’ Liability Insurance.<\/p>\n\n\n\n

The third-party car insurance policy is the minimum coverage a vehicle using Nigerian roads is required to have by law. The policy protects the insured from liability for death or injury to a third party arising from vehicle usage. <\/p>\n\n\n\n

The Insurance Act 2003 expands the scope of cover for third-party insurance to include \u2013 cover for damage or losses to the property of a third party to a tune of N1m. it is also a criminal offence not to possess at least a third-party car insurance policy.<\/p>\n\n\n\n

Here\u2019s How to Get Third-Party Car Insurance in Nigeria<\/strong><\/h2>\n\n\n\n

Car insurance policies<\/a>, including Nigeria’s third-party car insurance policy, are sold in any company with a National Insurance Commission (NAICOM) license as a general or composite insurance company. <\/p>\n\n\n\n

To buy the third-party car insurance policy, you will need to fill out the following forms;<\/p>\n\n\n\n