A third party’s property or other damages resulting from an accident that the policyholder caused are covered by this kind of insurance policy, and the insurer agrees to pay for those losses. This might cover reimbursement for related costs such as medical bills and car repairs.
It’s crucial to keep in mind, though, that third party insurance does not protect the policyholder’s own car or any injuries they might sustain in an accident. Due to this, it is advised that policyholders think about getting a comprehensive insurance plan that covers third-party liability as well as damage to their own vehicle and bodily injury.
Society has described the word Insurance in various ways. Although, its widely mentioned in every sector of the economy which is not limited to Financial Sector.
The word Insurance means Assurance, Support, Cover, Protection or Defence.
The word Insurance cannot be mentioned if there are no traces or potential of Risk, Loss or Danger.
Every Sector in the economy has risk exposure for example, in the Manufacturing Industry, there are possibilities of fire accidents, damage to building structures, loss of lives, damage of equipment and key infrastructure. This is one of the checklist in Risk Management.
When such losses occur, everyone in the community is affected, this has forced the Government to establish Institution and support Insurance Policies.
The following are few among different types of Insurance available:
Vehicle Insurance
Life Insurance
Mortgage Insurance
Fire Insurance
Marine Insurance
Travel Insurance
Goods in Transit Insurance
Building Insurance
Education Insurance
These Insurance Models will be discussed in our subsequent post. However, to purchase 3rd Party Vehicle Insurance in 2mins kindly click on www.servpay.ng. Policy Certificate will be sent to the email address provided and same Vehicle Information will automatically be logged on Nigerian Insurance Industry Database (NIID). Both Private and Commercial Third Party Vehicle Insurance are available on the platform.
