​BEYOND MOTOR INSURANCE – THE EXTENDED BENEFITS

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http://insurancemindset.com.ng

There are extraordinary extensions you can incorporate into your motor insurance policy that goes way beyond the regular motor insurance protection.You will recall that we dealt extensively with the covers (both standard and extensions) provided by motor insurance policy in our previous discussions. As we round up our discussion on motor insurance, we shall be taking this extensions a little further.

Continue reading “​BEYOND MOTOR INSURANCE – THE EXTENDED BENEFITS”

EX-GRATIA CLAIM SETTLEMENT IN INSURANCE

When the law wears a human face.

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Understanding the human face of insurance laws

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Someone once approached me for the meaning of “Ex-gratia” in insurance and how to go about it when your insurance company has turned down your claim on whatever ground they might have given. So if you have ever been in this situation, it is not the end of the world. You still have an option you could explore  to get a soft-landing.

“Ex-gratia” is a Latin word meaning “an act of grace”.

It is a plea for mercy and only used where there is no technical reason for a claim (loss) to be accommodated under a specific insurance policy. Continue reading “EX-GRATIA CLAIM SETTLEMENT IN INSURANCE”

WHY YOUR MOTOR INSURANCE MIGHT NOT COMPENSATE YOU (FULLY)

A critical look at compensation under motor insurance

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The road is not always predictable – the more reason you need that Motor Insurance cover.

“If you have suffered a loss from the use of your vehicle, you have a right and a duty to lodge a claim under your motor insurance policy”.

It is a right because you have obtained a genuine insurance cover and have paid the required premium for the relevant period. You are therefore entitled to your claim. It is a duty because you will be helping the general public have confidence in insurance. Insurance penetration in Nigeria is very low therefore making prompt claim settlement and quality customer service a unique selling point for insurance companies. Continue reading “WHY YOUR MOTOR INSURANCE MIGHT NOT COMPENSATE YOU (FULLY)”

THIRD PARTY MOTOR INSURANCE – SO MUCH FOR SO LITTLE.

mr dairo

Ignorance they say is a disease and what you don’t know can sometimes cost you much.

Two years ago, fortune smiled on my friend Mr. Tough and he got a new car for N2,500,000.00.  All our effort to ensure he insured it proved abortive as he claimed to be a “strong man”. Some months after, he was involved in a road accident where he damaged his car, another person’s car and also injured a pedestrian. He spent over N500,000.00 in repairing the 3rd party’s car and settling medical bills for the injured party. Something he would have done for just N5,000.00 if he had obtained a 3rd Party Motor Insurance cover. Continue reading “THIRD PARTY MOTOR INSURANCE – SO MUCH FOR SO LITTLE.”