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.
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”.
A critical look at compensation under motor insurance
“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)”
I once had a discussion with a friend who claimed to have been defrauded by his insurance company. He lodged a claim under his motor insurance policy and at the end of the whole thing, what he got in form of compensation fell way below his expectations.
As a Claims Expert, i requested to know the details of the transaction and a copy of his insurance policy. After a careful perusal I discovered that my guy like many other claimants threw caution to the wind when he took up his motor insurance policy. It is too late to cry after the head has been chopped off!
A claim in insurance is the occurrence of the eventuality(ies) insured against upon which the liability of your insurance policy is engaged. In other words, it means you have suffered a loss from the use of your vehicle which requires your motor insurance policy to come into operation. Continue reading “YOU’VE GOT A CLAIM? GET COMPENSATED!”
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.”