Nothing could be more frustrating and humiliating than paying for something only to discover that it is useless. I would feel defrauded. The painful part is that this realization usually dawns on you at the point when you have suffered a loss and you expected that you have a right to compensation under your motor insurance policy. Continue reading “UNDERSTANDING MOTOR INSURANCE POLICY (PT 1) – KNOW THE EXTENT OF YOUR COVER”
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.”