Third Party Plus: A Better Cover For Your Precious Cars

Via Carscoops

Legally the minimum insurance cover that every individual is expected to have on his or her vehicle is Third Party Motor Insurance. This covers your car against liability to third parties to the tune of N1million property damage. It also has unlimited Death or Injury benefits to Third Parties.

However, the disadvantage of Third Party Motor Insurance is that it offers protection to others (third parties) only. As a result of this to purchase a Comprehensive Motor Insurance Cover is preferable. A Comprehensive policy covers both your vehicle and that of any Third Party for loss or damage or any liability whatsoever. The only challenge people have with the Comprehensive cover is its cost. It usually is 10% or 5% of the value of the vehicle.

Now, what happens if you do not have enough money to buy the Comprehensive cover? How can you get more than minimum Insurance coverage on your vehicle without smashing your budget? The answer to these questions is Third Party Plus. Because some people would like to buy cheap yet optimum cover, Insurance product designers came up with Third Party Plus.

What Is Third-Party Plus?

Third-Party Plus or Third Party Auto Base refers to the same type of cover. It is an Insurance product put together by some insurers to cater to customers who want to enjoy the cover of Comprehensive Motor Insurance but do not have the money to. Hence, the cover covers Third Party Damage, death, and own damage.

It is not as elaborate as the Comprehensive but it is better than regular a Third Party motor cover. This policy offers the same benefit as the Third Party but with a plus. The plus is that it covers the owner's vehicle against accident to a limit. It is important to get the minimum coverage but it is much better to have a little more than the minimum.

Via Gifer.com

What Does It Cover?

Compared to Third Party Motor Insurance, this policy offers an elaborate cover. It has all the cover of regular Third Party Motor insurance and in addition to that, which is only cover provided for others, it has cover for your own vehicle to a limit. 

Benefits

• Third-Party Liability for Death or Injury - Unlimited
• Third-Party Property Damage - N1million
• Own Damage Cover - N250,000.00

What Does It Not Cover?

The Third-Party Plus or Auto Base is not an elaborate cover compared to Comprehensive. Here is a list of what the policy does not cover:

• It does not cover theft of the insured vehicle
• It does not cover above ₦250,000 of the limit of own damage
• It does not cover wear and tear

What Is Its Cost?

Third-Party plus is a budget-friendly insurance cover that costs ₦10,000 only.

Can I Make A Claim Under The Cover?

Yes, you can. Provided your claim is genuine, you can surely make a claim. Follow the Insurance Claim process to report your claim. There was a client of mine that I convince to buy the cover instead of a Third Party. She agreed. She has the policy running for three years straight. Within those claims, there was no claim. 

Discharge Voucher: Name and Other details removed for confidentiality reasons.

However, in the fourth year, her son damage her car and had to come for a claim. It was an experience she was glad at the end because the claim was paid. She was paid ₦163,800.00 which was below the limit. That was one happy customer.

How Can I Get A Third Party Cover For My Precious Car?

Getting a cover for your precious car is simple. You can visit the insurer's site to give them your details. Better still, you can send us a mail at writer4lifenaija@outlook.com so that we can stand as your broker.