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The third party motor insurance is one of the six compulsory insurances stipulated by the Insurance Act 2003 which guides insurance operations in Nigeria.
It represents the legal minimum level of motor insurance cover any motor vehicle or Tricycle owner should have to qualify to ply Nigerian roads and stipulates compensation to accident victims.
A third-party car insurance plan provides coverage against any legal liability arising out of injuries to a third-party when the policyholder is at fault.
It covers damages and injuries caused by the insured vehicle or Tricycle, to a third-party person or property. The policy covers liability for death or bodily injury to a third party arising from the use of the vehicle.
the Insurance Act 2003 extends the liability to cover damage to the property of a third party to the tune of N1,000,000, the benefit is unlimited depending on social qualification of the person and actuarial calculation.
It also makes it a criminal offence not to have a motor vehicle third party insurance policy and the penalty for non-compliance is imprisonment for one year or a fine of N250,000 or both."
A third-party car insurance plan covers a vehicle’s owner against any legal liability, including death or bodily injury to a third party or damage to their property with the involvement of the insured vehicle or Tricycle. As per the Motor Vehicle Act, a third-party claim can be filed under the category of "no fault liability claims" in which the claimant is not obligatory to allege or prove the negligence on the part of the involved vehicle or Tricycle that has caused the accident or "fault liability claims".