In Nigeria, the minimum insurance cover required for motorists is third party only. This means that if a motorist is involved in an accident that damages someone else's property or injures someone, the insurance policy will cover the costs of repairing the property or compensating the injured party, up to a certain limit. However, this type of policy does not cover any damage to the motorist's own vehicle.
The third party only policy is mandated by the Nigerian Insurance Act, which requires all motor vehicles to have at least this minimum level of insurance cover. Motorists who are caught driving without valid insurance can face penalties, including fines and even imprisonment.
Other insurance options available to motorists in Nigeria include fire and theft cover and comprehensive insurance. Fire and theft insurance provides additional coverage for damage or loss caused by fire or theft, while comprehensive insurance offers the most extensive protection, covering not only third party liability but also damage to the motorist's own vehicle. However, these types of insurance are not required by law and are generally more expensive than the third party only policy.