Motor Insurance
Akopọ
Every legally driven car, bus and okada on a Nigerian road carries motor insurance, whether the owner realises it or not, because the law will not let it move without at least the minimum cover. Motor insurance is the largest compulsory class of insurance in the country, and the one most likely to touch your own family. Yet most drivers cannot say what their certificate actually protects, or whose loss it is really designed to pay.
This lesson sorts the confusion out. You will learn the ladder of motor policies from bare third party cover up to full comprehensive, exactly what each one pays for and what it quietly leaves out, why the law forces every motorist to buy third party cover, and how the ECOWAS Brown Card lets a Lagos driver cross into Cotonou or Accra and still be insured. These are marks that appear on every Insurance paper.
Awọn Afojusun
- Identify the types of motor insurance policy and state the cover each provides
- Explain the scope of cover under a third party policy and under a comprehensive policy
- Explain the statutory requirement for third party motor insurance in Nigeria
- Describe the ECOWAS Brown Card scheme and explain its purpose for cross-border motoring
Àwòrán ọpọlọ
A ti ṣe àwòrán kókó yìí kí o lè rí bí àwọn èrò ṣe so pọ̀.
Káàdì ìrántí
Ìdánrawò kíákíá lórí ohun tí wọ́n ń dán wò nínú kókó yìí.
Akọ̀wé Ẹ̀kọ́
Forúkọsílẹ̀ láti Tẹ̀síwájú
Ṣẹda àkọọlẹ ọfẹ kan láti wọlé sí gbogbo àwọn oríṣìíríṣìí ìkànsí ikẹ́kọ̀ọ́, àwọn ìbéèrè ìdánwò, àti láti tọpa ìlọsíwájú rẹ.
Ìdánwò Ẹ̀kọ́
Oriire fun ipari ẹkọ lori Motor Insurance. Ni bayi ti o ti ṣawari naa awọn imọran bọtini ati awọn imọran, o to akoko lati fi imọ rẹ si idanwo. Ẹka yii nfunni ni ọpọlọpọ awọn adaṣe awọn ibeere ti a ṣe lati fun oye rẹ lokun ati ṣe iranlọwọ fun ọ lati ṣe iwọn oye ohun elo naa.
Iwọ yoo pade adalu awọn iru ibeere, pẹlu awọn ibeere olumulo pupọ, awọn ibeere idahun kukuru, ati awọn ibeere iwe kikọ. Gbogbo ibeere kọọkan ni a ṣe pẹlu iṣaro lati ṣe ayẹwo awọn ẹya oriṣiriṣi ti imọ rẹ ati awọn ogbon ironu pataki.
Lo ise abala yii gege bi anfaani lati mu oye re lori koko-ọrọ naa lagbara ati lati ṣe idanimọ eyikeyi agbegbe ti o le nilo afikun ikẹkọ. Maṣe jẹ ki awọn italaya eyikeyi ti o ba pade da ọ lójú; dipo, wo wọn gẹgẹ bi awọn anfaani fun idagbasoke ati ilọsiwaju.
- Which motor policy covers the insured's liability to other road users but does nothing for the insured's own vehicle? A. Comprehensive B. Third party, fire and theft C. Third party only D. Personal accident Answer: C
- A comprehensive motor policy covers all of the following EXCEPT: A. Accidental damage to the insured vehicle B. Ordinary wear and tear of the insured vehicle C. Theft of the insured vehicle D. Injury to a third party Answer: B
- In Nigeria, third party motor insurance is best described as: A. Optional for private cars B. Compulsory by law C. Required only for commercial vehicles D. Available only with a Brown Card Answer: B
- The main purpose of the ECOWAS Brown Card is to provide: A. Comprehensive cover for vehicles within Nigeria only B. Recognised third party motor cover across ECOWAS member states C. Life assurance for cross-border travellers D. Free repairs at approved workshops abroad Answer: B
- Under a third party only policy, a driver who negligently damages his own car and a stranger's fence will have paid: A. Both the car and the fence B. Only his own car C. Only the stranger's fence D. Neither, as third party cover pays nothing Answer: C
Forúkọsílẹ̀ láti Tẹ̀síwájú
Ṣẹda àkọọlẹ ọfẹ kan láti wọlé sí gbogbo àwọn oríṣìíríṣìí ìkànsí ikẹ́kọ̀ọ́, àwọn ìbéèrè ìdánwò, àti láti tọpa ìlọsíwájú rẹ.
Forúkọsílẹ̀ láti Tẹ̀síwájú
Ṣẹda àkọọlẹ ọfẹ kan láti wọlé sí gbogbo àwọn oríṣìíríṣìí ìkànsí ikẹ́kọ̀ọ́, àwọn ìbéèrè ìdánwò, àti láti tọpa ìlọsíwájú rẹ.
Awọn Iwe Itọsọna Ti a Gba Nimọran
Ibeere Atunyewo
Ṣe o n ronu ohun ti awọn ibeere atijọ fun koko-ọrọ yii dabi? Eyi ni nọmba awọn ibeere nipa Motor Insurance lati awọn ọdun ti o kọja.
Ibeere 1 Ìròyìn
-
(i) Explain ECOWAS Brown Card.
(ii) State two conditions under which ECOWAS Brown Card is issued
2. List and explain three types of policies available under motor insurance.
Awọn alaye Idahun
(i) ECOWAS Brown Card
The ECOWAS Brown Card is a regional motor insurance scheme operated by member states of the Economic Community of West African States. It is a certificate of insurance that guarantees prompt and fair compensation to victims of road accidents caused by visiting motorists from other ECOWAS countries. It enables a motorist to cross national borders within the sub-region with a single insurance document, so that a victim in the country visited can claim against a national bureau rather than pursue a foreign insurer.
(ii) Two conditions under which the ECOWAS Brown Card is issued
- The vehicle owner must already hold a valid motor insurance policy in his home ECOWAS country before the Brown Card can be issued as an extension.
- The motorist must be undertaking or intending a journey that crosses into one or more other ECOWAS member states (inter-state travel), and the issuing insurer must be a member of the national bureau operating the scheme.
2. Three types of policies available under motor insurance
- Third party only policy: Covers the insured's legal liability for death or bodily injury to third parties and damage to their property, but not the insured's own vehicle.
- Third party, fire and theft policy: Gives the third party cover above and, in addition, indemnifies the insured for loss of or damage to his own vehicle by fire or theft.
- Comprehensive policy: The widest cover, adding to the above accidental and collision damage to the insured's own vehicle plus extras such as medical expenses and personal accident benefits.
Forúkọsílẹ̀ láti Tẹ̀síwájú
Ṣẹda àkọọlẹ ọfẹ kan láti wọlé sí gbogbo àwọn oríṣìíríṣìí ìkànsí ikẹ́kọ̀ọ́, àwọn ìbéèrè ìdánwò, àti láti tọpa ìlọsíwájú rẹ.