Motor Insurance

Motor insurance, which is the most common of all the known classes of insurance, is designed to protect the insured for loss of or damage to his vehicle, damage to Third Party property including bodily injury and death to Third Parties caused by accident.

Buy Insurance

Non Life Products > General Business > Motor Insurance


IGI provides Motor Insurance covers which include the following:

THIRD PARTY ONLY

The third party only provides cover for:

  • Unlimited indemnity for legal liability to third parties for death or bodily injury
  • Legal costs incurred in defending an action for damages, including claimant’s cost awarded against the insured
  • Liability arising from accidents on third party property damage up to N 1,000,000.00
  • Indemnity for the liability of passengers in the vehicle arising from their negligence
  • Indemnity to the legal personal representatives of the person indemnified by the policy in the event of that person’s death

THIRD PARTY FIRE & THEFT

This policy provides the third party only cover described above, together with cover for the risks of fire (including explosion and lightning) and theft (or attempted theft). Cover for accessories against these perils varies between private car and other types of policy.

COMPREHENSIVE

In addition to third party fire & theft cover described above, this policy provides a range of additional benefits, the most important of which is accidental damage to the specifically insured vehicle. Other benefits include:

  • Medical Expenses (Emergency Treatment) up to N 20,000.00
  • Free Personal Accident cover for Insured, Spouse and four children.
  • Towing disabled vehicle following an accident up to N 20,000.00
  • Strike, Riot and Civil Commotion (To be granted free of charge)
  • Free installation of Tracking Device for vehicles value N 3,000,000.00 and above

TYPES OF INSURABLE VEHICLES

Private Cars

These are vehicles used for social, domestic and pleasure purposes

Commercial Vehicles (Taxis, Buses and Hire Cars)

These are vehicles used for carrying fare paying passengers

Commercial Vehicles (Own Goods)

These are vehicles used for carrying commercial goods owned by the insured

Commercial Vehicles (General Cartage)

These are vehicles used for carrying goods belonging to others for hire or reward

Motorcycles / Tricycles

These are two or three – wheeled auto-bicycles used social, domestic, pleasure and sometimes for commercial purposes

REQUIREMENTS FOR PRIVATE CAR INSURANCE

  • A proposal form must be completed and personally signed, if need be. Note that the minimum value for any vehicle to be covered on comprehensive basis should be from 
  • N 500,000.00. Others include:
  • An engineer’s report might be required for second hand vehicle
  • Copy of current vehicle license (To be uploaded)
  • Means of identification

FLEET POLICY

A single IGI policy can be issued to cover various vehicles under a single ownership or for vehicles owned by employees of a corporate organization. The minimum number of vehicles required for fleet rating is five (5). Discount for fleet rating is negotiable.

OPTIONAL BENEFITS (PRIVATE MOTOR)

  • Loss of use
  • Personal Accident Policy for insured’s driver
  • Excess Buy Back       

MOTOR TRADE

The operations of motor traders and garage proprietors require special arrangements which includes the custody of, and road testing of, customers’ vehicles and driving otherwise uninsured vehicles under trade plates.

Few organizations and people who need this type of policy are:

  • Sales or repair of new or used cars or commercial vehicles
  • Bodywork repairers
  • Vehicle breakers
  • Agricultural Vehicle engineers
  • Auto electricians, vehicle audio and security installers, mechanical engineers

A completed and signed proposal form would be required. Information on previous insurance and claims history would be needed whilst assessing proposals on Motor Trade.

The two types of cover available are:

  • Premises Risks
  • Road Risks