Cornerstone Insurance Insight: How Third Party Motor Insurance protects road users
Cornerstone Insurance Plc
Nike Popoola
Driving across Nigeria’s busy highways and city roads comes with its risks, making insurance not just a requirement but a necessity. Industry experts emphasise that Third Party Motor Insurance remains a critical safeguard for motorists, offering financial protection when accidents occur.
In a recent advisory, Cornerstone Insurance Plc reiterated its commitment to promoting safer roads by encouraging drivers to remain insured and compliant with regulations. The company noted that while comprehensive motor insurance provides wider coverage, third party insurance is the legally required minimum for all vehicle owners in Nigeria.
With an annual premium of ₦15,000 for private vehicles, the policy provides essential benefits, including compensation of up to ₦3 million for damage to third-party property. It also covers medical expenses for individuals injured in an accident and offers financial support to families in the event of loss of life.
Beyond domestic coverage, the policy extends to other West African countries through the ECOWAS Brown Card Scheme, ensuring motorists remain protected while travelling across borders.
To subscribe, vehicle owners are required to provide key details such as their chassis number, engine number, and vehicle registration number. These can typically be found on official vehicle documents and must be uploaded during the registration process.
With ongoing enforcement, compliance with third party insurance is not only a legal requirement but also a civic responsibility that protects all road users.
Cornerstone Insurance advised motorists to stay proactive by securing valid coverage and driving responsibly to reduce risks on the road.
Customers can obtain more information by visiting any Cornerstone Insurance branch nationwide, calling 07086216957, or exploring the company’s offerings online at www.cornerstone.com.ng.
