Cornerstone Insurance Insight: Promoting safer roads through motor insurance

Nike Popoola

The essence of motor insurance is to protect lives and property on Nigerian roads while guaranteeing financial compensation for victims of road accidents. It serves as a critical safety net for motorists and other road users, helping to ease the financial burden that may arise from vehicle damage, bodily injury or loss of life in unforeseen circumstances.

Cornerstone Insurance Plc, one of Nigeria’s leading insurance companies, explains the benefits of motor insurance, stressing that adequate coverage is essential for financial protection, peace of mind and compliance with the law.

The Managing Director and Chief Executive Officer of Cornerstone Insurance Plc, Mr. Stephen Alangbo, says motor insurance should be viewed as more than a statutory obligation. “Motor insurance should not just be a regulatory requirement but a critical safeguard against unexpected losses arising from road accidents, theft and damage to property,” he says.

Motorists can choose between Third Party Motor Insurance and Comprehensive Motor Insurance.

Third Party Motor Insurance, which is the minimum cover required by law, is designed primarily to protect other road users.

The Third Party Motor Insurance Policy provides cover of up to ₦3 million for damage to third-party,

Cornerstone Insurance also offers Comprehensive Private Motor Insurance, which provides broader protection, especially for private vehicle owners. The policy covers accidental damage to the insured vehicle, loss or damage caused by fire or theft, and third-party property damage.

It includes unlimited but reasonable liability for death or bodily injury to third parties, medical expenses and compensation for loss of personal effects.

Motorists seeking more information can visit any of the company’s branches nationwide, call 0708 621 6957, or visit www.cornerstone.com.ng.