Cornerstone Insurance Insight: Understanding benefits of Third Party Motor Insurance
Cornerstone Insurance Plc
Nike Popoola
Every day, thousands of vehicles ply Nigeria’s roads, cars, buses, trucks and commercial motorcycles, each carrying lives and livelihoods. Yet beyond the daily movement lies an important safety net-Third Party Motor Insurance, which many motorists don’t understand its benefits.
One of Nigeria’s leading insurance companies, Cornerstone Insurance Plc, continues to provide this essential cover, ensuring that claims are settled promptly for affected parties.
The Managing Director/Chief Executive Officer of Cornerstone Insurance Plc, Stephen Alangbo, explains that Third Party Motor Insurance goes far beyond mere regulatory compliance.
“Often seen simply as a legal obligation, Third Party Motor Insurance is far more than a document to avoid enforcers of the law. It provides financial protection that safeguards victims of accidents so they are not left stranded,” he said.
Under Nigerian law, Third Party Motor Insurance is the minimum compulsory cover required for all vehicles. While Comprehensive Motor Insurance remains optional and offers broader protection, Third Party coverage ensures that every vehicle owner accepts responsibility for potential harm caused to others on the road.
In the event of an accident, it provides financial relief to third party victims for property damage, injuries or loss of life.
For an annual premium of just ₦15,000 for private vehicles, with varying rates for commercial vehicles, motorists gain access to significant benefits.
The policy provides up to ₦3 million to repair or replace a third party’s damaged property, medical support for injured victims, and compensation to the families of deceased persons. It also offers cross-border protection under the ECOWAS Brown Card Scheme, enabling coverage when driving within West African countries.
For a modest yearly cost, motorists enjoy peace of mind, knowing that if the unexpected happens, innocent victims will not be left to bear the burden alone.
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.
