Mutual Benefits Assurance: Strengthening road safety with Motor Insurance Cover
Mutual Benefits Assurance Plc
Mutual Benefits Assurance Plc has reinforced its position as a leading insurer in Nigeria’s motor insurance market with a structured range of policies designed to provide motorists with flexible, reliable, and comprehensive protection across different needs and budgets.
The company’s motor insurance products are grouped into three major categories Third Party Only, Third Party Fire & Theft, and Comprehensive Insurance, each tailored to deliver varying levels of protection while ensuring compliance with statutory requirements.
Under the Third Party Only plan, Mutual Benefits Assurance Plc provides cover for damages to third-party property as well as death or bodily injury to third parties arising from motor accidents. The policy also ensures compliance with regulatory requirements while offering financial relief of up to ₦3 million. However, it excludes damage to the insured vehicle and property belonging to or under the control of the insured or family members.
For customers seeking broader protection, the Third Party Fire & Theft policy extends benefits of the basic cover while adding protection for the insured vehicle in the event of fire outbreaks, theft, or attempted theft. The policy, however, excludes accidental damage, wear and tear, consequential loss, tyre-only damage, and personal effects.
The company’s premium offering, the Comprehensive Insurance policy, provides the widest protection, covering accidental damage resulting from collision, overturning, or malicious acts, in addition to fire and theft risks. It also comes in flexible tiers—Silver, Gold, and Diamond—allowing customers to choose coverage that best suits their risk profile and financial preference.
The insurer also highlighted that its policies apply within West Africa, giving policyholders regional coverage across neighboring countries.
Coverage under all policies takes effect immediately upon issuance of a certificate of insurance and remains valid until 12 midnight on the expiry date, subject to policy conditions.
Industry stakeholders note that Mutual Benefits Assurance Plc continues to demonstrate leadership in Nigeria’s insurance sector by offering motor insurance solutions that balance affordability, compliance, and robust protection, positioning the company as a trusted partner for motorists nationwide.
