Abuja, Nigeria (CU)_ Great Nigeria Insurance Plc has launched its domestic generic product MotorFlex Insurance, which is a Third-Party Motor Insurance policy that comes with an added benefit of extended coverage. According to the company’s latest media statement, the company spokesperson Ms. Oyinkansola Sobande said that all vehicle owners are ordered by law to have Third-Party Motor Insurance coverage; however, many members of the insurance industry and third-party road users are unaware of the significance of Motor (Third Party) Insurance in Nigeria.
She emphasized that third party motor insurance covers the insured’s or the policyholder’s legal responsibilities for third party death and physical injury, as well as third party property damage. She added, “While remedies for bodily injuries and death are unlimited since we cannot put value on life, the limit for third party property damage is 1 Million”.
According to her, Third Party Motor Insurance is critical for the safety of third party road users. She further explained about the policy. She said, “However, many vehicle owners desire to have a cover that provides more benefits than the regular Third-Party Motor Insurance but at an affordable premium not as high as the Comprehensive Insurance”. She added, “This discovery intimated the organization to develop a customized policy that will meet the specific needs of the target public. GNI MotorFlex insurance is an insurance package that takes care of the insured’s car as well as the third party”.
In a similar way, Mrs. Cecilia O. Osipitan, managing director and CEO, claimed that in an attempt to increase insurance penetration, her organization launched innovative insurance products at reasonable prices targeted at supporting policyholders with risk reduction. GNI Motor Flex, Great Savers Delight (GSD), GNI Fireproof, and Personal Accident Insurance (PAI) are all the products that have been officially approved and certified by the industry’s primary regulator, the National Insurance Commission (NAICOM).
According to her, the GNI MotorFlex provides a broad range of protection cover apart from the standard benefits of Third-Party Motor Insurance. She further listed the scope of coverage of GNI MotorFlex Insurance which includes the following: Third-Party Limit up to N1 million, which covers legal responsibilities for third party physical injury, death, or property damage sustained while the vehicle is on the road. These third parties include pedestrians, other vehicles, their occupants, and third-party property.
She highlighted that own losses of N100,000 were combined with the driver’s medical bills of N10,000 for a reasonable premium of N7,500. Osipitan emphasized the importance of bridging the gap between mandatory Third-Party and Comprehensive Motor Insurance. According to her, comprehensive automobile insurance is viewed as ‘insurance for the Elites due to cost,’ while third-party motor insurance is viewed as ‘let my people go to a policy without claims benefit.’ Finally, she stated that Great Nigeria Insurance Plc has implemented a stress-free underwriting documentation procedure in all of its branch offices around the country.
