What is comprehensive motor insurance cover?

As the name implies, motor comprehensive insurance is the widest scope of cover available compared to other types of cover in the motor insurance class of products in the market.

The cover or benefits offered by a motor comprehensive insurance which is a lot more embracing include:

–  Loss or damage to the insured vehicle by fire, theft, and accidental collision.

– Legal liability for damage to other vehicles and damage to property belonging to Third Parties, often subject to a standard limit.

– Legal liability for death or bodily injury to Third Parties – (often unlimited)

– Legal cost and expenses including solicitors fees incurred in defence of any court litigation consequent upon prosecution after an accident subject to the consent of the insurers.

– Others benefits although subject to a standard limit include medical expenses  for the insured and spouse, cover for personal effects, vehicle towing fees to  the garage of repairs.

– It is also possible to require for additional cover in respect of liabilities or indemnity for the acts of a passenger. For example, if the passenger opens the vehicle against or hitting an innocent passing pedestrian, or cyclist or motorist.

Why comprehensive cover is important or even better than the third party

Its importance is better appreciated by the fact that it offers the widest scope of covers, among all other types of motor insurance covers, while it leaves room for a number of rights and privileges – which are added-values to compensate buyers in this class.

What are the benefits of having a comprehensive covers?

Being an all-embracing and the most protective motor cover, insureds minds are at peace, and are able to pursue their business endeavors without stress or any anxiety having been maximally protected under their comprehensive motor insurance.

It has also been very useful as a collateral or security required to guarantee financier where vehicles were acquired under a lease or by a loan.

The need to deal with a genuine insurance company/broker when getting a comprehensive cover

It is very important to patronize reputable insurance firms if the buyers are to enjoy the benefits guaranteed under comprehensive covers when the need arises. This requires the reliability, dependability, promptness and prudence on the part of insurers when claims are being lodged and processed with them. Also, the services of brokers in packaging and negotiating covers, claim processing to the ultimate satisfaction of insureds cannot be overemphasized, and should not be compromised because of their knowledge of the market, products available and their expertise.

Good enough and to the benefits of Nigerians are the fact that on-going reforms in the insurance sector which are being enforced stringently by NAICOM-the sectors regulators, have impacted positively on the industry operators and their operations. All the gains of the reforms are to the benefit of insurance buyers in Nigeria, and more than ever before insurers and Brokers are better challenged to render their best to insurance consumers in Nigeria.