By Favour Nnabugwu
Great Nigeria Insurance Plc has promotes one of its in-house generic products third motor insurance, MotorFlex Insurance with extended cover
In a press statement made available during stakeholders engagement held at Great Nigeria Insurance Plc in Lagos, the Motor flex is a specially designed Third-Party Motor Insurance policy with extended cover.
The Managing Director/CEO, Mrs. Cecilia Osipitan mentioned that the organization in its efforts to deepen insurance penetration developed unique insurance products at competitive rates aimed at assisting policy holders in risk mitigation.
The products are GNI Motor Flex, Great Savers Delight (GSD), GNI Fire Proof and Personal Accident Insurance (PAI) which are duly approved and certified by the industry principal regulator, the National Insurance Commission (NAICOM).
Osipitan said that the GNI MotorFlex offers a wide scope of protection cover in addition to all the benefits of Third-Party Motor Insurance. She further explained that the scope of cover of GNI MotorFlex Insurance includes:
Third-Party Limit up to N1,000,000 which takes care of legal liabilities for third party bodily injuries, death or property damage while the vehicle is on the road; these third parties include pedestrians, other vehicles, occupiers of these vehicles and properties owned by third parties. Own damages of N100,000 with Driver’s medical expenses of N10,000 at an affordable premium of N7,500.
GNI scribe stated that the need to bridge the gap between the compulsory Third-Party Motor Insurance and Comprehensive Motor insurance owing to the fact that the Comprehensive Motor Insurance is perceived as “insurance for the Elites due to cost” and Third-Party Motor Insurance as “Let my people go policy without claims benefit” became pertinent in order to reduce premium loss due to the failure by some vehicle owners to purchase motor insurance which according to some Analysts totals about N530 billion yearly as reported in TechEconomy Publication.Conclusively, she mentioned Great Nigeria Insurance Plc has put in place a-stress-free underwriting documentation process in all its branch offices nationwide.
Also lending her voice, the company’s spokesperson, Ms. Oyinkansola Sobande stated that every vehicle owner is mandated by law to have the Third-Party Motor Insurance cover; although many members of the insuring public and third party road users have not fully realized the importance of Motor (Third Party) Insurance in Nigeria.
Motor (third party) Insurance covers the insured’s (policy holder) legal liabilities for death and bodily injuries to third parties and third party property damage.
While remedies for bodily injuries and death are unlimited since we cannot put value on life, the limit for third party property damage is N1million. Third Party Motor Insurance is very important as far as third party road users are concerned.
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.
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 or the insured’s car as well as the third party.