Linkage Assurance Modifies Third Party Motor Insurance Policy

Ebere Nwoji

Linkage Assurance Plc has modified the popular Third Party Motor Insurance policy through the addition of protection and cover for vehicle owners.

The company tagged this innovative special brand ‘Linkage Third Party Plus’.
This according to the company, enhances the consumer benefits in the existing compulsory Third Party Motor Insurance Policy under the Insurance Act 2003.

The existing compulsory Third Party Motor Insurance Policy does not cover the insured and his/her motor vehicle. It covers the insured’s legal liability for the damage the insured has caused to a third party only – injury, death, and/or property damage caused to a third party in the event of an accident caused by or arising out of the use of the insured vehicle. Premium for this policy is N5, 000.00 and N7, 000.00 for private and commercial vehicles plying the Nigerian roads respectively.

However, the new product (‘Linkage Third Party Plus’), recently unveiled by Linkage Assurance, proffers an additional coverage (own damage cover) for the insured.
“This is an innovative insurance solution available only from Linkage Assurance Plc as a budget cover for private vehicles, said the company’s Managing Director, Pius Apere.

Speaking further on the uniqueness of the Linkage assurance Third Party Motor Insurance brand,Apere, said “This new product covers all the benefits under the existing compulsory “Motor Third Party Insurance Policy” as stated above, plus the additional benefit of own damage protection. Thus, the policy provides additional cover for the insured to a maximum sum of N250,000.00 for damage to his/her own vehicle in the event of an accident.

According to him, the premium for the policy is N10, 000.00 per annum, just an additional N5,000.00 to the cost of obtaining the existing compulsory “Motor Third Party Insurance cover for private vehicles.
“This is an invaluable, budget-friendly, new product designed to meet the needs of all Nigerians particularly in this period of economic recession, says Apere,.

He further said the product, has been developed with Nigerians in mind, having realised that many may not have the funds to take the Motor Comprehensive Insurance Policy for their vehicles at this time of economic recession, he added that with Linkage Third Party Plus, you are able to get own damage cover up to N250,000.00 for just N10,000.00 premium per annum.

According to him, the product is also highly suitable and appropriate for policyholders currently having the compulsory Third Party Motor Insurance Policy because with just an additional N5,000.00 premium payable, they would also have own damage cover for a maximum sum of N250,000.00.

Apere further stated that the future of the Nigerian insurance industry lies with penetration into the retail sector, unlike the corporate sector of the insurance business which is heavily saturated.

He added: “The retail market is still largely untapped with a huge potential for securing large volume of sales.” According to him, Nigeria has over 180 million people, majority of whom are medium and lower income earners and they are unaware of the benefits of insurance.
He observed that the potential for growth is enormous and the opportunity massive.”

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