AIICO Insurance has stated that third-party motor insurance is not just a legal requirement but also a vital protection for all road users.
This comes as the police began nationwide enforcement of the policy on February 1, aiming to reduce the number of uninsured vehicles and ensure financial security in case of accidents.
Third-party motor insurance is the minimum legal safety requirement for motorists in Nigeria, covering third-party victims in cases of injury, death, or property damage.
AIICO Insurance warns that uninsured vehicles pose serious risks, leaving many road users in financial and emotional distress after accidents involving vehicles without valid insurance.
It read, “Sometimes, people have to pay for medical bills, car repairs, or other losses after a car accident. If everyone involved had insurance, it would help cover these costs and reduce the financial burden. But that doesn’t always happen. The situation is worse when the person responsible for the accident does not have valid insurance to compensate the victims. This type of insurance is called third-party insurance.
“In Nigeria, many cars, especially commercial vehicles, do not have valid insurance. This leaves accident victims with no financial support. They are often forced to bear the costs themselves because the responsible driver cannot pay for the damage. With the rising cost of living, the financial impact of road accidents can be devastating, emphasising the critical need for motorists to comply with insurance regulations and protect themselves and others on the road.”
AIICO Insurance Plc emphasized its commitment to timely and reliable claims settlements, ensuring financial protection for road users.
It further stated, “The company has built a strong reputation for ensuring that genuine claims are processed efficiently, offering relief to policyholders and third parties alike. As the enforcement of third-party motor insurance intensifies, AIICO continues to reinforce the importance of securing valid insurance coverage as a safeguard against unforeseen liabilities.
“To further simplify access to third-party motor insurance, AIICO has made it easy for vehicle owners to obtain coverage within minutes. Anyone can sign up for a valid policy seamlessly via the company’s website, ensuring compliance with the law while securing financial protection against unforeseen accidents.
“The enforcement of this policy is not merely a regulatory requirement but a necessary step toward creating safer roads and a more responsible driving culture. By ensuring compliance, authorities are taking a proactive approach to reduce the financial and emotional burdens that accidents impose on innocent third parties. The message is clear: having valid third-party motor insurance is not just a legal obligation; it is a vital safety net for all road users.”
