By Adewole Kehinde
“The grace of God is like insurance. It will help you in your time of need without any limit.” – Sri Sathya Sai Baba
Road accident fatalities were observed to be one of the major threats to the socio-economic development of developing countries of the world, including Nigeria. A Motor Vehicle (Third Party) Insurance Law was promulgated for effective management of road traffic accident liability of the motorists.
Road traffic liability risks are those risks attributed to activities of motorists arising out of his/her negligence through the usage of his/her vehicles on the road causing injury to other road users, including pedestrians, or property damage to other vehicle(s) or other valuable properties along the road.
Motor vehicle owners and/or drivers are exposed to these road risks by virtue of their driving on the road, and if they occur, the magnitude could be outside the financial strength of the motorist.
The industrial revolution and technology brought about automobiles, and there has been a tremendous increase in the number of automobiles on the roads worldwide.
Rapid urbanisation in developed countries presents tremendous challenges to the transport system of expanding cities if they are to meet the access and mobility needs of their communities and provide them with a sustainable, safe, and healthy environment.
The Motor Vehicles (Third Party Insurance) Act of 1945 makes it mandatory for all motorists to have at least third-party insurance. So, driving without insurance isn’t just risky; it’s illegal.
Furthermore, the National Insurance Commission (NAICOM) raised the cost of third-party insurance by a whopping 200% in 2020, from N5,000 to N15,000. That’s a clear indication of the importance the authorities place on car insurance.
Driving uninsured can have severe consequences, including hefty fines, imprisonment, or seizures of your vehicle. So, the next time you think about skipping on car insurance, remember the potential risks and try choosing from the car insurance provider that best suits your needs.
Third-Party Motor Insurance is one of the compulsory insurance policies in Nigeria. This means it is the legal minimum level of motor vehicle insurance coverage any motor vehicle owner plying the Nigerian road is required to have.
Beyond the fact that Third Party Motor Insurance is compulsory by law, the benefits of the policy make it a must-have for every Nigerian motorist. The policy takes care of the damage caused by the insured to the Third Party’s property or vehicle, as well as the Third Party’s medical expenses (if any) in the event of an accident when the policyholder is at fault.
I was shocked to read a letter from one Deji Adeyanju addressed to the Inspector General of Police titled “A PASSIONATE APPEAL TO IGP TO HALT THE PROPOSED ENFORCEMENT OF THIRD-PARTY INSURANCE FOR VEHICLE OWNERS.”.
Third-party motor insurance was made compulsory by the enabling ordinance for the purpose of protection of lives and properties, and the Nigeria Police Force is responsible for the protection of lives and properties under the Nigeria Police Act, 2020 (as amended).
The Police Act is the main law dealing with the organisation, discipline, powers, and duties of the police. The Police Act is found in Chapter 359 of the Laws of the Federation of Nigeria, 1990, and is regarded as an Act of the National Assembly. This, in essence, means that the Act is in line with the provisions of the Constitution of the Federal Republic of Nigeria, 1999.
Under the Nigeria Police Act 2020, Section 4 thereof (as amended), the police shall be employed for the prevention and detection of crime, the apprehension of offenders, the preservation of law and order, the protection of life and property, and the due enforcement of all laws and regulations with which they are directly charged, and shall perform such military duties within or outside Nigeria as may be required of them by or under the authority of this or any other Act.
I want Deji Adeyanju to know that the third-party insurance payment is not going to the Nigeria Police but rather to the company of choice of car owners. The duty of the Nigeria police is the protection of life and property (which is what third-party insurance is all about) and the due enforcement of all laws and regulations.
It seems Deji Adeyanju does not know the advantages of having car insurance; therefore, I will enlighten him appropriately.
In many places, having car insurance is a legal requirement. By having car insurance, you ensure compliance with the law and avoid potential fines or legal consequences. Car insurance provides financial protection in case of a car accident, theft, or damage to your vehicle.
It can help cover repair costs or even the replacement of your car if it is deemed a total loss. It also includes liability coverage, which helps cover the costs if you are found at fault in an accident that causes damage to someone else’s property or injury to other individuals.
Knowing that you have car insurance can provide peace of mind while driving. You can feel more confident knowing that you have protection in case of unexpected events on the road.
Overall, having car insurance is essential to protect yourself, your passengers, and others on the road, as well as to comply with legal requirements and give you peace of mind while driving. The Nigeria police must be supported by all for the enforcement.
Adewole Kehinde is the publisher of Swift Reporters. 08166240846. kennyadewole@gmail.com
