I couldn't think of a better title to give this post considering that most of our law enforcement officers on the roads are more interested in the completion or otherwise of our vehicle papers than their genuineness. This singular fact adds its own quota to the low penetration and appreciation of Insurance in our dear country.
Before you start to think that I'm departing from the main cause of this blog, let me quickly inform you that this post is not about the Police or VIO but it is about a very important aspect of Insurance which is the Third Party Auto Insurance and which incidentally happens to be a statutory Insurance for all vehicle owners.
According to Business Day report of May 16, 2012, fake motor third party insurance is still rampant. This report makes us understand that a lot of people still ignorantly patronize touts at licensing offices for third party auto insurance. This may not be unconnected with the fact that many people do not understand what benefits they can derive from this Insurance product or they simply do not believe in its importance; they believe that they need this policy just to fulfill all righteousness (to avoid Police troubles).
Simply put third party auto insurance gives you cover against all liabilities you may incur in the process of driving your vehicle on public roads. More elaborately, it covers bodily injury plus death to third parties involved in an accident as well as damage to a third party's properties. It also indemnifies the vehicle owner against claimant's legal cost and expenses that may arise there from.
In a country where reckless driving is the order of the day in most parts, you would agree with me that it was a fantastic idea to make this Insurance product compulsory. However, the reality is saddening as most vehicles either do not have at all or they have a counterfeit third party certificate.
A few weeks ago on my way to the office, around the Costain area of Surulere, a truck hit my car while the driver was trying to create a chance for his colleague to maneuver his own truck out of the garage. The next thing was the driver started claiming it was my fault (typical of most liable drivers). I was stunned! But for the presence of a LASTMA official and other motorists who witnessed the event, he could have hit me (call it 'attack is the best form of defense'). At the end of it all, he started apologizing, begging me to 'let the matter die there' as the cost of repairing my damaged car would be deducted from his monthly salary. Can you imagine? After damaging one of my car's doors? I insisted on having my car repaired because I felt that his truck had a third party insurance cover. Alas! The truck had no single cover. A truck often hired by a popular beer brewing company has no third party cover! At the end of it all, the company (owners of the truck) had to pay for the repairs – an expense which should have ordinarily been borne by an insurance company if they had the third party motor cover.
A lot of insurance companies now make it very easy to purchase a third party motor cover. All you need do is buy a scratch card and follow its instructions. But to make the entire process easier plus having all your claims promptly settled without hassles and at no extra cost to you speak to an Insurance Broker today.
Till next time, go get your vehicles properly insured.
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