About Motor Insurance...
DID YOU KNOW
The principal legislation on?#motorinsurance?in Nigeria is the Motor Vehicles (Third Party Insurance) Act 1945 which is on the same basis as the United Kingdom's Road Traffic Acts 1930 - 34.?
DID YOU KNOW?
The principal legislation on #motorinsurance in Nigeria is the Motor Vehicles (Third Party Insurance) Act 1945 which is on the same basis as the United Kingdom's Road Traffic Acts 1930 - 34.
Motor #thirdparty insurance or third-party liability cover, also sometimes referred to as the 'act only' cover, is a statutory requirement under the Motor Vehicles Act. It is referred to as a 'third-party' cover since the beneficiary of the policy is someone other than the two parties involved in the contract (the car owner and the insurance company).
The policy technically does not provide any benefit to the insured. However, it covers the insured's legal liability for death/disability of third-party loss or damage to the third-party property.