Coronation insurance addresses compliance and claim for motorists

Coronation Insurance PLC organized a web seminar to explain the importance of third -party car insurance. The session had key industry experts, including UKO O. UKO, commander of the CRC Unit at the Federal Road Safety Corps (FRSC), Charles Oghiabu, head of retail claims at Coronation Insurance PLC, Mary-Anne Momoh-IGE, specialist in government relations at indrive Africa and Felix Boaten Coronation Insurance Ghana.

The Opening Directorate highlighted the legal requirements for third -party car insurance. Section 68 of the Insurance Law (2003) makes it a crime of driving without valid third -party car insurance. “Many Nigerians do not realize that driving without third -party insurance is a serious crime,” said the speaker. “The law is clear: the rapists face up to one year in prison, a fine of N250,000 or both.” The speaker emphasized that third -party car insurance is necessary for financial protection and compliance with the law.

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The speakers discussed the unpredictable nature of traffic accidents. Mary-Anne Momoh-IGE provided real life examples, illustrating how minor accidents can be resolved quickly, but severe incidents result in financial and legal challenges. “At one time you drive without problems; The next, he faces medical invoices and legal problems, ”he said. The session emphasized third -party insurance as a financial security measure against such uncertainties.

With the Nigeria police force to intensify the application of third -party insurance compliance since February 1, 2025, participants were informed about the importance of having valid coverage. The authorities will make routine checks, and drivers without valid insurance will face immediate sanctions. “Ignorance is not an excuse,” warned the main speaker. “The vehicles will be confiscated, fines will be issued and, in some cases, they can follow the legal actions.”

The discussion described what third -party car insurance covers, including compensation for injuries, deaths and damage to the property of third parties. Exclusions include accidents that involve driving under the influence, invalid licenses, minor drivers or vehicles used for illegal activities. The session underlined the need to drive responsible along with valid insurance.

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Participants were advised to inform accidents immediately and obtain a first information report (FIR) of the closest police station in cases involving significant injuries or damage. To facilitate claims processing, affected parties must gather accident descriptions, policy details, medical and damage reports, witness statements and photographic evidence. “You can assign a surveyor to assess the damage before claims are completed,” said Charles Oghiabu. Payments are made directly to the affected third or their service provider.

If another driver is to blame, the victims may file a claim against the third party insurance to cover repair costs, medical expenses and compensation for loss of use. Ensure that all vehicles on the road are properly insured simplify the claims process.

The affordability of the third -party car insurance was a key discussion point. With an N15,000 premium per year, Coronation Insurance offers damage to the property of a third of up to N3 million and compensation for injuries or deaths. Olamide Olajolo, managing director of Coronation Insurance PLC, highlighted the profitability of this coverage. “For less than the cost of a minor cars repair, you get legal compliance and financial security,” he said.

The Web Seminar concluded with a reminder that insurance is more than a regulatory requirement. “Insurance is not just about paying premiums; It is about safeguarding his finance of unexpected interruptions, ”said a speaker. Ensuring third -party car insurance allows vehicle owners to drive with confidence, knowing that they are protected against unforeseen risks.