Linkage Assurance boosts motor 3rd party insurance policy

Linkage Assurance Plc, has enhanced the consumer benefits in the existing compulsory “Motor Third Party Insurance Policy” under the Insurance Act 2003 with additional protection for the insured’s vehicle.

The existing compulsory “Motor Third Party Insurance Policy” does not cover the insured and his/her motor vehicle. It covers the insured’s legal liability for the damage the insured has caused to a third party only – injury, death, and/or property damage caused to a third party in the event of an accident caused by or arising out of the use of the insured vehicle. Premium for this policy is N5, 000.00 and N7, 000.00 for private and commercial vehicles plying the Nigerian roads respectively.

However, the new product (‘Linkage Third Party Plus’) recently unveiled by Linkage Assurance Proffers an additional coverage (own damage cover) for the insured. This is an innovative insurance solution available only from Linkage Assurance PLC as a budget cover for private vehicles.

This new product covers all the benefits under the existing compulsory “Motor Third Party Insurance Policy” as stated above, plus the additional benefit of own damage protection. Thus, the policy provides additional cover for the insured to a maximum sum of N250,000.00for damage to his/her own vehicle in the event of an accident.

The premium for the policy is N10, 000.00 per annum, just an additional N5,000.00 to the cost of obtaining the existing compulsory “Motor Third Party Insurance cover for private vehicles.

“This is an invaluable, budget friendly, new product designed to meet the needs of all Nigerians particularly in this period of economic recession, says Dr. Pius Apere, Managing Director/CEO, Linkage Assurance Plc.

Apere, said the product has been developed with Nigerians in mind, having realized that many may not have the funds to take the Motor Comprehensive Insurance Policy for their vehicles at this time of economic recession, stating that with Linkage Third Party Plus you are able to get own damage cover up to N250,000.00 for just N10,000.00 premium per annum. - The Authority