Safeguard Your Vehicles Against the Unforeseen with NEM Insurance

The values vehicles bring to various households and businesses in modern-day Nigeria cannot be overemphasized. On the one hand, it may serve as a luxury, on the other hand, it is required to facilitate everyday life, activities, and business calls. Though the cost of acquisition of these valuable assets remains exorbitant, a few individuals worked hard for years to save up money; some organizations, even with their financial capacities, make periodic provisions and secure approvals to purchase new vehicles or replace the old ones.

However, the unpredictable nature of the roads, accidents, thefts, natural disasters, and other unforeseen events, pose significant threats to such valuable assets in ways of damage or loss. As a minimum legal requirement, it is pertinent that vehicle owners know how important it is to access insurance policies to cover their vehicles against the unfortunate, should it happen.

Although, Nigerians’ adoption of vehicle insurance policies has taken a nosedive recently due to various variables. These include negative attitudes and orientation, poor financial power or standing, and current economic realities, among other factors.

The Federal Roads Safety Corps (FRSC) requires a vehicle on Nigerian roads to have at least a third-party motor insurance cover or comprehensive insurance policy of 10% of the vehicle’s value. Purchasing insurance cover for vehicles will offer peace of mind to the insured in the event of any eventuality occasioned by accidents, vandalism, fire, theft, or damages from natural occurrences once due obligations are met.

In this regard, NEM Insurance Plc, one of the reliable insurance firms in the country, has continued to offer seamless vehicle insurance coverage to its individual or corporate clients by ensuring they are adequately protected from unforeseen risks and occurrences that could lead to absolute loss or damage to their insured vehicles.

The Group Managing Director and Chief Executive Officer of NEM Insurance Plc, Mr. Andrew Ikekhua, re-emphasized the significance of insurance coverage for all vehicles plying Nigerian roads. He said, “No one knows when the unfortunate would take place, though, inevitable but can be mitigated against if proper steps are taken to restore such assets or properties.” Over the years, we have seen many insured individuals and corporate assets being indemnified because they did the right thing, and we are at their service. So, the watchword today should be to safeguard your vehicles with an insurance company.

NEM Insurance motor policy is designed to protect the insured from loss of or damage to his vehicle, and damage to third-party property including bodily injury and death to third parties. NEM Insurance provides cover on a wide range of automobiles for various categories of uses. These include private cars, commercial vehicles (buses and hire cars), commercial vehicles (own goods), commercial vehicles (general cartage), and motorcycles.

Vehicle Insurance Coverage by NEM Insurance

Third-Party Motor Insurance Policy:
This is the minimum insurance that owners of motor vehicles plying Nigerian roads are required to have. The policy covers liability against damage to third-party property to the sum of One Million Naira (N1 million) and for death or bodily injury to a third party arising from the use of the vehicle.

Comprehensive Motor Insurance Policy:
The Comprehensive Motor Insurance Policy covers the loss or damage to insured vehicles as a result of fire, theft, vandalism, accidental damage or collision, third-party liabilities due to death, bodily injury, or damage to the property of third parties. Other additional benefits provided by NEM Insurance include but are not limited to loss of use occasioned by accident, installation of auto tracking device, legal liability arising because of accident, vandalism, malicious damage, damage due to riot, and civil commotion.

Enhanced Third-Party Motor Insurance Policy
NEM Enhanced Third Party Motor Policy is an initiative of NEM Insurance Plc. designed to provide cover on third-party liability with limited benefit on own damage for the insured. The customers will have full cover for third-party liabilities and also have some benefits for his/her own damage which must be a result of an accident involving a third party. This is a necessary condition for the insured to have access to the add-on benefit in the cover.
The policy is designed to meet the needs of our growing retail customers, especially who could not afford the premium rate offering on full comprehensive or Third Party, Fire & Theft option.

Policy Variants
NEM Enhanced Third Party Private Car – This option provides cover for vehicle use for private purposes only.

NEM Enhanced Third Party Private Bus – This option provides cover for privately used buses and pick-up by individual or corporate bodies such as companies and schools for the purpose of transporting their staff and students only and not for hire or public purposes. The capacity of the vehicle ranges between small passengers – which are constructed or adapted to carry up to 18 passengers.

NEM Enhanced Third Party Mini goods carrying vehicle – This plan provides cover for goods carrying vehicles privately owned by an individual or corporate body for private use in transporting goods related to the insured business or profession only and not for commercial use or hirers. The cover does not extend to heavy truck vehicles.

To this end, all vehicle owners who have not undertaken an insurance policy are thereby implored to seek professional counsel and get coverage with an insurance firm that will safeguard and guarantee them “peace of mind” when the unpredictable happens to their vehicles.