Insurance is more than just policy, it is about protecting lives, securing assets, and ensuring peace of mind, says, the managing director/CEO of KBL Insurance Limited, Lawal Mijinyawa.
To this end, he assured its customers that, “our goal is to simplify Third-Party Motor Insurance so that every vehicle owner in Nigeria remains compliant with the law while benefiting from seamless insurance coverage and top-tier customer support.”
Disclosing that there is the need to increase insurance awareness and penetration to enhance financial inclusion, he added that, KBL Insurance has also strengthened its nationwide customer support team, to provide real-time assistance, ensuring that policyholders receive seamless service, adding that, the claims process has been optimized for speed, transparency, and minimal turn-around time, allowing customers to get payouts without delays.
To him, “Our goal is to simplify Third-Party Motor Insurance so that every vehicle owner in Nigeria remains compliant with the law while benefiting from seamless insurance coverage and top-tier customer support.”
The Third-Party Motor Insurance is mandatory for all vehicle owners, as it is now enforced by the Nigeria Police Force and the National Insurance Commission (NAICOM) while the policy provides financial protection by covering liabilities for damages or injuries caused to third parties in the event of accident.
Predicated on the move to ensuring compliance with Section 68 of the Insurance Act 2003, he said, the initiative is designed to educate motorists on their legal obligations, the benefits of coverage, and the consequences of non-compliance.
Despite its legal requirement, many motorists are unaware of the serious risks of driving without valid insurance. A defaulter could pay a fine of N250,000, which may include impounding the vehicle along other strict sanctions. The exercise has since begun in Lagos, Akwa Ibom, and Edo States, where the Police announced the full implementation. This is in compliance with the directive of the Inspector General of Police, IGP Kayode Egbetokun. KBL Insurance Limited said, it is committed to bridging this gap through increased awareness activities, radio jingles, market storms, seminars, and an improved service experience.
To make insurance more accessible, faster, and stress-free, KBL Insurance Limited has upgraded its digital platforms and customer support services. Customers can now conveniently subscribe or renew their policies from the comfort of their homes through an easy-to-use online portal.
With affordable premiums starting at just N15,000 per year, Third-Party Motor Insurance provides crucial protection while ensuring compliance with the law. The policy covers damages to other vehicles, third-party property, and bodily injuries caused by the insured vehicle. By maintaining valid coverage, motorists can avoid unnecessary legal troubles and financial burdens while enjoying peace of mind on the road.
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