We use our cars for more than just commuting. They provide ease, liberty, and even a feeling of adventure. However, that liberty implies accountability. Theft happens, accidents happen, and even small blunders can cause big financial problems. This is where auto insurance comes into play; it serves as your financial safety net while driving.
Why is insurance for your car important?
Imagine yourself driving down the highway when, all of a sudden, a different car swerves into your lane. Fortunately, no one is harmed, but your car takes significant damage. If you didn’t have insurance, you would be responsible for paying for repairs, which can quickly run into the thousands.
Car insurance protects you from financial losses in a variety of situations, including:
Accidents: This covers repairs to your own car and any damage you cause to others’ vehicles or property.
Theft: It reimburses you for the value of your car if it’s stolen.
Natural disasters: Provides coverage for damage caused by events like hail, floods, or fire.
Liability: Protects you from lawsuits if you cause an accident that injures someone or damages their property.
Choosing the Right Insurance for Your Needs
There are many car insurance options available, and the right one for you will depend on your specific needs and budget. VTpass offers a variety of car insurance plans to choose from, allowing you to find the coverage that fits your situation.
Here are some reasons why VTpass will be a great choice for your insurance needs:
Convenience: Get quotes, manage your policy, and even file claims all online or through our mobile app.
Affordability: VTpass offers competitive rates on car insurance, potentially saving you money without compromising coverage.
Flexibility: Choose the level of coverage that’s right for you, from basic liability to comprehensive protection.
Peace of Mind on Every Drive
Don’t wait for the unexpected to happen before you secure car insurance. With VTpass, you can get a free quote and explore your options in just a few minutes. Remember, car insurance is an investment in your financial security and peace of mind. Hit the road with confidence, knowing you’re protected! VTpass has got you covered.
Insurance protects us, our businesses, and our assets from unexpected financial losses. Insurance is a contract, represented by a policy, in which a policyholder receives financial protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured. Most people have various types of insurance: for their car, their house, their healthcare, or their life.
By taking out an insurance policy, a person is essentially transferring the risk of certain losses onto the insurance company, who then agrees to cover those losses if they occur. This helps us protect our finances in the event of an unexpected financial loss.
With various types of insurance available, we can always find coverage that suits specific needs. From life insurance to property insurance, each type serves a unique purpose, providing a safety net and giving us peace of mind.
In this article, we explore some of the most common insurance types, discussing their key features and benefits.
TYPES OF INSURANCE
LifeInsurance
Life insurance is a legal agreement in which an insurance company promises to pay n amount to beneficiaries of a deceased person. In return, the person pays the insurance company a premium.
There are two main types of life insurance i.e. whole life insurance, which covers the insured person’s whole life, and term life insurance, which covers a certain period.
Health Insurance
Health insurance covers medical treatment, hospital stays, and preventative care. It can help individuals and families reduce healthcare costs.
Furthermore, health insurance can also provide access to treatments that may not be covered by public health services. This is important because health insurance can provide access to treatments that may otherwise be too expensive. This allows individuals and families to receive the care they need. Additionally, by reducing healthcare costs, health insurance can help to prevent financial hardship in the event of an illness or injury.
Auto Insurance
Auto insurance is a legal agreement in which an insurance company promises to pay for damage to your car and other people’s property in the event of an accident.
It offers liability protection if you cause damages. Auto insurance comes in different forms, including liability, collision, comprehensive coverage, etc. It can help cover car repairs, medical bills, and legal fees.
Travel Insurance
Travel insurance protects travellers from financial losses, medical costs, and other unexpected events while travelling. It provides financial security and peace of mind, especially when unexpected events happen while away.
Travel insurance covers a variety of risks, including Medical expenses, Baggage loss or theft, emergency assistance, Cancellation of flights, etc.
Business Insurance
Businesses can protect themselves from financial losses caused by a range of risks, such as property damage, lawsuits, and business disruption. Several types of insurance are available here.
For example, property insurance covers the cost of damage to a business’s property, such as buildings, and equipment. Liability insurance covers legal fees and settlements for damages. Business interruption insurance covers lost income from covered events.
If an employee gets injured, workers’ compensation insurance can assist in covering their medical expenses and lost wages.
Property Insurance
Property insurance protects businesses from financial losses caused by fires, vandalism, and natural disasters to commercial properties like buildings, machinery, and inventory. It covers the expenses of fixing or replacing any damaged property.
The policies can be tailored to individual needs, taking into account the risk assessments and value of the property.
What factors determine life insurance prices?
Although, it depends on the insured’s age, health condition, coverage amount, and policy type. In general, younger and healthier people pay lower premiums than older and sicker people.
Conclusion
In conclusion, insurance plays a crucial role in safeguarding our financial well-being and providing peace of mind in the face of uncertainties. Whether it’s protecting our homes, vehicles, health, or loved ones, having the right insurance coverage is essential.
Remember, when selecting insurance coverage, it is crucial to assess your specific needs, evaluate different options, and consult with insurance professionals. This will enable you to find policies that best align with your circumstances and budget. Regularly reviewing and updating your insurance coverage as your needs change is equally critical to ensure you have adequate protection at all times.
By investing in the right insurance policies, we can navigate through life’s uncertainties with confidence, knowing we have a safety net to rely on. So, assess your insurance needs, explore the available options, and make informed decisions. This will provide you and your family with the protection you deserve.
Everything you need to know about third party insurance
VTpass third-party auto insurance
A third party insurance policy is obtained by an insured from an insurance company for protection against the claims of another.
In essence, third-party insurance is a type of liability insurance. Regardless of the cause of the losses or damages, the first party is liable for them. Automobile insurance is one of the most popular kinds of third-party insurance.
Additionally, the coverage shields one from legal responsibility resulting from unintentional damages, including any fatality and harm done.
The insurance rate is based on a number of factors, including the type of vehicle and its value.
Third-party insurance provides protection from claims of damages sustained by a motorist who is not the insured, and is not protected by the insurance policy. The third component is the motorist who caused the harm.
A third party insurance protects the insured against any claims of damages levied by a third-party.
Types of Third Party Insurance
Bodily injury liability:– In simple words, if you are responsible for a car accident, a bodily injury liability will cover the medical expenses of casualties of the accident, excluding the insured.
In the case that the other driver requires physical rehabilitation as part of their recovery journey. Another possibility is that the accident victim income because he is unable to work or carry out his essential duties. Your bodily injury liability protection could assist in covering their damages in this situation.
Property damage liability:- A property damage liability is coverage that pays when a driver causes damage to another person’s property in an accident. It can take the form of another car of any type of property. A property damage liability insurance provides aid in paying for repairs for damage done to another person’s property or vehicle.
If you are at fault for the contretemps, the policy does not cover impairment to your own vehicle.
Why Third Party Insurance is Important;
The law requires it:
The Nigerian Insurance Act 2003 stipulates compulsory Third-party motor insurance in section 68 of the Insurance Act, 2003. According to this act, no person shall use, or cause or permit any other person to use a motor vehicle unless such a vehicle is insured against damage to the property of third parties.
It is therefore safe to say that third party insurance is compulsory for car-owners in Nigeria. According to the insurance law, it is required for drivers in Nigeria to carry at least third party auto insurance in order to cover other parties who may be involved in an accident.
– Accidents happen:
Car accidents continue to occur despite new developments in vehicle technology like backup cameras, adaptive headlights, and forward collision systems (FCS). Accidents may not yet have a rational cause or explanation, but one thing is for certain. Accidents are inevitable.
Most of traffic accidents are caused more by the driver’s actions than their knowledge of how to operate a vehicle. In fact, human error is at blame for over 94% of all traffic accidents.
Many motorists may eventually discover that they have engaged in some of the most typical behaviours that result in auto accidents. Distracted driving is one of the leading causes of motor accidents. Contrary to widespread belief, the brain is unable to concentrate on more than one job at once. This indicates that the brain is unable to maintain constant attention on what is ahead when a motorist is texting, chatting on the phone, grooming, reading, or even eating while driving.
AND THE LAST ONE;
– Everyone needs a backup:
You may never be able to predict when this sad incident would occur, even if you are the kindest driver you have ever encountered. And you’ll undoubtedly need backup when that moment comes. A third-party auto insurance policy gives you peace of mind in the event of a stressful or terrible circumstance that is expensive. Consequently, you will receive immediate stress relief and aid in dealing with the situation rather than worrying about these costs.
Why would you risk your safety against the hurly-burly of Lagos or the maladroitness of other drivers on any Nigerian street?
Furthermore,
Our friend, Tade Bigston, a prominent Nigerian elite that belongs to the business class of the society. Last week, he upgraded his social status among his contemporaries further by acquiring the latest lavish Toyota vehicle. However, Bigston did not want to take any chances, especially given the chaotic nature of Lagos. So he took his friend’s advice and signed up for a third-party motor insurance coverage through Vtpass.
Bigston’s car collided with another vehicle on a fateful Monday morning, severely damaging the latter. He originally felt depressed at the prospect of having to fix the automobile. But his mood soon improved when he remembered that he had insurance for his vehicle.
The expenses of mechanics and vehicle artisans can be an unavoidable pain in uncomfortable places. However, motor accident expenses are avoidable when you get a third party motor vehicle cover on VTpass. That way you do not have to directly bear the cost accruing to accidents to your vehicle. Here’s How!
You’re not wishing for it, neither am I. But you can avoid the avoidable by simply purchasing/renewing your third party auto insurance on vtpass.com today .
Vehicle owners get to spend a whole lot. They say that having a motor vehicle is like having a second wife. They were not joking. I tell you from experience. Those things called cars? They will humble you. Lol. I tell you! Owning a car in this country is not for the faint-hearted.
Meanwhile, there are some things all vehicle owners can relate with. One of those things is, how can I give a mechanic my vehicle to change the brake pad and the next thing I am hearing is that I need to buy half engine and change my windscreen? LIke, how? You too, help me reason this matter now. What mechanics cannot do does not exist indeed! Those guys!
On the other hand, sometimes it is how I can take my fully functional car for servicing by myself, get it back and suddenly, I need to buy a new radiator, or possibly change the engine seat. And now my car is leaking oil and I can smell petrol when I drive. Automobiles and their mechanics, I bow!
For instance, sometimes it’s how they will tell you some things they removed from your car is not needed in it. Like, the manufacturers of the car, you know more than them right? They didn’t know what they were doing when they were making it right? Oga mecho, how many cars have you produced sir?
The expenses of mechanics and vehicle artisans can be an unavoidable pain in uncomfortable places. However, motor accident expenses are avoidable when you get a third party motor vehicle cover on VTpass. That way you do not have to directly bear the cost accruing to accidents to your vehicle. Here’s How!
You’re not wishing for it, neither am I. But you can avoid the avoidable by simply purchasing/renewing your third party auto insurance on vtpass.com today .
It’s February, the month of Love, so it’s the right time for you to learn how to prevent yourself from getting a broken heart. Yeah. And no, I am no doomsayer. As Valentine’s Day draws nearer, the awareness for love grows stronger. There’s a desire to love and be loved that comes with February. Why? I don’t know. Because of that, the heart is generally more vulnerable, and susceptible
If only there was a way to protect oneself from getting one’s heart broken right? Well, to prevent getting your heart broken by love, I really can’t say. But I can help you avoid feeling a different kind of pain in your heart.
That pain is the pain of having to bear the numerous expenses that come with vehicle accidents and cost of repairing not just your vehicle, but sometimes that of the others involved also. That pain, I understand, and I can help you avoid feeling it.
That kind of pain can be terrible, especially when you could have avoided having to shoulder such massive expenses. I know you don’t plan on being involved in an auto accident, but, the reality is, no one does. What you can do however is indemnify yourself from any expenses arising should such a situation ever occur.
It all starts when you protect yourself from ever having to feel that type of pain by simply purchasing/renewing your third party auto insurance on vtpass.com today.
Agreed, there are many fake websites out there claiming to be motor insurers or insurance agents or brokers. One needs to be careful when buying third-party motor insurance online.
The question is, why buy third-party motor insurance online in Nigeria? I mean, why not just go to a physical broker or insurance company and get the business done? Here, we give you three solid reasons why buying third-party motor insurance online is the better option:
Fast certificate delivery: Buying through a physical location, you would have to wait for days before the insurance papers are out. Buying online, however, your insurance papers are ready immediately after payment! No time for stress.
Less paper-work: The last time a friend of ours bought thrid party motor insurance through a broker, we filled and filled and filled proposal forms. Abeg! Buying online, proposal forms questions are significantly shorter yet underwriting quality remains the same. Less paper-work = lesser stress.
Faster renewal process: For some motorists, the biggest challenge of buying motor insurance is the renewal process. That awkward feeling of visiting your broker’s office multiple times during renewal. Buying online, you can simply automate your renewal process so that your wallet is automatically billed the next premium upon renewal.
You get to enjoy these and more right from the comfort of your home and office. All you need to buy third-party motor insurance online in Nigeria is your mobile phone or laptop, internet connection, your funds and a reliable online bill payment platform like VTpass.
How to Buy Third Part Motor Insurance from VTpass
To buy third party motor insurance from the comfort of your home or office, simply:
Fill in the required information: insurance type, insured name, engine number, chassis number, phone number, etc.
Click on Continue to move to the payment confirmation page
Select a payment method i.e pay with card, wallet, or bank transfer
Enter your payment details and confirm payment
Done!
Your third-party motor insurance certificate would be delivered to you immediately after payment. The main policy document would follow only a few days later. Fast and easy.
Driving is a risk on its own, getting a motor cover shouldn’t be risky. Buy yours from VTpass as our quality third-party motor insurance is provided for you by Universal Insurance, one of Nigeria’s most credible insurers.
Drive with complete peace of mind when you buy third-party motor insurance from VTpass!
What comes to your mind when the word “Insurance” is mentioned? Do you cringe or smile? There are sets of perceptions in most people’s minds about Insurance, but are these perceptions myths or facts?
There is no denying that insurance can be incredibly complicated, both in theory and practice. So it’s little wonder that sometimes rumors, myths, and untruths can be held as fact and disseminated as such.
In this article, we want to smoothen out some of the twigs from the drink. Here are 5 common myths about Insurance and the facts that prove them wrong:
Long read? Watch video summary instead
Myth 1: Insurance is expensive
Let’s start from where it concerns our pockets shall we? The popular misconception that only the rich can afford insurance is as funny as it sounds.
Let’s face it, that idea is so old and gone. With stiff competition in today’s insurance market, premiums for covers gotten more affordable. For some covers like motor insurance in Nigeria, prices can be as low as N2,500 a year!
The most remarkable of insurance cost is that of health insurance in Nigeria. A 2017 report puts the average cost health insurance plan at N35,000 for individuals and N125,000 for families. While this is affordable considering the cost of medical treatment in the country, you could get top-notch health covers (with private treatments) for even less at VTpass.
Now, imagine having all-round health insurance for only N15,000/year (N2000/month) for individuals and N60,000/year (N5,500/month) for families?
How affordable can that get?
Myth 2: Insurance companies are fraudsters
I was in a conversation with a friend one Saturday evening when an Insurance salesman walked by. His pitch was about how fast an insured would be compensated after a loss. You should have seen how my friend chased him away.
He did this because of the terrible experience he had with an insurer who refused to compensate him after a loss occurred against his burglary cover.
The mistrusts in insurance companies is perfectly understandable. Agreed, there are fake insurers out there who aren’t really in business to serve but to steal.
However, not all insurers are fraudsters. We have reputable, world-class insurers in Nigeria. In 2019, total claims paid out by insurance companies in Nigeria amounted to N98.9 billion; a 16.5% increase from N84.9 billion paid out in 2017. If all insurance companies are fraudsters, banks and top businesses would not commit hundred of millions annually to insurers to cover potential risks.
The solution is simply to buy insurance from reliable and trusted sources only. Companies that are backed but by NAICOM and duly regulated.
Digital technology is the future no one can escape from. Today with reliable online platforms like VTpass, your cell phone, and internet connection; while sitting in your home or office, you can get any insurance you want!
At VTpass, we deliver your policy to you digitally and physically after purchase. When it comes to claims, you can trigger settlement by clicking the claim button on our website. It’s that easy.
Africa and transforming digitally, taking all industries in its whirlwind. A few years from now, there wouldn’t be need for person-to-person interaction before quality insurance is sold.
A word of advice though; only buy from proven and trusted online platforms. Visit vtpass.com/insurance today.
Myths 4: Buying Insurance takes a long and tedious process
If you’ve tried buying insurance in the ’90s you would be amazed by the paperwork that goes with it. Then there are the long questionings by medical examiners or risk assessors, etc.
All that is old news now.
Insurance companies have modified proposal forms and other documents to collect only the barest, necessary information (no one is going to ask if your mum had green eyeballs or not). Add that improvement to today’s digital technology and we have an insurance system that delivers covers in minutes!
Today, you can get a motor cover in less than 10 minutes when you buy at VTpass. No stress. We have eliminated the need for tedious processes with our innovative payment solution.
It’s no wonder why Nigerians rely on VTpass to get quality insurance covers day in-day out. Our secret is simply partnering with Nigeria’s top insurance companies with proven track records of prudence and claim settlement.
