Linkage Assurance Plc has introduced an enhanced third-party motor insurance package, which offers additional protection beyond the traditional third-party coverage.
According to a statement from the firm on Friday, the product named ‘Third Party Plus’ is designed to cater to budget-conscious vehicle owners, combined with the legally required third-party insurance with own damage protection, ensuring that policyholders are not left stranded in the event of an accident.
Third-party motor insurance is the minimum motor safety measure required of motorists by law in Nigeria. It provides financial coverage to third-party victims in case of bodily harm or death and property damage.
Unlike the conventional third-party motor insurance policy priced at N15,000, which only covers third-party liabilities, the Linkage Third Party Plus provides extra benefits, including own damage coverage starting from N500,000 to N1m depending on the variant selected. The product is available in four different plans to accommodate various budgets and protection levels.
Speaking on the product, the Chief Strategy and Product Officer at Linkage Assurance Plc, Dr Imo Okorie Imo, emphasised the rationale behind the launch of the Third Party Plus Insurance product.
“Many Nigerian motorists struggle to maintain comprehensive insurance due to economic constraints. We identified the need for a more affordable plan that provides the mandatory third-party cover while also offering some level of protection for their own vehicle,” he explained.
Imo noted that the Third Party Plus was developed in response to market demand, ensuring that customers who cannot afford comprehensive insurance are still protected against both third-party liabilities and personal vehicle damages.
“By law, third-party insurance is compulsory, covering damages to others. However, to provide additional security for our customers, we introduced this hybrid plan, which has received regulatory approval,” he added.
To enhance accessibility and ease of purchase, Linkage Assurance Plc has launched a dedicated online portal where customers can seamlessly buy and manage their policies from anywhere.
“We discovered that many consumers prefer handling their insurance needs from the comfort of their homes, so we developed a self-service portal where they can easily purchase and manage their policies,” Imo stated.
