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| MOTOR INSURANCE
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| The Motor Insurance provides cover
for loss of or damage to the vehicle
itself as well as liabilities towards
third party in respect of any bodily
injury or damage to property caused
as a result of the owner’s and/or
its authorized driver’s negligence.
This is a compulsory class of insurance
taken up by all vehicles licensed to
be used on public roads by virtue of
the Road Transport Act 1987. By Section
90 of the Act, all motor vehicle users
or owners are required to have a policy
of insurance or such a security provided
by an Insurance Company for any liability
which the person might incur in respect
of loss or death of or bodily injury
to a third party or damage to property
of the third party caused by or arising
out of the use of the motor vehicle. |
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Types
of Motor Insurance Cover |
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In Commerce Assurance, this class of insurance can be broadly classified into
4 categories, namely:
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