Motor Insurance, which is the most common of all the known classes of insurance, is designed to protect the insured for loss of or damage to his vehicle, damage to Third Party property including bodily injury and death to Third Parties caused by accident.

IGI provides Motor Insurance covers which include the following:

• Third Party Risk Only Cover
  This covers bodily injury including death to Third Parties caused by accidents occurring on public roads. Claimants' costs and other costs incurred with IGI written consent, are also recoverable. Third Party property damage is covered in addition to bodily injury and costs described above.

         Third Party property damage limited to N1,000,000 is covered, whilst bodily injury    

         and death are unlimited.

• Third Party Fire and Theft Cover
  Loss of or damage to the insured vehicle caused by fire and theft is covered in addition to the covers available under the "Third Party Risk only" cover described above.

• Comprehensive Cover
  This is the widest cover available in motor insurance as it covers loss of or damage to the insured vehicle in addition to the covers available under the two described above.
  

TYPES OF INSURABLE VEHICLES

• Private Cars
  These are vehicles used for social, domestic and pleasure purposes

• Commercial Vehicles (Taxes, Buses and Hire Cars) 
   These are vehicles used for carrying fare paying passengers

• Commercial Vehicles (Own Goods) 
   These are vehicles used for carrying commercial goods owned by the insured

• Commercial Vehicles (General Cartage) 
   These are vehicles used for carrying goods belonging to others for hire or reward

• Motorcycles 
   These are two-wheeled auto-bicycles used for social, domestic pleasure or

           commercial purposes

• Motor Trade Vehicles 
   These are un-registered new vehicles owned by a corporate organization engaged in

          sales, services and repairs of vehicles

PROCEDURE FOR PRIVATE CAR INSURANCE

• A proposal form must be completed and personally signed, if need be
• The minimum value for any vehicle to be covered comprehensively is N200,000
• An engineer's report must accompany proposal for second hand vehicles
• Previous claims and insurance history will be considered when assessing proposals
• The proposer is also expected to submit a copy of current vehicle licence

Motorcycle Underwriting

Proposals from corporate bodies who have other businesses with IGI will be considered on accommodation basis for Comprehensive and Third Party only covers. Comments made under private car underwriting would also apply here.

Motor Trade Policy

Motor Trade Policies are issued only to accommodate valued connections, as the policy is not for all-comers.

A completed and signed proposal form is highly desirable. Premises Risks cover is preferable to Road Risks Cover. Previous insurance and claims history should be effectively used whilst assessing proposals on motor trade.

SPECIAL PACKAGES

• Fleet Policies 
   A single IGI policy can be issued to cover various vehicles under a single ownership

         for vehicles owned by employees of a corporate organisation. The minimum number

         of vehicles required for fleet rating is ten (10). Discount allowable for fleet rating is

         from 30%.

• Plurality Discount
  A plurality discount is allowable where more than one car is insured under one policy. Private cars attract a discount of 10% while a discount of 5% is granted for commercial vehicles.

• No Claim Discount (Private Motor) 
   In the event of no claim being made or arising under the policy during a period

         immediately preceding the renewal of the policy, IGI will reduce the renewal   

         premium as follows:

                                         
Where 40% or 50% bonus has been earned and in subsequent years not more than one claim is made or pending, bonus at the renewal date will be allowed at 20% or 25% respectively.

If the company shall consent to a transfer in the Policy, the period during which the interest was in the transferor shall not accrue to the benefit of the transferee.

If more than one motor car is described on the schedule, the No Claims Discount shall be applied as if a separate policy had been issued in respect of each Motor Car.

• Commercial Vehicle - No Claims Discount
  This attracts 15% throughout the duraton of the policy

• Optional Benefits (Private Motor)
  - Loss of use
  - Strike, Riots and Civil Commotion
  - Personal Accident