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Home Financial Literacy

Take Note: Importance Of Third party Auto Insurance

Ugodre Obi-chukwu by Ugodre Obi-chukwu
June 5, 2013
in Financial Literacy
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In Nigeria, third party auto insurance policy is compulsory because it protects car owners from losses caused by their cars on other people.

Third party auto insurance is designed to make an injured party “whole” as a result of a covered accident. Damage to vehicles and other property can be expensive to repair or replace, as well as the cost of medical needs resulting from an accident. If the responsible party does not carry adequate coverage, the injured party would have little choice but to pursue a lawsuit.

Purpose of third party auto insurance

Tags: Financial ServicesFinancial TurotialsPersonal Finance
Ugodre Obi-chukwu

Ugodre Obi-chukwu

Ugo Obi-Chukwu "Ugodre" is the Founder, Publisher, and Chief Analyst of Nairametrics, a leading business and financial news online platform in Nigeria. Ugo is also the Chief Editor of the Nairametrics “Blurb” Opinion pages. Follow Ugodre on Twitter @ugodre and Instagram @ugodre Email: ugodre@nairametrics.com

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