Recently, the Inspector General of Police, Kayode Egbetokun, directed law enforcement officers to enforce the mandatory minimum third-party motor insurance policy across the country. In response, the Lagos State Command of the Police Force has ordered its operatives to ensure strict compliance, with enforcement set to take effect from February 1, 2025.
This directive has raised several questions among motorists: What exactly is third-party motor insurance? Why is it mandatory? And how can one obtain a legitimate policy?
Third-party motor insurance is the most basic form of vehicle insurance required by law. It provides financial coverage against liabilities that may arise if a driver causes damage to another person’s property or injures a third party in an accident. This ensures that victims of road mishaps receive due compensation while preventing unexpected financial burdens on drivers.
To gain deeper insights into obtaining a genuine third-party motor insurance policy, we spoke with Adeosun Oluwadamilola, a representative from Lasaco Assurance PLC. She provided comprehensive details on the process of acquiring a legitimate insurance policy, the benefits it offers, and how to avoid fraudulent providers.
Stay tuned and watch the video below as we break down all the essential information you need to stay compliant with the law and protect yourself on the road.
