If youre responsible for a car accident your compulsory third-party insurance will be used to pay any compensation due to anyone who might be injured or killed.

What is third party compulsory motor vehicle insurance. The SC in July last year made it mandatory for all car owners to have a 3-year TP policy and 2-wheeler owners to have a 5-year policy Third-party property damages are covered up. Continued negligence of the compulsory third party motor insurance policy among road users in Lagos and other parts of the country despite efforts to curb this by insurers through the Nigeria Insurance Industry Data Base NIID is starting to have a multiplier effect on Nigerians and huge revenue loss to insurers THISDAY investigation has revealed. It doesnt cover the cost of damaged vehicles and property or damage to or loss of your vehicle.

Even if you do everything you can to prevent damage or injury they still happen. Many car owners want to know Is third party car insurance compulsory As per the Motor Vehicles Act 1988 anybody who owns buys or drives a vehicle must purchase such type of insurance coverage. The insured and the insurance company.

1 No person shall drive or cause or permit any other person to drive a vehicle on a road unless he has a valid vehicle insurance coverage against third party risks in relation to such vehicle. The liabilities which require compulsory insurance are. Motor third-party insurance or third-party liability cover which is sometimes also referred to as the act only cover is a statutory requirement under the Motor Vehicles Act.

Third-party insurance is compulsory for all vehicle-owners as per the Motor Vehicles Act. Benefits of Buying a Third-Party Car Insurance. Third-party liability insurance TPL is an important form of protection found in your automobile policy.

Compulsory Third Party CTP insurance provides owners and drivers of Western Australian registered vehicles with cover for the cost of injuries they cause to others in a motor vehicle crash anywhere in Australia. You cannot register your vehicle without having a policy in place. What is Compulsory Third Party Insurance CTP.

It covers only your legal liability for the damage you may cause to a third party bodily injury death and damage to third party property while using your vehicle. CTP insurance covers those injured in a crash for. The insurance of motor vehicles against damage is not madecompulsory but the insurance of third party liability arisingout of the use of motor vehicles in public places is madecompulsory.