Truck Insurance in Nigeria is represents an insurance policy that provides insurance coverage to trucks which transport goods from one place to another in the event of an accident or other risks leading to damage to the truck.
Furthermore, the damage to the truck may also come from other sources such as natural disasters like earthquakes, cyclone etc. The level of the insurance coverage may include third party liability cover, property damage coverage, personal coverage or comprehensive coverage depending on your policy terms or your contract with the insurance company.
In Nigeria, trucks enjoy insurance coverage under the commercial vehicle insurance policy. And these may be pick-up trucks, delivery trucks or inter-state commercial trucks.
Similarly, the third party insurance policy is mandatory for all truckers in Nigeria. The Third Party insurance policy in Nigeria serves to offer protection to others against personal or property damage caused by your insured truck.
However, it is smarter and advisable to purchase the comprehensive truck insurance policy in Nigeria which will provide coverage to you, your truck and to others.
What may be covered by truck insurance policy in Nigeria
There are risks that may be covered by this type of policy and some of them are as under-listed below.
However, it is noteworthy that the bulk of the coverage you will derive from your policy will depend on your agreement with the insurer.
- Damage to your truck or of third parties from accident involving your truck.
- Loss of your truck
- Damage to your truck arising from natural disasters or man made
- Third party liabilities
- Personal accident cover for drivers driving your truck with your permission
- Any other additional coverage arising from your agreement with your insurer.
What may not be covered by truck insurance in Nigeria
- Normal wear and tear.
- Depreciation
- Mechanical or electrical issues or damage
- Damage from drivers not named in the insurance policy
- Accidents or damage from use over the limitation in the policy.
- Accident or damage that occurs outside the location of use stated in the policy
- Damage or accident arising of drunkenness
- Accident caused by a driver without a valid driver’s license.
Conclusion
As you are aware, trucking business in Nigeria has become a huge industry. It is on the rise daily as a result of more persons taking trucking as their occupation.
This increase in the industry has made it imperative for truckers in Nigeria to buy adequate insurance coverage to protect them against the incidents earlier mentioned.
This insurance policy in Nigeria provides truck drivers with a comprehensive coverage that covers different risks, including accidents, thefts and natural disasters and as well as third party liabilities.
Therefore, this type of policy is very beneficial to truck drivers in Nigeria. It is very easy to purchase and its premium rates are relatively cheap. Finally, truck insurance in Nigeria is a splendid way to ensure that truck drivers and their vehicles enjoy proper protection from damages and accidents.
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