- February 3, 2021
- Posted by: nlip-nigeria
As required by section (53) the Motor Vehicles (Third Party Insurance) Act 1945, this insurance policy is made compulsory for owners & drivers of vehicles, motorcycles and other special type vehicles (both private and commercial). It is the minimum cover required for vehicle owners and covers against liabilities such as death, damage to property or bodily injury of a third party arising due to the use of the insured vehicle on public roads.
Penalty for default is N100,000 or six months imprisonment or both in first conviction
Then N200,000 or one-year imprisonment or both in second conviction