This insurance coverage offers financial security in case of accidents, theft, fire, vandalism, and liabilities towards third parties. There are different types of motorcycle insurance policies available to suit the needs of Nigerian riders:
- Third-Party Only (TPO): This policy covers damages or injuries caused to other people, vehicles, or property in an accident where the rider is at fault.
- Comprehensive: This comprehensive cover provides extensive protection, including accidental damage to the motorcycle, personal injuries, theft, fire, and third-party liabilities. It often includes additional benefits such as medical expenses, roadside assistance, and legal expenses.
Premiums for motorcycle insurance in Nigeria are determined based on several factors, including the rider’s age, riding experience, the type of motorcycle, its value, and the purpose of usage (e.g., commercial delivery, personal transportation).
Riders can also opt for additional add-ons or extras to enhance their policy, such as coverage for accessories, increased third-party liability limits, or coverage for pillion riders.