The coverage of the Third Party Liability (TPL) motor insurance is limited when compared with the third party liability, fire & theft and comprehensive coverage. Notwithstanding this limitation, vehicle owners seem to still prefer the third party liability motor insurance policy. This study seeks to identify the major factors responsible for this sentiment. 300 academic staff across five tertiary institutions in Lagos were engaged in this study. Data were gathered with the use of structured questionnaire, 146 copies of the questionnaires were duly completed and found useful for the study. The data were analysed by conducting factor analysis and testing three hypotheses using correlation analysis with the aid of Statistical Package for Social Sciences (SPSS), version 20. The study found significant positive relationship existing between family size, price of insurance, number of vehicles owned and marital status and the choice of TPL motor insurance policy among academic staff of higher institutions in Lagos State. The findings of the study reflected that TPL motor insurance is preferred because it is cheap and its purchase will not mainly hinder the attainment of the needs of any family members. It is recommended that safety of life and properties other than price of motor insurance should be considered when making motor insurance policy choice and that there is need to review the law of motor insurance with the aim of expanding the mandatory minimum coverage to cater for the life and properties of the insured.
This research focused on the effect of risk attitude on the purchase of third party motor liability insurance by commercial drivers in Lagos State. The purpose of the study is to investigate whether risk attitude of commercial drivers in Lagos State affect demand for third party liability insurance. Cross sectional survey research design was adopted while Multi-Stage sampling technique comprising of stratified, purposive and quota sampling was used to select the sample size from the population of study. Data collected from the respondents were analysed with simple regression analysis using statistical package for social science (SPSS) version 21. Two hypotheses were formulated and tested. Results revealed that there is a significant relationship between commercial drivers’ attitude in Lagos and purchase of third party liability insurance. Therefore, sensitization on importance of third party liability insurance cover will improve the moral and morale hazards of commercial drivers in Lagos State. Therefore, the study recommended among other things that commercial drivers in Lagos State should be sensitized in order to improve moral hazards. This will lead to increase in the purchase of third party liability insurance claims and in the long improve their risk attitude towards motor risks
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