Driving in Nigeria can really feel like an excessive sport with the dangerous roads and recklessness of different highway customers. With the excessive price of highway accidents in Nigeria, automotive insurance coverage is one of the best ways to guard your self, passengers, and the general public from injury and loss.
Selecting a automotive insurance coverage plan can really feel overwhelming, given the various choices and technicalities. Nonetheless, I’ve summarised all it is advisable find out about auto insurance coverage and listed the highest insurance coverage corporations and their insurance policies.
What’s Automotive Insurance coverage and Why Do You Want One?
Automotive insurance coverage, often known as auto or automobile insurance coverage, is a contract between you and an insurance coverage firm that gives monetary safety to your automotive in opposition to surprising occasions. This insurance coverage covers the prices of accidents, theft, hearth, pure disasters, and different unexpected damages, so you are not left with an enormous monetary burden when one thing goes unsuitable.
Automotive insurance coverage protects you and different highway customers. For instance, if a driver is concerned in an accident, your insurance coverage coverage can cowl the injury to a different particular person’s automobile or property and medical prices if somebody is injured.
Relying on the kind of automotive insurance coverage coverage you select, you possibly can have totally different ranges of protection.
READ ALSO: Car Prices in Nigeria vs. Dubai: Why are Cars Cheaper in Dubai?
Forms of Automotive (Auto) Insurance coverage in Nigeria
In line with the Federal Road Safety Service Commission’s (FRSC) website, there are three predominant sorts of automotive insurance coverage in Nigeria:
-
Third-Occasion Insurance coverage
That is the essential, legally required type of car insurance in Nigeria and plenty of different nations. It covers damages you trigger to different folks’s property or accidents from an accident. Third-party insurance coverage doesn’t cowl damages or losses to the insured’s automobile attributable to accidents, pure disasters, or theft.
-
Complete Automotive Insurance coverage
The excellent automotive insurance coverage covers third-party liabilities and damages to your automobile as a consequence of accidents, hearth, theft, and even pure disasters. It gives a broader vary of safety and is good for peace of thoughts.
-
Third-Occasion Hearth-Theft Insurance coverage
Third-party fire-theft insurance coverage solely covers legal responsibility and damages attributable to hearth injury to and theft of the automobile.
Listed below are 5 main insurance coverage suppliers famend for providing among the greatest insurance coverage in Nigeria.
1. AIICO Insurance coverage Plc
With a constant observe document of immediate claims settlement and robust danger administration practices, AIICO Insurance Plc is a longstanding participant within the Nigerian Insurance coverage market. They provide a wide range of plans, from complete and third-party auto insurance coverage to content material, well being, and journey insurance coverage insurance policies.
Their digital platforms simplify every thing from getting your coverage to monitoring and submitting claims.
Insurance coverage Coverage and Pricing
-
Comprehensive auto insurance: 5% per Yr, i.e., 5% of your automobile’s insured worth per yr. As an example, in case your automotive is valued at 1,000,000, the annual premium can be 50,000.
-
Third-Party Auto Insurance Policy: The value of this coverage ranges from 15,000 to 100,000 per yr, relying in your bundle and automobile kind.
Get a Quote: AIICO PLC
Learn Additionally: GTBank’s POS with Free Transactions – Here’s What You Should Know.
2. AXA Mansard Insurance coverage Plc
AXA Mansard leverages the worldwide experience of its guardian firm, the AXA Group, to offer distinctive customer-centric insurance coverage options. Awarded the eKomi Bronze seal of approval and a excessive customer service rating, AXA Mansard is a wonderful selection for these in search of a dependable insurance coverage firm in Nigeria.
They provide a wide range of customisable motor insurance coverage: AutoFlex, AutoPlus, AutoClassic, and AutoGo, however their pricing particulars should not publicly listed on their website.
Get a Quote: AXA Mansard Auto Insurance.
3. Leadway Assurance Plc
How an organization treats its employees displays its values. Ninety per cent of employees at Leadway Assurance say it’s a great place to work. Established in 1970, Leadway Assurance Plc is thought to be one among Nigeria’s foremost insurance coverage corporations for its effectivity and buyer reliability.
Insurance coverage Coverage and Pricing
-
Third-party Insurance coverage: This coverage is priced based mostly on automobile class. Non-public automobiles are priced at 15,000 yearly, whereas business automobiles vary from 20,000 to 100,000 yearly.
Get a Quote: Purchase Leadway Third-Party Insurance.
Worth: 30,000/yr. Get a Quote: Leadway Third-Party Auto Base Insurance.
The pricing particulars for the Complete and Third-party Scratch Card Insurance coverage Coverage should not publicly listed on their website.
READ ALSO: Charcoal Toothpaste: Pros, Cons, and Top Brands in Nigeria.
4. Mutual Advantages Assurance Plc
Mutual Benefits Assurance is praised for swift claims processing and aggressive pricing. It’s good for these seeking to meet authorized necessities with minimal stress. They provide comprehensive auto insurance at a premium of fifty,000 and third-party auto insurance at a premium of 15,000.
How you can Select the Proper Auto Insurance coverage Plan
Selecting automotive insurance coverage can really feel overwhelming. Here’s a checklist for you:
-
Assess your protection wants. Be honest with your self and critically assess your driving habits, price range, and danger tolerance.
-
Evaluate totally different insurance coverage corporations and their packages and costs.
-
Determine based mostly on worth and never pricing.
-
Evaluate the high-quality print. At all times examine exclusions, declare procedures and different situations earlier than signing.
-
Search for perks like free automobile inspections, annual inspections, and so forth.
Whether or not you are simply making an attempt to remain authorized on the highway or need full protection for peace of thoughts, the suitable automotive insurance coverage plan makes all of the distinction. Don’t wait till one thing goes unsuitable earlier than defending your self, your automotive, and others.
