Driving in Nigeria can really feel like an excessive sport with the dangerous roads and recklessness of different street customers. With the excessive price of street accidents in Nigeria, automobile insurance coverage is one of the simplest ways to guard your self, passengers, and the general public from harm and loss.
Selecting a automobile insurance coverage plan can really feel overwhelming, given the numerous choices and technicalities. Nonetheless, I’ve summarised all it’s essential to learn 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 car insurance coverage, is a contract between you and an insurance coverage firm that gives monetary safety on your automobile 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 mistaken.
Automotive insurance coverage protects you and different street customers. For instance, if a driver is concerned in an accident, your insurance coverage coverage can cowl the harm to a different individual’s car or property and medical prices if somebody is injured.
Relying on the kind of automobile insurance coverage coverage you select, you’ll be able to have totally different ranges of protection.
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Varieties of Automotive (Auto) Insurance coverage in Nigeria
Based on the Federal Street Security Service Fee’s (FRSC) web site, there are three principal kinds of automobile insurance coverage in Nigeria:
Third-Social gathering Insurance coverage
That is the essential, legally required sort of automobile insurance coverage in Nigeria and lots of different nations. It covers damages you trigger to different individuals’s property or accidents from an accident. Third-party insurance coverage doesn’t cowl damages or losses to the insured’s car attributable to accidents, pure disasters, or theft.
Complete Automotive Insurance coverage
The excellent automobile insurance coverage covers third-party liabilities and damages to your car resulting from accidents, hearth, theft, and even pure disasters. It gives a broader vary of safety and is good for peace of thoughts.
Third-Social gathering Fireplace-Theft Insurance coverage
Third-party fire-theft insurance coverage solely covers legal responsibility and damages attributable to hearth harm to and theft of the car.
Listed below are 5 main insurance coverage suppliers famend for providing a number of the greatest insurance coverage in Nigeria.
1. AIICO Insurance coverage Plc
With a constant monitor document of immediate claims settlement and robust threat administration practices, AIICO Insurance coverage Plc is a longstanding participant within the Nigerian Insurance coverage market. They provide quite a lot 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 part from getting your coverage to monitoring and submitting claims.
Insurance coverage Coverage and Pricing
Complete auto insurance coverage: 5% per 12 months, i.e., 5% of your car’s insured worth per 12 months. As an illustration, in case your automobile is valued at 1,000,000, the annual premium can be 50,000.
Third-Social gathering Auto Insurance coverage Coverage: The worth of this coverage ranges from 15,000 to 100,000 per 12 months, relying in your package deal and car sort.
Get a Quote: AIICO PLC
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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 support score, AXA Mansard is a superb selection for these on the lookout for a dependable insurance coverage firm in Nigeria.
They provide quite a lot of customisable motor insurance coverage: AutoFlex, AutoPlus, AutoClassic, and AutoGo, however their pricing particulars will not be publicly listed on their web site.
Get a Quote: AXA Mansard Auto Insurance coverage.
3. Leadway Assurance Plc
How an organization treats its employees displays its values. Ninety per cent of staff at Leadway Assurance say it is an excellent place to work. Established in 1970, Leadway Assurance Plc is considered 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 car class. Non-public automobiles are priced at 15,000 yearly, whereas industrial automobiles vary from 20,000 to 100,000 yearly.
Get a Quote: Purchase Leadway Third-Social gathering Insurance coverage.
Value: 30,000/12 months. Get a Quote: Leadway Third-Social gathering Auto Base Insurance coverage.
The pricing particulars for the Complete and Third-party Scratch Card Insurance coverage Coverage will not be publicly listed on their web site.
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4. Mutual Advantages Assurance Plc
Mutual Advantages 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 complete auto insurance coverage at a premium of fifty,000 and third-party auto insurance coverage at a premium of 15,000.
The best way to Select the Proper Auto Insurance coverage Plan
Selecting automobile insurance coverage can really feel overwhelming. Here’s a guidelines for you:
Assess your protection wants. Be honest with your self and critically assess your driving habits, finances, and threat tolerance.
Examine totally different insurance coverage corporations and their packages and costs.
Resolve based mostly on worth and never pricing.
Evaluate the wonderful print. All the time test exclusions, declare procedures and different circumstances earlier than signing.
Search for perks like free car inspections, annual inspections, and so forth.
Whether or not you are simply attempting to remain authorized on the street or need full protection for peace of thoughts, the correct automobile insurance coverage plan makes all of the distinction. Don’t wait till one thing goes mistaken earlier than defending your self, your automobile, and others.
