As a Nigerian, you will agree that the road network in Nigeria is not as smooth as it used to be. This has resulted in many accidents and damaged vehicles on the highways. If you are planning to buy a car or already have one, it is of utmost importance to protect your vehicle with the right kind of insurance policy.
Getting a car insurance policy may sound like a difficult task due to the tedious paper work involved and high rates generally charged.
Getting a car insurance policy may sound like a difficult task due to the tedious paper work involved and high rates generally charged. There are, however, simple and affordable ways of getting an auto insurance quote and obtaining a motor cover from an insurer.
The first step is to get in touch with your bank or any other financial institution that offers loans with collateral for vehicle purchase so as to secure funds for one. You can also borrow money from family or friends if you do not want to use your hard-earned savings on buying a new car. The next important thing is getting an auto insurance quote through online sources where there are several websites offering competitively priced policies as well as short-term plans that are cheaper by more than 50%. Once you have found the right deal, you should go ahead and purchase it immediately because waiting may increase the cost due to rising inflation rates along with other factors such as depreciation of Naira against Dollar etc..
But you can easily get an affordable auto insurance quote by following a simple procedure.
Finding an auto insurance quote can be a time-consuming and overwhelming task. However, you can easily get an affordable auto insurance quote by following a simple procedure.
There are many options available for getting an auto insurance quote; you can either get a quote online or over the phone, from a broker or directly from the insurer and even from your bank. It is important to compare quotes from different companies as often times one company may offer better coverage at lower rates than another company.
Although most Nigerians opt for third party insurance in order to save money, it is not in any way the best option.
Although most Nigerians opt for third party insurance in order to save money, it is not in any way the best option. This is because firstly, third party insurance does not cover damage to your own vehicle. Secondly, you will have to pay additional premium if you want theft or fire damage covered. Thirdly, if an accident occurs and the other person’s car gets damaged or stolen, it would be up to them to make a claim against their own insurer as opposed to yours which means that some drivers may never recover their losses from such incidents. Lastly and perhaps most importantly, third party insurance does not guarantee that your claim will be paid on time or even at all since Nigerian insurers are known for delaying payments due to red tape and poor management.
Here are some things you should know about auto insurance, especially when you want to go beyond third party insurance.
When it comes to insuring your car, there are a few things you should know. First of all, you want to make sure that your car is insured with comprehensive insurance coverage. This is the most important type of insurance coverage because it will protect you against more than just third party liability.
Comprehensive auto insurance protects against losses such as fire and theft (and other natural disasters), but it also covers damage caused by animals or even hail storms! In addition, if someone hits your car and causes damage in another country where no claim was previously filed for this type of accident then your comprehensive policy will cover up to 100% of the cost incurred as well as any legal fees associated with making sure that everything goes smoothly when trying to file claims after an accident happens on foreign soil like Nigeria where most people go because there's nothing else left here anymore besides crime."
What Kinds of Auto Insurance are Available?
There are two types of auto insurance available in Nigeria—comprehensive and third party. Comprehensive car insurance covers damage to your own vehicle or theft while third-party insurance only covers damage that you or your car cause others, including their property and other cars.
As you can see from the examples above, each type of car insurance has its advantages and disadvantages. The best option for you will depend on a number of factors:
Regardless of your specialization, there are two major types of auto insurance that you can opt for in Nigeria.
Regardless of your specialization, there are two major types of auto insurance that you can opt for in Nigeria: comprehensive car insurance and third-party car insurance. Comprehensive auto insurance covers damage to your own vehicle or theft, while third-party only covers damage that you or your car cause others, including their property and other cars.
These are comprehensive and third-party car insurance coverage.
The next type of insurance is called comprehensive and third-party car insurance coverage. Comprehensive insurance covers damage to your own vehicle or theft, while third-party insurance only covers damage that you or your car cause others.
Comprehensive insurance is more reliable than third party cover because it protects you from the most common risks associated with driving in Nigeria. If you have both types of coverage, it’s important to understand how they work together so that you can make informed decisions about what level of protection makes sense for your situation.
Comprehensive car insurance covers damage to your own vehicle or theft while third-party insurance only covers damage that you or your car cause others, including their property and other cars.
Comprehensive car insurance covers damage to your own vehicle or theft, while third-party insurance only covers damage that you or your car cause others.
Comprehensive car insurance is more reliable than third-party cover. It pays for the repairs to your own car, even if someone else was driving it while it was damaged. Third-party cover only pays if the other driver was at fault, but not necessarily when they were driving another vehicle (e.g., a truck).
Some people think that comprehensive is more expensive because of this extra protection—but actually it's usually cheaper overall thanks to other discounts you'll get too (for example, having an alarm fitted).
This article focuses on comprehensive car insurance because it is more reliable than third party cover.
Comprehensive car insurance is the most reliable form of car insurance. It covers damage to your own vehicle or theft, and it also protects third parties in case they are involved in an accident with your car. Third party cover only covers damages caused by you or your vehicle to other cars, property and persons.
Comprehensive cover is more reliable than third party because:
You can buy it for any type of vehicle - not just cars
It has a higher coverage limit than third party (which does not have a limit)
Physical damage as well as third party liability are covered by comprehensive
The following companies provide comprehensive car insurance:
Comprehensive Car Insurance providers in Nigeria
AXA Mansard
Allianz
AIG
NIG
Etihad
Principal
Standard Chartered
Liberty
Metlife
These are the leading comprehensive car insurance companies in Nigeria today.
These are the leading comprehensive car insurance companies in Nigeria today.
AXA Mansard
AIG Mansard
Allianz Mansard
AIA Mansard
Prudential Mansard
Eagle Mansard
NIG Mansard
Sunlife Insurance Company of Nigeria Limited (SUNLIFE)
Metlife Insurance Company of Nigeria Limited (METLIFE).
They have better coverage than third-party providers and offer value for money.
You can be sure that you will get maximum coverage for your vehicle because they have better coverage than third-party providers and offer value for money. They are also very fast in settling claims, which is a good thing. My advice to you is, if you want to save money on car insurance premiums, then this is the best company to go with.
Here are some of the best car insurance companies in Nigeria: Aiico, Axa Mansard, National Insurance Company Limited (NICL), Metropolitan Insurance Company (MIC), Nigerian National Insurance Company PLC (NNICL), United Insurance Plc and XL Insurance PLC among others which we will cover next!
Conclusion
Finally, it is important to note that auto insurance rates in Nigeria are generally high because of the cost of vehicles in the country.
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