Basically, I would like to gather some info on auto insurance in Nigeria. I need to know the following:

1. How does auto insurance work in Nigeria
2. What types of auto insurance policies exist
3. What number of cars are registered under each type i.e. 3rd party and comprehensive
4. What are the methods of claims under each type
5. How are damaged cars recovered by insurance companies handled?
6. What number of damaged cars are disposed by insurance companies?

I would deeply appreciate anyone that can provide the above comprehensive information or give relevant references on how it can be sourced.

Please reach me on: 08083398606 or lagosmail@yahoo.com

your questions reqire a BSc Insurance Degree o....lol

i will try to answer as practical as possible with Nigeria as the core context:
the law requires a minimum of third party insurance for all vehicles plying our roads. Unfortunately, most vehicles in nigeria are not properly insured as most third party covers bought are fake. originals are sourced only from the accredited brokers or the insurance companies directly.

fixed cover rates exist in Nigeria....third party is around N5,000 while comprehensive is 5% for cars and 7.5% for Buses. you can get sweet concessions ( i got 3.5% with leadway and instalment payment spread over 3 months) if you ask and insist though. percentages on value of the vehicle

the cover includes a vehicle tracker for cars above a certain mark averagely N3m.

for claims, ensure you take pictures and document every detail...the time and description of event. in case there is human injury or death, ensure you get a police report, fill the claims form and document the event. allow a professional insurance broker review the documents before submitting. if the vehicle is still repairable, do not repair until an assessor from the insurance company reviews the vehicle. this is usually done in the premises of the workshop and discounts are often negotiated by the insurance assessors.

for total loss, the vehicle owner is indemnified dependent on the clauses in the contract.

all these process can take from as minimum as one month to up to 6 months

hope it helps

Denn: your questions reqire a BSc Insurance Degree o....lol

i will try to answer as practical as possible with Nigeria as the core context:
the law requires a minimum of third party insurance for all vehicles plying our roads. Unfortunately, most vehicles in nigeria are not properly insured as most third party covers bought are fake. originals are sourced only from the accredited brokers or the insurance companies directly.

fixed cover rates exist in Nigeria....third party is around N5,000 while comprehensive is 5% for cars and 7.5% for Buses. you can get sweet concessions ( i got 3.5% with leadway and instalment payment spread over 3 months) if you ask and insist though. percentages on value of the vehicle

the cover includes a vehicle tracker for cars above a certain mark averagely N3m.

for claims, ensure you take pictures and document every detail...the time and description of event. in case there is human injury or death, ensure you get a police report, fill the claims form and document the event. allow a professional insurance broker review the documents before submitting. if the vehicle is still repairable, do not repair until an assessor from the insurance company reviews the vehicle. this is usually done in the premises of the workshop and discounts are often negotiated by the insurance assessors.

for total loss, the vehicle owner is indemnified dependent on the clauses in the contract.

all these process can take from as minimum as one month to up to 6 months

hope it helps

Thank you very much Denn this does help certainly. Though i wanted some more detailed statistics, i deeply appreciate your response.

Pls explain to me wat the third party is. Thnks!