faithin9ja: Insurance premiums are too low in Nigeria, a flat rate of 5% does not justify the real cost of risk. in other countries premiums are calculated depending on your driving experience, your age, gender, where you live and other factors. In Nigeria everybody is expected to pay 5% flat rate regardless if you are the worse driver in the world, third party, fire and theft is even just a fixed fee regardless of even the car!!!

how do you expect insurance companies to pay up N17 million for a truck, when the premium they collected was N800k

linearity:

5% flat insurance premium is too much....insurance coverage works on the law of large number....even in the USA where insurance is metered based on individual risk, etc...those who fall into the high risk insurance pool do not pay upto 5%.....my two cars two driver insurance runs around 1.8%

fstranger6:

1.8% of what?

linearity:

both cars were bought new.....insurance is around 1.8% of the cost price...not that insurance is based on the cost of the car...it is base on a lot of criteria like gender, age, when u first start driving, educational level, where u live, where the vehicle is parked at night, ur driving history, u own a house vs renting, average miles driven per year, general usage of the vehicle, etc....

faithin9ja: Insurance premiums are too low in Nigeria, a flat rate of 5% does not justify the real cost of risk. in other countries premiums are calculated depending on your driving experience, your age, gender, where you live and other factors. In Nigeria everybody is expected to pay 5% flat rate regardless if you are the worse driver in the world, third party, fire and theft is even just a fixed fee regardless of even the car!!!

how do you expect insurance companies to pay up N17 million for a truck, when the premium they collected was N800k

manny4life:

1.8% of both cars? Are you serious or just joking? Assuming that the estimated book value of your car is $50,000 and you have a 1.8% annual premium, so you're convincing us that you're paying $900 annually for both cars, BRAND NEW? I mean regardless of the fact that it's brand new, maybe you're an excellent driver, you drive avg miles on he car, etc

Keep in mind that I used $50,000 for both cars, what this means is that, the higher the value of the car, obviously the higher the premium.

boladez: Insurance companies do pay claims and you need to get a broker to explain all the fine print to you.

However IGI does not pay claims and they are like a large ministry. The company is messed up when it comes to paying claims. The place is run like a family business. I have fought them to a standstill in the past

In the event of an accident;

Thank God for your life
get the car to the garage and do not attempt to effect repairs without taking pictures
Report in writing to the insurance company or the agent
Take pictures including the plate number of the vehicle and ensure dent or breakage is clear.
Fill the insurance claims form and submit to the insurance coy ensure you get an acknoledgement copy
if they do not send the engineers to inspect the car in 3 to 4 days write them and tell them you will commence repairs in the light of their apathy
After the inspection, let them negotiate directly with your garage
They will give you a go ahead to commence repairs
Hopefull you will get paid within one month

Novice1: IGI made me go thru hell b4 settling my claim for a fender bender. Hell, I even gotpissed off and did the repirs myself b4 they paid me much later

exxell: Try GTB assure. I think they have something good. But make sure they explain everything down to earth to you because they can be too proffessional and logical in their language.

mbulela:
folks should get a lawyer to read through the stuff they are signing.