Sleekyshuga:

I totally agree with you.. INSURANCE business remains a hard sell in Nigeria today, and there are lots of factors governing that..

• Low Income: Per capita income of the people here is very low and people tend not to take insurance as a priority against other things related to them.

• Poor Awareness: The public awareness is very low. Believe me when I say majority of Nigerians do not even know what INSURANCE entails, it's benefits etc. How then can they insure what they have no basic understanding/knowledge of? Education is key, and it should start from the primary schools.

christejames:
you are totally right bro, insurance in this country is seen by the masses as a means to exploit them. We still hv a long way to go...

jaybee3:


I don’t think low income should be an excuse simply because they must have had enough money to afford the asset that was acquired so factoring the usual 10% insurance premium shouldn’t possess much of a challenge

I honestly think it’s due to lack of common sense to be honest with you as I’ve stated earlier, the average Nigerian will be more comfortable with securing assets with prayers rather than ensuring the investment is secured by paying the upfront premium

Makes no sense for you to buy a 2M car and not bother insuring it with 200K since the car can easily be snatched on your way out of the forecourt.

Car and property insurance are actually mandatory over here

Sleekyshuga:

The 2M car bought for a 'show off', do you know how much was borrowed, and the conditions for payment?

I'll agree with common sense but sincerely, the awareness is still poor..

I'm also aware it's mandatory over there..

CornerstoneIns:
[b]This is one reason why you should insure your car, house and any other property. If the owner of that car is insured, he wouldn't worry much.

We at Cornerstone insurance plc provide you with a very affordable insurance policy for your properties.

Our comprehensive car insurance covers the following:

We get two types of car insurance: comprehensive insurance and auto variant.
Maa start with comprehensive insurance cos that's what virtually everybody prefers.

When you buy comprehensive insurance, you are actually saving yourself from unnecessary and necessary future expenses. It covers the following
* Loss of or damage to the car resulting from accidental collision or overturning, fire or theft.

* Unlimited liability for death/bodily injury to third parties (meaning we'll foot the bills whatever it may be if you happen to hit someone with your insured car and the person sustains some injuries or dies)

*Liability for damage to third parties (meaning if you use your insured car take damage person property like you hit someone's fence, we'll foot the bills)
Comprehensive insurance also covers damage of car resulting from riot or civil commotion

*personal accident for death for death/permanent disablement to the occupants of the car up to a limit of #1,000,000.00

*Medical expenses for injury sustained by the occupants of the car up to a limit of #25,000

*Loss of personal clothing and effects in the car up to a limit of #100,000


Every car owner ought to buy into this juicy offer.
Call/sms us on 0 8 0 5 9 0 5 4 2 3 8[/b]

Sleekyshuga:

I totally agree with you.. INSURANCE business remains a hard sell in Nigeria today, and there are lots of factors governing that..

• Low Income: Per capita income of the people here is very low and people tend not to take insurance as a priority against other things related to them.

• Poor Awareness: The public awareness is very low. Believe me when I say majority of Nigerians do not even know what INSURANCE entails, it's benefits etc. How then can they insure what they have no basic understanding/knowledge of? Education is key, and it should start from the primary schools.

I know the issue is neither of the above. The average car owner in Nigeria is aware. On low income, your insurance premium is dependent on your car cost, so if you can buy a car_ you should be able to bring out a lil more for insuring it.

If they are not aware, why do they bother to do that fake insurance @5k or less? Nigerians are very religious people, they prefer to cover the car with the blood of Jesus, forgetting that there was a time na for church car park them thief pass.

ammyluv2002:
Vanity! I feel sorry for the owner tho.

Funny enough, this may not mean anything to him/her

jaybee3:


Have you insured your errrmm errrmmm asset?

Kachisbarbie:

I know the issue is neither of the above. The average car owner in Nigeria is aware. On low income, your insurance premium is dependent on your car cost, so if you can buy a car_ you should be able to bring out a lil more for insuring it.
If they are not aware, why do they bother to do that fake insurance @5k or less? Nigerians are very religious people, they prefer to cover the car with the blood of Jesus, forgetting that there was a time na for church car park them thief pass.

Sleekyshuga:

I dey wait to insure your body next year..


@ covering with the blood of Jesus.. Still, the masses (the myopic ones) see insurance in this country as a means to exploit them.

9ja still have a long way to go oo, Kachi...

My friend's husband bought her a Venza as a birthday gift as @March. When I saw that thread on Venza car thieves in PH recently_ I run ping my babe.

Me: Babe, you done insure that your car?
She: Insure? No, why?
Me: (I start explanation, even told her advantages and possible cost...)
before I will land sef,
She: Godforbid!! They shall not see my car, my car is a covenant car.

I'm like issokay... . Well, sometimes when you pay and nothing happens to the car, you start feeling like you have been ripped off.

Kachisbarbie:


My friend's husband bought her a Venza as a birthday gift as @March. When I saw that thread on Venza car thieves in PH recently_ I run ping my babe.

Me: Babe, you done insure that your car?
She: Insure? No, why?
Me: (I start explanation, even told her advantages and possible cost...)
before I will land sef,
She: Godforbid!! They shall not see my car, my car is a covenant car.

I'm like issokay... . Well, sometimes when you pay and nothing happens to the car, you start feeling like you have been ripped off.

agarawu23:
Lamborghini, a total waste of cash