If you have been following insurance Info then you know I am an advocate for having and maximizing your car insurance, particularly if you are driving in Lagos. We have talked about third party liability insurance, uninsured insurance and comprehensive insurance. We would like to bring you up to speed on some car insurance terminologies, to keep you well informed:

Insurance Premium
Insurance premium is the amount you would pay to the insurance company to insure your car. For instance, if you buy a car for N1 million, the insurance company could charge you 4% to insure the vehicle. So, you would pay N40,000 (4/100 * 1,000,000) a year to insure your car. That N40,000 is the insurance premium. The percentage they charge is negotiable especially if you are insuring more than one car. So, make sure to haggle with your insurance agent.

https://insuranceinfong.com/car-insurance-terminologies/