Insurance in Nigeria is a scam.

mrvitalis:
Because people don't trust the insurance companies
Has anyone here seeing anyone they know receive insurance payment?
If insurance work without stress and people see it, u wont need to force people to get insurance

You made a solid point but what is strange about Nigeria situations is why Insurance business blossom more in Western Countries than in Africa as a whole!
In USA and UK,you can insure virtually everything and get Claims at the right time .e g the moment there is hurricane,Storms or deadly rain that enter Cars or homes,those beautiful vehicles are exchanged with the New ones while the Old or damaged ones are Shipped to Africa.
So,the owners lost nothing but Truth and Integrity is hallmark of Average Whites men,but is at variance in Africa , even in Nigeria.
We intentionally killed Insurance businesses and Companies, at the expense of Banking industry, which should not be ,as the two industry can stand,doing business altogether!

Bluntemperor:


You made a solid point but what is strange about Nigeria situations is why Insurance business blossom more in Western Countries than in Africa as a whole!
In USA and UK,you can insure virtually everything and get Claims at the right time .e g the moment there is hurricane,Storms or deadly rain that enter Cars or homes,those beautiful vehicles are exchanged with the New ones while the Old or damaged ones are Shipped to Africa.
So,the owners lost nothing but Truth and Integrity is hallmark of Average Whites men,but is at variance in Africa , even in Nigeria.
We intentionally killed Insurance businesses and Companies, at the expense of Banking industry, which should not be ,as the two industry can stand,doing business altogether!

Integrity is not the hallmark of the white man
Black man have more integrity than the white man

Difference here us simply the consequences set by the two states

What's the consequences of not having integrity in Europe or America? Poor credit score..., poor reference and you n I know the consequences of those

What's the consequences of not having integrity in Nigeria? Lol u know there is no consequences

People are not good based on nature they become good for fear of the consequences of being bad

DaddyJapan:


Source: https://leadership.ng/only-25-of-vehicles-in-nigeria-insured-frsc-nia

All the 3rd party insurance are fake and more meaningless. It is a money making instrument for those incompetent guys wearing one annoying white and black.

The limit of the cover most of the time is not more than 25k , so what's the essence even for the little ones that are genuine -those not bought through the white and black people .

Fck vehicles, how many human lives is insured?

I doubt if it’s up to that.

mrvitalis:
Because people don't trust the insurance companies

Has anyone here seeing anyone they know receive insurance payment?

If insurance work without stress and people see it, u wont need to force people to get insurance

received 50k and 90k in 2017 /2019 for car repairs and new bumper from an insurance company 🙄

Nah statistics we go chop?

This people should stop the lies, cars won't have insurance and Nigeria police wouldn't have used them to chop...

There comment should have been only 25% of total Nigeria cars has comprehensive insurance..

People only do third party

babeface3:


All the 3rd party insurance are fake and more meaningless. It is a money making instrument for those incompetent guys wearing one annoying white and black.

The limit of the cover most of the time is not more than 25k , so what's the essence even for the little ones that are genuine -those not bought through the white and black people .

I beg to differ as your assertions are wrong.

Genuine third party policy costs 15k and cover up to 3m 3rd party damages and unlimited amount for injury or death caused a 3rd party.

Bro, any amount less than 15k is fake, na fake insurance be that and not tender 'able for claims.

Raysleek:
If insurance was accountable in Nigeria especially 3rd party people won't hesitate.
It is hard for a private car owner not to be insured with at least a 3rd party insurance. The culprits are the transporters yellow buses korope etc. Frsc are on the road they rather bow to the transporters that have violent unions.

Frsc is worse than police, only that they don't have much interaction with the populace.

babeface3:


All the 3rd party insurance are fake and more meaningless. It is a money making instrument for those incompetent guys wearing one annoying white and black.

The limit of the cover most of the time is not more than 25k , so what's the essence even for the little ones that are genuine -those not bought through the white and black people .

Really?

So why paying 15k to have access to 25k damages. That's just 10k gain

MT:


Really?

So why paying 15k to have access to 25k damages. That's just 10k gain

That's not correct. 15k premium enables you to claim 3million for 3rd party damages and unlimited amount to injury or death caused the third party.

Hopez456:
I beg to differ as your assertions are wrong.

Genuine third party policy costs 15k and cover up to 3m 3rd party damages and unlimited amount for injury or death caused a 3rd party.

Bro, any amount less than 15k is fake, na fake insurance be that and not tender 'able for claims.

Pls check well. What's the share capital of those companies. Have you seen anyone that got genuine claims from 3rd party insurance ? If there is any such person let him indicate pls

Hopez456:
That's not correct. 15k premium enables you to claim 3million for 3rd party damages and unlimited amount to injury or death caused the third party.

Thank you.

I responded based on what the guy wrote earlier.