purefella:

Mr siena asked me on the link if it was insured and i answered yes because i bought the vehicle toks and the seller said some rubbish when i called him if the vehicle was insured and it also stated on the docs that the vehicle was insured

Benez:

Bros for your stolen car. Principally, the value of the car dictates the premium. Just apply 6% on the value. That is your premium. U can reach me on 08023198878 for the breakdown of the above premium and further info.

ayo jango:

5percnt flat of d vehicle amount for comprehensive,and 2500 for third party.this does not cover fire,malicious damage.

Most insurance coys will giv u free tracker of vehicles worth 3million and above.you can try equity assurance your cert wil b ready in 5mins.

ayo jango:

@benez I belive ds forum is about respectin one another,your statement lacks experience and senile.

ayo jango:

@benez I belive ds forum is about respectin one another,your statement lacks experience and senile.

alexis800:

Hi, My name is Alex.I work wth Industrial and General Insurance (IGI), Well,it doesn't rily cost much tu insure a car worth 1m, U can call mi on dis no to enlighten u more on it, 08023853598, Alex

alexis800:

Ok, well,in summary,we ve 2 classes of Motor Insurance policy, The comprehensive and Third Party insurance, But in reality,d comprehensive has advantages dan d Third party, The merit aspect of it are--Replacement of your car,which is subject to d stated worth value of d car, The repair of your damage car as a result of accident or given u d cash owing tu d cost u expended in repairing it urself, The premium charge is 5% of d value of d car and is being paid annually, And also,if u re insure a car worth of 3m above,d company gives u free tracking device, I hpe u ok wth dis,

Benez:

@ Sienna, thanks.
House, i have spent more than 12 yrs in dis insustry. Most claimants have issues with Insurance coys at d point of claim. The issue is dat clients are not well educated b4 picking up an Ins. Policy.

Now, back to my point. I quite agree that it is 5% but for a standard Motor policy, there is an Excess, which is an amt or a %age of the would be amt claimed (whichever is greater) imposed by an Ins. Coy. For instance, an excess could be #20k or 5% of claim (whichever is greater). What it means is that, for a car of #1m, at the point of claim, if the loss/damage is #400k, d coy will find 5% of #400k. The greater btw the result and the above        #20k will now be deducted from d #400k and the bal. Is given to u. That means instead of #400k, u will get #380k subject to depreciation.

The impact is felt more in d event of a total loss/theft because basically, d coy will apply percentage which will definitely be higher than the excess amt. In the above example, if the vehicle is stolen, the excess deductible is 5% of #1m. Some clients end up bearing up to #200 - #300k because it is value that determines the excess. In otherwords, the higher d value of a vehicle, d higher d excess.

But there is a way u can negotiate at d inception of the policy that u don't want d coy to deduct any excess from your claim in the event of a future loss, so d coy will then charge u 1% of the value of d car and add it to the premium of 5% to make it 6%.

U must equally note that for vehicle theft, Insurance coys settle after three months because of investigation and to see if d car will be recovered.

This is my submission. For enquiry and patronage, call me on 08023198878  or 08173198878.

Thank u.

Benez:

@ Sienna, thanks.
House, i have spent more than 12 yrs in dis insustry. Most claimants have issues with Insurance coys at d point of claim. The issue is dat clients are not well educated b4 picking up an Ins. Policy.

Now, back to my point. I quite agree that it is 5% but for a standard Motor policy, there is an Excess, which is an amt or a %age of the would be amt claimed (whichever is greater) imposed by an Ins. Coy. For instance, an excess could be #20k or 5% of claim (whichever is greater). What it means is that, for a car of #1m, at the point of claim, if the loss/damage is #400k, d coy will find 5% of #400k. The greater btw the result and the above        #20k will now be deducted from d #400k and the bal. Is given to u. That means instead of #400k, u will get #380k subject to depreciation.

The impact is felt more in d event of a total loss/theft because basically, d coy will apply percentage which will definitely be higher than the excess amt. In the above example, if the vehicle is stolen, the excess deductible is 5% of #1m. Some clients end up bearing up to #200 - #300k because it is value that determines the excess. In otherwords, the higher d value of a vehicle, d higher d excess.

But there is a way u can negotiate at d inception of the policy that u don't want d coy to deduct any excess from your claim in the event of a future loss, so d coy will then charge u 1% of the value of d car and add it to the premium of 5% to make it 6%.

U must equally note that for vehicle theft, Insurance coys settle after three months because of investigation and to see if d car will be recovered.

This is my submission. For enquiry and patronage, call me on 08023198878  or 08173198878.

Thank u.

Dis Guy:

and in the course of investigating a stolen car, or repairing a damaged car, is there a complimentary car given to the policy holder or he will just have to leg it for 3/6months?

jbak:

This is a valid point. Its called loss of use. Most insurance policy marketers are silent about this and other points like the excess buy back.

I suppose this is because these two elements increase the percentage to be paid as premium and people are more interested in the cheapest offer.

The loss of use would also indicate how much u'll be paid if u dont have your car and for how long you'll get that pay.

Another point to note is that, at the point of renewal every year, u have an option of keeping the initial value of the car or depreciating the value as well as provision for discount in premium depending on the initial premium charged.

My candid advice is to read through the policies well and ask relevant questions(like u are doing), I didn't get to know all these until last year, after running a comprehensive insurance policy for over 4yrs.

The basic challenge usually is keeping up with the premium payment annually because once u default and something goes wrong you aint covered. Also, an assurance of getting prompt claims settlement is important. I've never made claims before but I've seen people go through a lot of hassle to get repairs done after an accident.

purefella:

Hi Nairalanders,
Please how much will it cost to insure a vehicle that is a little above 1m at time of purchase , which best insurance company can you refer someone to and is it possible to insure a nigerian used vehicle you bought at the above mentioned rate

My vehicle was once snatched  at gun pointand haven't found it almost 5months now check link below to confirm

I will advise you to use your office insurance coy if you work in a corporate org. I had accident with my Honda Accord abt 2 years ago. Cost of the car was 1.4m and they reimbursed me to the tune of N1.24m after 4 mths, Just had to fill (some forms, car pictures; then police report). Comp Insurance paid was like 5% of the cst.