₦airaland Forum

The typical Nigerian buys third party auto insurance simply because they are required to buy it. The third party insurance is supposed to cover the cost of repairs when you damage someone’s car or property. However, most people usually do not make claims when involved in accidents. They end up paying for the damage, meaning that Nigerian drivers are not getting value for their third party insurance.

The average Nigerian driver pays about N5,000 for third party car insurance. By not using it, they are giving free money to the insurance companies. This leaves Nigerian drivers feeling exasperated, and seemingly having no one to turn to. But there is hope, there are ways to ensure that you get value for your third party insurance.

continue to read https://insuranceinfong.com/how-to-get-value-for-your-third-party-insurance/

Growing up, I had a best friend. We were so close you just needed to look for one of us to find the other one. After secondary school, I left for the US to go to University. He went to university briefly in Naija then decided it wasn’t for him and went into doing business instead.

When I returned to Nigeria, we reconnected naturally. One day I went to his shop in Ladipo where he sells tires- a very lucrative business but one that looks wretched from the outside- and we took a walk to search for a product I needed.

Suddenly, we walked up to a minivan with a “for sale” sign on it, and someone was sitting in it at the driver’s side. He walked up to the person and asked him how much he was willing to sell the car for. The man replied “2.3 million”. He priced it down to 2.1 million and the guy agreed. He said he would be back.

I asked him if he wanted to buy the Sienna, and he said “no oh, I want hustle.” Then he got on his phone and called his neighbour.

continue reading https://insuranceinfong.com/why-you-should-buy-insurance-yourself/

I was scrolling through my Facebook timeline the other day when I saw a picture with the caption, “your car is parked in your premises, rain fell and your neighbour’s fence fell and damaged the car, who will bear the consequences, the neighbour or the car owner?” This, by the way, adds to more reasons why you should have comprehensive car insurance.

The first thing that came to my mind was that the fence technically belongs to the two of you. The second, is that most people that would face these circumstances would probably be tenants. As such, they won’t have much recourse. The landlord would leave them to their own fate.

I immediately flashed back to when I was leaving in a mini flat off Adeniran Ogunsanya. I was the first tenant into the flat as it was a brand new building. Unfortunately, the landlord tried to cut cost by any means necessary.

continue reading https://insuranceinfong.com/more-reasons-why-you-should-have-comprehensive-insurance/

One day, I was driving on Eko bridge when traffic suddenly started to gather ahead of me. I slowed down in time to avoid hitting the car in front of me. Then, I looked through my rear-view mirror and I saw a minivan coming at me faster than necessary. It immediately became clear to me that the car would hit me. I braced myself for the hit and it was a major hit. It jerked me and I immediately knew that the damage was going to be significant.

I came out of the car and the guy driving the minivan was a young guy in his mid 30s. Immediately, he started begging that he was sorry, his brake didn’t “catch” in time and I should please forgive him.

I was in a hurry as I had an appointment on the Island, and I couldn’t afford to be late. So, I asked him if he had car insurance.

” I am sorry, abeg no vex, I am very sorry, I no get insurance” he rebutted.

Bro, if you have a car registered in Nigeria, you have liability insurance, just give me the details and I will be on my way.

“Bros, please I don’t have insurance, please have mercy on me. You don’t know where I may be able to help you tomorrow”

continue reading here https://insuranceinfong.com/why-you-should-know-what-your-insurance-covers/

Today I want to cover uninsured and under insured insurance coverage which is another less known insurance option in Nigeria. I found out about it when I inquired about it with my insurance agent back in the US.

As a student in the US, I couldn’t afford comprehensive insurance and by law you had to have liability insurance. Although some people still didn’t have insurance because they couldn’t afford it.

A drunk driver hit me from behind smashing my bumper. The force of the hit pushed me to hit the car in front of me. It turned out that the drunk driver didn’t have car insurance. The cops arrested the driver for drunk driving and driving without insurance.

The insurance company of the person I hit came after my insurance company since the other person didn’t have car insurance.

My insurance company paid to cover the cost of the repairs for the person that I hit but not mine. As a student, I couldn’t afford to fix it, so I drove it like that for six months!

continue reading https://insuranceinfong.com/uninsured-and-under-insured-insurance-coverage/

Have you ever had to get a police report for a car insurance claim? I learnt first hand how police report hinders insurance claims.

While driving home the other day, my car started giving me signs something was wrong at Apongbon. But I couldn’t take a chance to stop there at 7 pm. So, I kept driving and praying to God that I made it home before the car broke down.

When I got to Bode Thomas, the car suddenly stopped. Bode Thomas is a safer environment than Apongbon so I was a bit relieved. I came down, opened the hood of my car and the smell of burning rubber immediately hit me.

I called my mechanic and asked him to send me a tow company to come and tow my car as it was evident I couldn’t drive it anymore. While I waited for the tow company, a guy pulled up and asked if he could help

continue reading https://insuranceinfong.com/police-report-hinders-claims/

Have you ever wondered if you should get excess buyback with your car insurance policy? In our last article, we talked about my car being vandalized while being towed to the mechanic’s shop. The damage to the vehicle was so severe it took 2 weeks to repair.

Throughout that two weeks, the insurance company provided me with a similar car to the one I drive. In addition, they provide me with a driver. The driver picked me up every morning and took me to work. Then he parked in my office premises and took me wherever I needed to go to during the day. If I had no where to go, the driver stayed at office premises. He then would take me home when I was ready to go home.

continue reading https://insuranceinfong.com/get-excess-buyback/

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/