Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,153,128 members, 7,818,383 topics. Date: Sunday, 05 May 2024 at 02:03 PM

Car Insurance In Nigeria: All You Need To Know - Car Talk - Nairaland

Nairaland Forum / Nairaland / General / Car Talk / Car Insurance In Nigeria: All You Need To Know (22908 Views)

5 Reasons Why Car Insurance Is Better Than Car Tracker / Essence Of Insurance In Car Particulars in naija / 8 Methods To Minimize The Price Of Your Car Insurance Coverage. (2) (3) (4)

(1) (2) (3) (Reply) (Go Down)

Car Insurance In Nigeria: All You Need To Know by AutoReportNG: 7:00pm On Mar 17, 2017
According to dictionary.com, insurance is being defined as an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium. Nothing gets an average Nigerian scared that the word Insurance due to some misconceptions or maybe due to some experience they with the firm. It is a known fact that driving around in Lagos needs special skills, and a whole lot of patience. But what we don’t really know is how to keep safe on the roads and most importantly, how to protect ourselves from any type of accident.

[img]https://4.bp..com/-Azl8w6brBg8/WMwiZH8F1ZI/AAAAAAAAI7A/DGeFIjA0pycKWGxDww4VCiOsmzLkws9bQCLcB/s640/insure.png[/img]

Insurance is mandatory for car users and owners in Nigeria as an accident can not be predicted even though we all pray for journey mercies whenever we step out every day. Here are some reasons why you need car insurance.

1) It’s an act, it's the law
Ever heard of third party insurance act? Well, that act is not there as a joke, that act was made for drivers in Nigeria to have at least a third party insurance cover to drive on the road. Most states require drivers to possess bodily injury and property damage liability to drive legally. Hence the need for comprehensive insurance.

2. Insurance is an investment
After receiving auto car loans, getting a policy is the next step to protecting the substantial investment you’ve made on your vehicle. After buying a home, purchasing a car is probably one of the biggest investments you’ll ever make, so you want to do all you can to preserve it.

3. It is your health insurance in case an accident occurs
If you don’t have health insurance or have a minimal coverage, applying for policies that offer medical payments coverage can help you pay for collision-related medical expenses up to a certain amount.

4. It protects your assets from liability lawsuits
Having liability lawsuits for body injuries or property damages can bring you to financial ruin if you don’t have adequate protection, nut if you have a liability coverage, it will pay for your legal defense and keep your assets out of jeopardy.

5. Cover damages to your vehicle from unexpected events
Let’s face is, this is Nigeria. Anything can happen at anytime. Your car could be stolen, vandalized, or damaged by weather or a host of other contingencies at any time. Your car insurance will protect you from these losses that might ensue.

6. Your vehicle is covered even after a collision
Some policies will include rental reimbursement coverage, which helps you pay for the cost of a rental car after you are involved in a covered accident. This way, you will have a way to get around while your automobile is being replaced or repaired.

7. Keep your vehicle’s accessories safe
You can apply for pricing estimates on policies that include additional protections, such as CD or stereo coverage. This will pay for losses in the event that your CD’s or stereo equipment is stolen.

8. Prevents an accident from forcing you into bankruptcy
One serious collision is sometimes enough to put the uninsured on the brink of bankruptcy. Without insurance, you could lose everything, and that is not worth the risk. The money you would have to spend on medical expenses, lawsuit judgments, and repairs is well worth the investment in a plan.

9.Third Party Property damage
Car Insurance covers third party, third party property damage and unlimited legal liability that might arise in the process.

10. Peace of mind
Last but not least, the peace of mind that comes with knowing you have insurance is absolutely priceless. Comparing quotes on quality plans can help you drive with more confidence because you will know that you are protected against whatever may happen to you on the road.

Below are some few good Insurance companies that can provide trusted services.....

AIICO Insurance PLC.
IGI Insurance.
Axa Mansard
Old Mutual Nigeria.
Cornerstone Insurance.
Consolidated Hallmark Insurance.
FBN Life.
Leadway Assurance PLC.
Zenith Insurance PLC etc


Source
http://www.autoreportng.com/2017/03/car-insurance-in-nigeria-top-10-tips-on.html

6 Likes 4 Shares

Re: Car Insurance In Nigeria: All You Need To Know by AutoReportNG: 7:02pm On Mar 17, 2017
Do you agree or you have different story to tell about Car Insurance?

Pls lets hear your stiry

Read more here

http://www.autoreportng.com/2017/03/car-insurance-in-nigeria-top-10-tips-on.html
Re: Car Insurance In Nigeria: All You Need To Know by potent5(m): 7:36pm On Mar 17, 2017
Does Lagos state require cars to have comprehensive insurance scheme? Any law to that effect?

3 Likes 1 Share

Re: Car Insurance In Nigeria: All You Need To Know by Nobody: 7:40pm On Mar 17, 2017
I take God beg you, add Axa Mansard in the list of good insurance companies. I run an auto, health and 'life' insurance with them. They even dash me rayban last year... cheesy

In Nigeria, most people cover their cars with the 'blood of Jesus'.

29 Likes 3 Shares

Re: Car Insurance In Nigeria: All You Need To Know by AutoReportNG: 7:45pm On Mar 17, 2017
PaperLace:
I take God beg you, add Axa Mansard in the list of good insurance companies. I run an auto, health and 'life' insurance with them. They even dash me rayban last year... cheesy

In Nigeria, most people cover their cars with the 'blood of Jesus'.

LOL... See Advert, but I guess their CC is poor, I read they hardly reply mails or tweets, is that true?
Re: Car Insurance In Nigeria: All You Need To Know by Nobody: 8:23pm On Mar 17, 2017
AutoReportNG:


LOL... See Advert, but I guess their CC is poor, I read they hardly reply mails or tweets, is that true?
Na testimony,no be advert grin.
I send them mails, and they respond swiftly. Maybe I have been lucky, but I'll sure tell them what you think about their CC.
When it's comes to indemnifying, they've been tested and trusted.

potent5:
Does Lagos state require cars to have comprehensive insurance scheme? Any law to that effect?
Require? As in mandate? I doubt any state government makes it mandatory, it's recommended but not not mandatory.
That said, third-party insurance is mandatory for every car owner in Nigeria_ just ensure it's gotten from a genuine insurance company.

If you decide to take it a step further by purchasing a comprehensive vehicle insurance, it should 'override' the mandatory 3rd party insurance.

9 Likes

Re: Car Insurance In Nigeria: All You Need To Know by potent5(m): 10:50pm On Mar 17, 2017
PaperLace:

Na testimony,no be advert grin.
I send them mails, and they respond swiftly. Maybe I have been lucky, but I'll sure tell them what you think about their CC.
When it's comes to indemnifying, they've been tested and trusted.


Require? As in mandate? I doubt any state government makes it mandatory, it's recommended but not not mandatory.
That said, third-party insurance is mandatory for every car owner in Nigeria_ just ensure it's gotten from a genuine insurance company.

If you decide to take it a step further by purchasing a comprehensive vehicle insurance, it should 'override' the mandatory 3rd party insurance.
Thanks, man. cool
PaperLace:

Na testimony,no be advert grin.
I send them mails, and they respond swiftly. Maybe I have been lucky, but I'll sure tell them what you think about their CC.
When it's comes to indemnifying, they've been tested and trusted.


Require? As in mandate? I doubt any state government makes it mandatory, it's recommended but not not mandatory.
That said, third-party insurance is mandatory for every car owner in Nigeria_ just ensure it's gotten from a genuine insurance company.

If you decide to take it a step further by purchasing a comprehensive vehicle insurance, it should 'override' the mandatory 3rd party insurance.
Thanks, man.
Re: Car Insurance In Nigeria: All You Need To Know by Drversatile: 7:29am On Mar 18, 2017
Where is "Royal Exchange " tested trusted and reliable.

1 Like

Re: Car Insurance In Nigeria: All You Need To Know by bluehorizo(m): 7:32am On Mar 18, 2017
Abeg put GNI on there. Great Nigeria Insurance. I took out a comprehensive policy with them. I was surprised when I was paid 630,000 after I had an accident in 2011. The building I flew into was also renovated. I did not believe that insurance work in this country until I experienced it.

3 Likes 1 Share

Re: Car Insurance In Nigeria: All You Need To Know by Nobody: 7:33am On Mar 18, 2017
PaperLace:
I take God beg you, add Axa Mansard in the list of good insurance companies. I run an auto, health and 'life' insurance with them. They even dash me rayban last year... cheesy

In Nigeria, most people cover their cars with the 'blood of Jesus'.

I agree with you.
I've been using mansard and have no regrets whatsoever.
Just last year alone I had a major accident and it cost me about 245k to get it fixed.
Immediately I made claims, they paid. No hassles at all.

3 Likes 1 Share

Re: Car Insurance In Nigeria: All You Need To Know by zainabicy: 7:33am On Mar 18, 2017
Op, this 1000 naira insurance , wey we dey do for Vio office ?

Is it any good ?

It's typed and all, your name printed on it an all...
Re: Car Insurance In Nigeria: All You Need To Know by youngwolf(m): 7:34am On Mar 18, 2017
Op include Wapic insurance. They are an emerging force in d industry.
Re: Car Insurance In Nigeria: All You Need To Know by gohzieh(m): 7:38am On Mar 18, 2017
story. For all i know insurance aint for this country.
Re: Car Insurance In Nigeria: All You Need To Know by LordVoldemort(m): 7:39am On Mar 18, 2017
K
Re: Car Insurance In Nigeria: All You Need To Know by Exponental(m): 7:41am On Mar 18, 2017
Insurance is peace of mind truly! Health insurance is most-peacest of mind if you have it!
Re: Car Insurance In Nigeria: All You Need To Know by Emmerlee(m): 7:46am On Mar 18, 2017
zainabicy:
Op, this 1000 naira insurance , wey we dey do for Vio office ?

Is it any good ?

It's typed and all, your name printed on it an all...

N1000 Insurance? That's certainly fake.. popularly known as "police pass". No genuine Insurance Company will sell an original policy for 1k. Even original third party insurance cover goes for N5000 at the moment.

You'll realize how fake it is when it's time for claims. These fake policies are sold by criminals lurking around VIO offices and I often wonder why they are not apprehended if not that... your guess is as good as mine*

I suggest you only renew your vehicle license and road worthiness in those offices and proceed to buy your insurance from the main insurance companies, their agents, your trusted agents or make use of free insurance quote services online.

1 Like 1 Share

Re: Car Insurance In Nigeria: All You Need To Know by Nobody: 7:48am On Mar 18, 2017
Cool
Re: Car Insurance In Nigeria: All You Need To Know by Sij01(m): 7:52am On Mar 18, 2017
That List isn't complete without ANCHOR INSURANCE.

The Best both in 3rd parties & Flexible Comprehensive Insurance as low as 2%.
Just pick your preferred package.
Unbelievable swift Claims response...

ANCHOR also Insures your monthly salary
Loss of Employment Insurance Scheme.

https://www.nairaland.com/3671077/anchor-insurance-loeis

1 Like 1 Share

Re: Car Insurance In Nigeria: All You Need To Know by Ayo25: 7:54am On Mar 18, 2017
zainabicy:
Op, this 1000 naira insurance , wey we dey do for Vio office ?

Is it any good ?

It's typed and all, your name printed on it an all...
To test the genuiness of any Insurance policy, go to www.askniid.org and input vehicle number. Contact me for Vehicle papers renewal @VIS Wharf Zone or call Ayo on 08183844095
Re: Car Insurance In Nigeria: All You Need To Know by Oluomo578: 7:56am On Mar 18, 2017
What of LINKAGE ASSURANCE PLC, they settled my comprehensive motor insurance claims within 24 hours after signing discharge voucher.....

1 Like

Re: Car Insurance In Nigeria: All You Need To Know by koife(m): 8:01am On Mar 18, 2017
Well I am of FBN life, if you have any inquiries of any General of life insurance policies kindly linkup with me.
08030972730

Re: Car Insurance In Nigeria: All You Need To Know by datola: 8:32am On Mar 18, 2017
AXA Mansard, formerly GT Assurance is highly recommended. They are very professional and pays claims promptly.

I have used them for years.

1 Like

Re: Car Insurance In Nigeria: All You Need To Know by GoodMuyis(m): 9:06am On Mar 18, 2017
AutoReportNG:
Do you agree or you have different story to tell about Car Insurance?

Pls lets hear your stiry
Lalasticlala, Seun, Marpol

Another good one.

But what if I did not experience any accident, What will then be my ROI on to insurance then?

I know one can use the previously accumulated insurance to upgrade to a higher premium. But still if their is no damages, how do I get back from my investment in insurance
Re: Car Insurance In Nigeria: All You Need To Know by osca234: 9:26am On Mar 18, 2017
how can I get insurance cover for my poultry business? how will it be of benefits to me?

1 Like

Re: Car Insurance In Nigeria: All You Need To Know by koife(m): 9:57am On Mar 18, 2017
AutoReportNG:
According to dictionary.com, insurance is being defined as an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium. Nothing gets an average Nigerian scared that the word Insurance due to some misconceptions or maybe due to some experience they with the firm. It is a known fact that driving around in Lagos needs special skills, and a whole lot of patience. But what we don’t really know is how to keep safe on the roads and most importantly, how to protect ourselves from any type of accident.

[img]https://4.bp..com/-Azl8w6brBg8/WMwiZH8F1ZI/AAAAAAAAI7A/DGeFIjA0pycKWGxDww4VCiOsmzLkws9bQCLcB/s640/insure.png[/img]

Insurance is mandatory for car users and owners in Nigeria as an accident can not be predicted even though we all pray for journey mercies whenever we step out every day. Here are some reasons why you need car insurance.

1) It’s an act, it's the law
Ever heard of third party insurance act? Well, that act is not there as a joke, that act was made for drivers in Nigeria to have at least a third party insurance cover to drive on the road. Most states require drivers to possess bodily injury and property damage liability to drive legally. Hence the need for comprehensive insurance.

2. Insurance is an investment
After receiving auto car loans, getting a policy is the next step to protecting the substantial investment you’ve made on your vehicle. After buying a home, purchasing a car is probably one of the biggest investments you’ll ever make, so you want to do all you can to preserve it.

3. It is your health insurance in case an accident occurs
If you don’t have health insurance or have a minimal coverage, applying for policies that offer medical payments coverage can help you pay for collision-related medical expenses up to a certain amount.

4. It protects your assets from liability lawsuits
Having liability lawsuits for body injuries or property damages can bring you to financial ruin if you don’t have adequate protection, nut if you have a liability coverage, it will pay for your legal defense and keep your assets out of jeopardy.

5. Cover damages to your vehicle from unexpected events
Let’s face is, this is Nigeria. Anything can happen at anytime. Your car could be stolen, vandalized, or damaged by weather or a host of other contingencies at any time. Your car insurance will protect you from these losses that might ensue.

6. Your vehicle is covered even after a collision
Some policies will include rental reimbursement coverage, which helps you pay for the cost of a rental car after you are involved in a covered accident. This way, you will have a way to get around while your automobile is being replaced or repaired.

7. Keep your vehicle’s accessories safe
You can apply for pricing estimates on policies that include additional protections, such as CD or stereo coverage. This will pay for losses in the event that your CD’s or stereo equipment is stolen.

8. Prevents an accident from forcing you into bankruptcy
One serious collision is sometimes enough to put the uninsured on the brink of bankruptcy. Without insurance, you could lose everything, and that is not worth the risk. The money you would have to spend on medical expenses, lawsuit judgments, and repairs is well worth the investment in a plan.

9.Third Party Property damage
Car Insurance covers third party, third party property damage and unlimited legal liability that might arise in the process.

10. Peace of mind
Last but not least, the peace of mind that comes with knowing you have insurance is absolutely priceless. Comparing quotes on quality plans can help you drive with more confidence because you will know that you are protected against whatever may happen to you on the road.

Below are some few good Insurance companies that can provide trusted services.....

AIICO Insurance PLC.
IGI Insurance.
Axa Mansard
Old Mutual Nigeria.
Cornerstone Insurance.
Consolidated Hallmark Insurance.
FBN Life.
Leadway Assurance PLC.
Zenith Insurance PLC etc


Source
http://www.autoreportng.com/2017/03/car-insurance-in-nigeria-top-10-tips-on.html
call 08030972730
https://www.fbninsurance.com
Re: Car Insurance In Nigeria: All You Need To Know by olujaidi: 10:04am On Mar 18, 2017
osca234:
how can I get insurance cover for my poultry business? how will it be of benefits to me?

http://www.naic.gov.ng/services

1 Like 1 Share

Re: Car Insurance In Nigeria: All You Need To Know by lonelydora: 10:10am On Mar 18, 2017
For cars, I do only Third Party Insurance just to pass police checkpoints, after all, my car is covered with the Blood of Jesus.
Re: Car Insurance In Nigeria: All You Need To Know by lonelydora: 10:13am On Mar 18, 2017
AutoReportNG:


LOL... See Advert, but I guess their CC is poor, I read they hardly reply mails or tweets, is that true?

Their Customer Care is the worst. They feel too big just like their parent company, GTbank
Re: Car Insurance In Nigeria: All You Need To Know by egheneezekielsu: 11:14am On Mar 18, 2017
Do you need a website for your business ? or A website of anykind Contact me on whatsapp via 08037205687 or phone call
Re: Car Insurance In Nigeria: All You Need To Know by shaicollins(m): 11:34am On Mar 18, 2017
[quote author=AutoReportNG post=54687488]According to dictionary.com, insurance is being defined as an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium. Nothing gets an average Nigerian scared that the word Insurance due to some misconceptions or maybe due to some experience they with the firm. It is a known fact that driving around in Lagos needs special skills, and a whole lot of patience. But what we don’t really know is how to keep safe on the roads and most importantly, how to protect ourselves from any type of accident.

[img]https://4.bp..com/-Azl8w6brBg8/WMwiZH8F1ZI/AAAAAAAAI7A/DGeFIjA0pycKWGxDww4VCiOsmzLkws9bQCLcB/s640/insure.png[/img]

Insurance is mandatory for car users and owners in Nigeria as an accident can not be predicted even though we all pray for journey mercies whenever we step out every day. Here are some reasons why you need car insurance.

1) It’s an act, it's the law
Ever heard of third party insurance act? Well, that act is not there as a joke, that act was made for drivers in Nigeria to have at least a third party insurance cover to drive on the road. Most states require drivers to possess bodily injury and property damage liability to drive legally. Hence the need for comprehensive insurance.

2. Insurance is an investment
After receiving auto car loans, getting a policy is the next step to protecting the substantial investment you’ve made on your vehicle. After buying a home, purchasing a car is probably one of the biggest investments you’ll ever make, so you want to do all you can to preserve it.

3. It is your health insurance in case an accident occurs
If you don’t have health insurance or have a minimal coverage, applying for policies that offer medical payments coverage can help you pay for collision-related medical expenses up to a certain amount.

4. It protects your assets from liability lawsuits
Having liability lawsuits for body injuries or property damages can bring you to financial ruin if you don’t have adequate protection, nut if you have a liability coverage, it will pay for your legal defense and keep your assets out of jeopardy.

5. Cover damages to your vehicle from unexpected events
Let’s face is, this is Nigeria. Anything can happen at anytime. Your car could be stolen, vandalized, or damaged by weather or a host of other contingencies at any time. Your car insurance will protect you from these losses that might ensue.

6. Your vehicle is covered even after a collision
Some policies will include rental reimbursement coverage, which helps you pay for the cost of a rental car after you are involved in a covered accident. This way, you will have a way to get around while your automobile is being replaced or repaired.

7. Keep your vehicle’s accessories safe
You can apply for pricing estimates on policies that include additional protections, such as CD or stereo coverage. This will pay for losses in the event that your CD’s or stereo equipment is stolen.

8. Prevents an accident from forcing you into bankruptcy
One serious collision is sometimes enough to put the uninsured on the brink of bankruptcy. Without insurance, you could lose everything, and that is not worth the risk. The money you would have to spend on medical expenses, lawsuit judgments, and repairs is well worth the investment in a plan.

9.Third Party Property damage
Car Insurance covers third party, third party property damage and unlimited legal liability that might arise in the process.

10. Peace of mind
Last but not least, the peace of mind that comes with knowing you have insurance is absolutely priceless. Comparing quotes on quality plans can help you drive with more confidence because you will know that you are protected against whatever may happen to you on the road.

Below are some few good Insurance companies that can provide trusted services.....

(Linkage Standard Assurance PLC Enhanced Motor Third Party Cover)
it is an enhanced Third Party Motor Insurance with Limited Coverage for Own damage at a small cost.
Features&Benefits
* Cover is only for own damage with maximum Limit of N250,000.
* The Policy DOES NOT COVER THEFT and as such total loss under Theft is not covered * policy Excess :10,000 or 10% of claim amount.
* Premium: 10,000.

contact me 09039302845
e-mail: ooluwo@linkageassurance.com

3 Likes

(1) (2) (3) (Reply)

Acura Type-s, Successor To The Acura TLX Sedan, Unveiled - Photos / Bullion Van Breaks Down In Abuja, Residents Join The Police To Push It (video) / This Is How To Spot A Flooded Car (video)

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 63
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.