When purchasing a car in Nigeria, always remember that insuring the vehicle is essential because it will prevent you from spending unexpected money at an unexpected time. Knowing the type of car insurance is important as that will make you go for the one you will benefit from.
To understand what insurance means, I explained and listed the type of car insurance in Nigeria and gave full details about the kind of insurance company you can visit to insure your car. So to have complete knowledge of car insurance, read this article from the beginning to the end, and if you have a question, use the comment box at the end of this article.
Type of Car Insurance in Nigeria?
There are two types of car insurance in Nigeria, and they are a must for car owners to obtain.
- Third-party car insurance
- Comprehensive car insurance
Third-Party Car Insurance policy
Third-party car insurance policy is a kind of insurance that protects you from the damages caused by your car to people, vehicles, and properties. Third-party car insurance is a must for Nigeria car owners to obtain, and the benefit of it is to prevent the insured car owner from spending unnecessary funds in an unexpected situation.
The limit for third-party car or property damage is usually N1million, and the maximum amount of money that can be spent on the damaged third party’s car is a N1million. But in some cases, you can upgrade your insurance limit by upgrading to a premium package. However, liability for death / bodily injury to third parties is unlimited.
Comprehensive Auto Insurance Policy
Comprehensive auto insurance policy is full insurance that covers your vehicle from fire, theft, vandalism, accidental damage, or collision and also includes legal liability for death, bodily injury, or damage to the property of 3rd parties arising out of the use of insured vehicles.
Comprehensive auto insurance is different from third-party auto insurance because if you mistakenly hit or damage someone’s car or property, the insurance company will repair the person’s car and yours.
Difference between third-party auto Insurance and Comprehensive auto insurance
There is a clear difference between third-party auto insurance and comprehensive auto insurance. The difference between these two is that third-party insurance doesn’t cover your liability but covers the victim you damage or injured with your insured car. In contrast, comprehensive auto insurance covers all your liabilities. So, for instance, if your vehicle is insured under comprehensive auto insurance and you damage another person’s car, the person’s car will be repaired, and yours will also be repaired. Likewise, if your vehicle is likely stolen or burnt, comprehensive auto insurance will provide you with another car.
Best car insurance companies in Nigeria?
Below are the best and most trustworthy car insurance companies that can help you insure your vehicle in Nigeria.
AXA Mansard Car Insurance
AXA Mansard Car Insurance is one of Nigeria’s most rated insurance companies. They help car owners Cover their cars against financial risks with Autoclassic motor insurance. They offer 3-month, 6-month, and a full-year insurance policy with their premium service. To learn more about them, visit their website here.
AIICO Car Insurance
AIICO Car Insurance is an insurance company that offers third-party auto insurance and comprehensive auto insurance in Nigeria. It provides insurance for cars, life, and general insurance.
Their comprehensive Auto Insurance plan covers the loss or damage to insured vehicles due to fire, theft, vandalism, accidental damage, or collision. So if you are thinking of insuring your car, visit their website to contact them.
LeadWay Car Insurance
Leadway car insurance is also a great insurance company for autos in Nigeria. They cover against fire, theft, and other damages caused to your vehicle, including death, bodily injury, and damages to the vehicle or property of third parties caused by the insured vehicle.
Their auto insurance includes comprehensive auto insurance, third party auto insurance, and third party (AUTO BASE). To learn more about them, visit their website www.leadway.com.
Industrial and General Car Insurance (IGI)
Industrial and general car insurance is one of Nigeria’s best car insurance companies. This insurance company is Authorized and Regulated by the National Insurance Commission with register no. RIC No. 018. They offer third-party insurance, THIRD PARTY FIRE & THEFT, comprehensive insurance.
Custodian and Allied Car Insurance
Custodian and Allied Car Insurance is a Nigerian-owned insurance company that offers excellent service. It is approved by the Nigerian Insurers Association (NIA) and is approved by other regulatory bodies in Nigeria, making it offer Insurance Services. This company aims to develop, package, and deliver innovative insurance products that best satisfy customer needs.
Custodians operate in a highly profitable, efficient, resourceful, and ethical organization that will survive well into the future and be a valuable asset to its shareholders. To learn more about them, kindly visit their website.
Old Mutual Nigeria
Old Mutual Fund is a Nigerian car insurance company that helps you insure your car whenever an issue occurs. They offer comprehensive and third-party auto insurance. Old mutual insurance has three premium packages for a comprehensive insurance: Diamond, Gold, and silver.
Cornerstone Insurance
Cornerstone insurance is an insurance company that insures and cover car and vehicle against theft, fire, and accident. They offer two auto insurance types: comprehensive and third-party auto insurance. Their comprehensive auto insurance plan is categorized into three premium levels: Auto classic, Auto plus, and Uber classic. Before your vehicle is insured by cornerstone insurance, you must present Chassis Number, Engine Number, and Vehicle Registration Number.
In conclusion, car insurance, the type, and where to get it has been what we have been discussing in this blog post. By now, you should have background knowledge of the kind of vehicle insurance policy in Nigeria. If you have a question, kindly use the comment box below, and we will be glad to reply to you.