10 Best Car Insurance In Nigeria

The concept of insurance, despite its numerous benefits, is just starting to gain acceptance in Nigeria. Car insurance in Nigeria is a strange concept to many. Car Insurance In Nigeria is an absolute necessity when you consider what you stand to gain. It has come through from a lot of people and saved them from bankruptcy.

In this post, we’ll be taking a look at the 10 best car insurance in Nigeria. Make sure you read this post to the end because it’ll be very insightful and helpful.

Car Insurance

Car insurance, mostly referred to as Auto insurance, is an agreement between you and the insurance company that protects you against financial loss in the event of an accident or theft. The insurance provider promises to cover your losses following your policy’s terms in return for a premium payment from you.

Car insurance offers protection for property such as your car being stolen or damaged, covers your responsibility and your legal obligation to others in the event of their physical harm or property damage, and medical costs including those associated with injury treatment, rehabilitation, occasionally lost wages and burial costs.

Unlike in advanced countries where driving a car without insurance is against the law, car insurance in Nigeria is not emphasized. Although it is also against the law in Nigeria, measures have not been put in place to check them. All forms of insurance, including car insurance in Nigeria are very beneficial. Those little premiums can save you from unforeseen financial expenses.

It’s crucial to safeguard your investment when you purchase or lease a car. Having car insurance in Nigeria can give you peace of mind if you are in an accident, your car is stolen, vandalized, or suffers natural disaster damage.

People pay annual payments to a car insurance company instead of paying for auto accidents out of pocket, and the business then covers all or the majority of the costs related to an accident or other vehicle damage.

Why You Need Car Insurance In Nigeria

When looking to purchase a new or used car in Nigeria, many customers have car insurance farthest from their minds. To sign up for auto insurance, many must be strongly persuaded.

The majority of individuals don’t appear to realize the significance of auto insurance, thus it is imperative to constantly stress the necessity of buying car insurance in Nigeria.

While many people believe insurance to be nothing more than an added expense, they are unaware of its true value. Below are some benefits of having car insurance in Nigeria:

1. The Law Requires It

According to the law, driving without car insurance in Nigeria is illegal. If you’re found doing it, the police or those in charge of road safety may fine you.

Even though this law is not always upheld, you could still fall victim. When a claim is made against you, driving without auto insurance could end up costing you in the long run.

2. Peace Of Mind

When things might go wrong is impossible to predict. Despite their best efforts, even the most cautious and well-trained drivers are still engaged in collisions. Bad roads, disobedience to traffic laws, and bad cars on the roads are some of the reasons you need car insurance in Nigeria.

Driving involves you and another driver, whose sanity or stability you cannot vouch for. Although a traffic accident or an Act of Nature cannot be prevented, you can receive some protection from them if they do happen thanks to your car insurance.

You can drive with confidence knowing that you are protected no matter what thanks to this awareness.

3. Prevents Against Liability

You are shielded from personal liability by auto insurance. If you are at fault in an accident and don’t have automobile insurance, you will be required to pay for everyone’s medical expenses if they result in injuries.

Haven’t you witnessed where people are embarrassed on the road because they were supposedly at fault in an accident? This is one of the reasons why you need car insurance in Nigeria.

If the person dies, the situation is made worse since you now have to deal with the financial fallout from the tragedy. If you try to cover these fees on your own, you can go bankrupt.

Selling your stocks, bonds, and other valuable possessions may be necessary. If you are unable to pay the total sum at once, it can also require you to make payments over a long period.

4. Security Mesh

Automobile insurance is crucial because it acts as a safety net. You should go above and beyond to get your car insured if you value it and paid a lot of money for it.

Even if the additional expenses may seem like an additional burden to you, you should keep in mind the wider picture because you will be ready for anything and have a safety net to cover any liabilities. This is one of the reasons why you need car insurance in Nigeria.

Types Of Car Insurance In Nigeria

These are the two types of car insurance in Nigeria.

1. Third-party Car Insurance 

This is the most common type of car insurance in Nigeria. The costs of bodily harm and fatalities brought on by accidents are covered by third-party car insurance. Additionally, it covers any third parties engaged in the accident’s damages and lost property.

With this type of insurance, if you lose your car you won’t receive any reimbursement. Your insurance will, however, pay for the cost of your care. Additionally, it will pay for any damage to the property of a third party involved in the accident.

2. Comprehensive Car Insurance

Comprehensive car Insurance is neither a common nor required type of car insurance in Nigeria. Also, it differs slightly from third-party insurance. When you get comprehensive car insurance, the insurer covers the cost of replacing your car if it is stolen or suffers damage.

In essence, the insurance provider pays for third-party liability, bodily injury, and property damage costs.

10 Best Car Insurance In Nigeria

Below is a list of the best car insurance in Nigeria.

1. Cornerstone Insurance PLC

Cornerstone Insurance PLC is a sub-company under Access Bank Plc. It is one of Nigeria’s most reputable insurance companies. It provides a variety of services, such as insurance for cars, homes, travel, and businesses. Cornerstone Insurance PLC Provides one of the best car insurance in Nigeria.

It offers reasonably priced auto insurance plans to accommodate various customer needs. You can see the features of several types of policies on its website and purchase the one that best suits you.

If you buy multiple insurances at once or pay yearly payments rather than monthly ones, the company also offers savings on specific products. On its website as well as through social networking sites like Facebook and Twitter, it also provides a free quote service.

2. Zenith Insurance

This is one of the best car insurance in Nigeria. Given that they offer the best overall value in terms of both customer service and cost, this would be our preferred option for vehicle insurance in Nigeria.

If you’re unsure of whether you can afford a comprehensive plan or not, they are a wonderful site to receive estimates because they will provide them without you having to provide them with any contact information or anything else.

If your car isn’t very expensive but you still want comprehensive coverage, we’d say Zenith is by far the best option. They also have very low premiums for comprehensive coverage of low-end, cheaper vehicles.

3. AIICO Insurance

AIICO provides collision, comprehensive, and third-party insurance. Third-party property damage, liability, and medical expenses are all covered by the insurance.

In the event of an accident, it also covers personal injuries to you or your passengers as well as theft and fire damage.

AIICO Insurance is one of the best car insurance in Nigeria if you want to save money, which we don’t particularly advise. Although they don’t seem to be as helpful or responsive when it comes to customer service, they are still typically extremely straightforward to deal with.

They aren’t as laid back about claims; you’ll need to make sure you have sufficient evidence (photos, an official estimate of repairs, possibly a police report, etc.), and processing claims can take a few more days.

If you have a clean driving record, you may insure your automobile for as little as N400 per month. By choosing one of their higher amounts of cover, you can still get reasonable prices even if you have an accident or traffic infraction on your record.

They charge roughly 5–10% less for their comprehensive insurance than other firms do, and about the same for their liability-only plans. As long as you don’t mind a somewhat slower claim process, we’d say you should choose them because of their reduced cost.

The online application is sometimes broken on their outdated website, therefore you must apply in person or by phone instead.

4. Leadway Insurance

This would be the greatest option if you don’t mind spending a little more money for a hassle-free experience, as Leadway is by far the smoothest and least stressful firm to work with based on our experiences and the experiences of people we know. It offers one of the best car insurance in Nigeria.

Leadway is typically easier when it comes to fixing your vehicle and paying the repair company (or you) on schedule and without issue. Other companies occasionally delay claim payouts or are a little pickier about what they cover.

On their website, you can look over their plans and get a price, but usually speaking, you’ll have to wait to acquire a precise pricing estimate for a plan with them.

5. Anchor Insurance

Anchor Insurance is one of Nigeria’s top providers of car insurance in Nigeria. This is because they offer a large selection of policies to pick from and have been serving consumers for a long time.

The three types of auto insurance policies offered by Anchor Insurance are Motor Third Party Liability, Comprehensive, and Third Party Only. If you cause an accident while operating your car, the first coverage will pay for any harm done to another person, including death, as well as any property damage.

The second policy only pays for third-party damages, so it does not cover any injuries you or your passengers may receive in a collision that was someone else’s fault or damage to your vehicle.

The third insurance only covers third-party losses, therefore it does not cover losses to your car or injuries to you or other car occupants in the event of an accident that was someone else’s fault.

6. Sovereign Trust Insurance

Both Sovereign Trust Insurance’s pricing and level of customer service are excellent. Unfortunately, you can’t view their auto insurance pages or request a quote from them online due to their website being down for months.

This forces you to visit a physical location if you even want to request a quote, as it often seems impossible to do so over the phone.

In light of their lower prices and excellent customer service, they should be considered if you live close to one of their physical locations in Lagos. They offer one of the best car insurance in Nigeria.

7. AXA Mansard Car Insurance

One of the top providers of car insurance in Nigeria is AXA Mansard. Young drivers and those with a spotty driving record might consider it. Car insurance from AXA Mansard is available in a variety of forms, such as Comprehensive, Third Party Liability, and Fire & Theft. The business offers some of Nigeria’s most affordable insurance rates.

The nicest part about AXA Mansard’s auto insurance is that you may pay for it in a variety of ways, including monthly installments and lump sums after your policy time. Also, you can pay for your coverage online using a debit or credit card.

The fact that AXA Mansard’s auto insurance policies provide worldwide coverage, allowing you to use them anywhere in the world without being constrained by territorial constraints like with other insurers, is another benefit.

8. Consolidated Hallmark Insurance

Consolidated Hallmark Insurance is also one of the reliable insurance companies in Nigeria. They offer one of the best car insurance in Nigeria.

Their Comprehensive coverage includes coverage for damage to your vehicle, fire, and theft, as well as any harm you may cause to another person’s vehicle or property. With just #15,000, The Third Party Insurance will cover your responsibility up to N1,000,000 for any property damage caused by your car.

They are unquestionably skilled at what they do. One of their top services is car insurance, and they are available to meet all of your insurance needs, both now and in the future.

9. Old Mutual Nigeria

Old Mutual is one of the oldest insurance firms in Nigeria, and they are one of the best at what they do. They’re one of the best providers of car insurance in Nigeria.

In their Comprehensive and Third Party coverage, our vehicle will be protected against accidental damage as well as loss due to fire and theft under this all-inclusive coverage.

They offer three packages under Comprehensive Coverage: Auto Diamond, Auto Gold, and Auto Silver.

With the Auto Diamond package, you receive a 10% premium refund if there are no claims within the first two years of the policy, a new car replacement in the event of a total loss within two years of purchase, and free personal accident insurance for the insured person of NGN 1,000,000.

With Auto Gold, you are covered for any accidental damage to your car, for any damage/loss from fire and theft, for third-party property damage up to NGN2,000,000, and for third-party bodily injury and death coverage that is unlimited.

With Auto Silver, you receive free personal accident insurance for the insured person in the amount of NGN250,000, coverage for the insured’s medical expenses up to a limit of NGN50,000, towing costs up to a limit of NGN30,000, and free vehicle tracking devices for cars up to NGN5,000,000 and above (this is subject to full premium payment and business approval)

10. NEM Insurance

A direct insurance provider, NEM Insurance is headquartered in Lagos, Nigeria. Mr. Oladipo Adelakun, the Managing Director of NEM Insurance, founded it.

The business was founded in 2017 and has since been offering insurance services to customers throughout Nigeria. With its offices in Lagos, Abuja, and Port Harcourt, the company conducts business. It has grown to become one of the best providers of car insurance in Nigeria.

NEM Insurance provides complete insurance solutions for people and companies of all sizes with a strong emphasis on customer service. Among other types of coverage, their product line offers travel medical insurance, home insurance, auto insurance, and insurance for commercial vehicles.

Customers have access to a variety of payment alternatives from the business, including bank transfers, credit card payments, and mobile money transfers. Also, they allow you to submit claims online via their website, eliminating the need for you to physically copy any documents needed for the submission of claims at their offices or visit the branch in person.

Conclusion

We can’t overstress the importance of car insurance, especially in a country like Nigeria. Car insurance in Nigeria will save you when you least expect it.

After looking at the types of car insurance in Nigeria and the 10 best car insurance in Nigeria, we hope you have gotten the needed information to select car insurance in Nigeria 

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Reference

• https://thefintechafrica.com
• https://greeneryfinancial.com
• https://www.getinsurance.ng
• https://www.9guiders.com