How To Obtain Car Insurance in Nigeria (2024)
A car purchase is an investment, and any business you make should be protected and insured. Auto insurance can be useful in this situation. Many Nigerians have false impressions regarding auto insurance premiums. These people believe that insurance is superfluous, hence they do not support the concept. Auto insurance is similar to other insurance coverage, though. It is meant to safeguard the person and pay for any monetary losses that can result from operating conventional motor vehicles. Additionally, all car owners in Nigeria must possess a certificate of auto insurance. We will provide information on how to obtain automobile insurance in Nigeria in this article for the year 2023.
REQUIREMENTS FOR RENEWING YOUR CAR INSURANCE IN NIGERIA
The following are the requirements needed in order to maintain your auto or vehicle insurance:
- Your complete name
- Your home and workplace’s addresses
- Vehicle information (its make and model number)
- Your automobile’s VIN number
- The old insurance policy’s insurance policy number
- Additional advantages of the insurance plan (in the case that you want to change your type of car insurance policy or add another one to it)
- Payment information.
HOW TO OBTAIN CAR INSURANCE IN NIGERIA (2024)
To obtain your auto insurance in Nigeria, follow these steps.
STEP 1: RESEARCH AND CONTACT INSURANCE COMPANIES IN NIGERIA
Finding and contacting insurance providers is the initial step in getting a car insurance in Nigeria. You must conduct a quick Google search for naicom.gov.ng. The National Insurance Commission, also known as NAICOM, is responsible for regulating insurance firms in Nigeria. This information database will be useful to obtain a thorough list of registered businesses that are still operating.
The following are a few of the best car insurance companies in Nigeria:
- FBN General Insurance
- AIICO Insurance Plc
- Old Mutual Nigeria
- Cornerstone Insurance
- Consolidated Hallmark Insurance
- AXA Mansard Insurance Plc
- Leadway Assurance Plc
- Zenith Insurance Plc
STEP 2: REVIEW DIFFERENT CAR INSURANCE POLICIES FROM VARIOUS INSURANCE COMPANIES
Are you searching for auto insurance in Nigeria? Making a list of potential insurance providers with whom you might establish your auto insurance should be one of your first steps. Then, examine the services they offer to determine which one is most advantageous to you.
You should find insurance businesses that offer excellent pre- and post-sale services. You can elect to stick with the auto insurance provider you now have. If their services fit you, that is totally acceptable. In that situation, you can go ahead and get a quote from them. To determine the amount your automobile will be protected for and the amount of the premium you will pay, you should utilize an insurance calculator.
STEP 3: CHOOSE THE KIND OF AUTO INSURANCE YOU WANT
The next thing you should do after selecting the insurance provider for your auto insurance is to decide on the kind of coverage you want. You have the option of purchasing comprehensive auto insurance, which will pay for damage to both your automobile and other vehicles. Additionally, third-party auto insurance is available and only covers harm done to other vehicles. Other particular insurance policies are offered by some insurance providers. Additionally, you would be wise to learn what they are.
STEP 4: FILL IN YOUR DETAILS
After selecting the specific auto insurance plan you desire, the following step is entering your information. You’ll be prompted by the insurance provider to offer the required information. This will make it easier to move forward with your application for auto insurance.
STEP 5: SELECT ADD-ONS FOR YOUR INSURANCE POLICY
Add-ons are extra advantages that you can include in your auto insurance policy to broaden the scope of what it actually protects. The depreciated value of the asset is not taken into account for these additions, which might range from zero to full depreciation. It might also refer to additional services like roadside assistance, which provides you with minor fixes and replacements if your automobile goes off while you’re driving.
STEP 6: PAY YOUR INSURANCE POLICY IN FULL
Making a payment for your insurance policy is the following thing you must do in order to receive automobile insurance. This should happen when you have satisfactorily completed the requirements to obtain vehicle insurance in Nigeria. You will then need to complete the appropriate payment as the last step.
TYPES OF CAR INSURANCE IN NIGERIA
In Nigeria, car owners are required to have one of two types of insurance. They include:
- Third-party car insurance
- Comprehensive car insurance
THIRD-PARTY CAR INSURANCE POLICY
A third-party auto insurance policy guards you against losses incurred as a result of harm that your vehicle causes to other people, cars, and properties. In Nigeria, you must have third-party motor insurance. The advantage is that it guards against the insured car owner shelling out pointless cash in an unforeseeable circumstance.
Typically, N1 million is the maximum sum that can be expended on a damaged third party’s vehicle. But in some circumstances, upgrading to a premium package will enable you to raise your insurance cap. On the other side, there is no cap on the amount of liability for death or bodily harm to third persons.
COMPREHENSIVE AUTO INSURANCE POLICY
Your car is protected against a variety of risks with a comprehensive auto insurance coverage. This includes legal responsibility for death, physical harm, or damage to third-party property brought on by the usage of insured cars, as well as fire, theft, vandalism, accident damage, or collision.
In contrast to third-party auto insurance, comprehensive vehicle insurance will repair both vehicles if you accidentally collide with or damage someone else’s vehicle or property.
CONCLUSION
We have talked a lot about auto insurance in this article, including how to get it in Nigeria. You now understand what auto insurance is and what it includes and excludes. Numerous auto insurance products shield you against a variety of risks, including losses, theft, damage from collisions, floods, and more! Are you prepared to begin? Join the millions of Nigerians who have auto insurance for their vehicles. After careful research, simply pick one of the auto insurance options and get your vehicle insured.
