Car Insurance in Nigeria 2022
When buying a car in Nigeria, keep in mind that insurance is a must because it will prevent you from spending unplanned money at an unplanned moment. Knowing the different types of auto insurance is vital because it will help you choose the one that will benefit you the most.
To help you understand what insurance is, I discussed and listed the many types of automobile insurance available in Nigeria, as well as the different types of insurance companies you can contact to insure your vehicle. So, if you want to learn everything there is to know about vehicle insurance, read this article from beginning to end, and if you have any questions, use the comment box at the bottom of the page.
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
A third-party auto insurance policy protects you from damages made by your vehicle to other people, vehicles, and properties. Third-party automobile insurance is required in Nigeria, and the benefit is that it protects the insured car owner from spending needless money in an unforeseen situation.
The highest amount of money that can be spent on a damaged third party’s car is normally N1 million. However, in some situations, switching to a premium package will allow you to increase your insurance limit. Liability for death or bodily injury to third parties, on the other hand, is limitless.
Comprehensive Auto Insurance Policy
A comprehensive auto insurance policy covers your vehicle against fire, theft, vandalism, accidental damage, or collision, as well as legal liability for death, bodily injury, or damage to third-party property caused by the use of insured vehicles.
Comprehensive vehicle insurance differs from third-party auto insurance in that if you crash or damage someone else’s car or property by accident, the insurance company will repair both cars.
Difference between third-party auto Insurance and Comprehensive auto insurance
There is a significant distinction between third-party and comprehensive auto insurance. The difference between the two is that third-party insurance does not cover your culpability, but it does protect any victims you may injure or damage with your insured vehicle. Comprehensive auto insurance, on the other hand, covers all of your liabilities. For example, if your vehicle is covered by comprehensive auto insurance and you damage another person’s vehicle, the other person’s vehicle will be repaired as well as yours. Similarly, comprehensive auto insurance will cover you with a replacement vehicle if your vehicle is stolen or burned.
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.
AIICO Car Insurance
AIICO Car Insurance is a Nigerian insurance firm that provides third-party and comprehensive motor insurance. It offers automobile, life, and general insurance coverage.
Their comprehensive Auto Insurance plan protects insured vehicles against loss or damage caused by fire, theft, vandalism, accidental damage, or collision. So, if you’re thinking about insuring your car, go to their website and get in touch with them.
LeadWay Car Insurance
Leadway car insurance is another excellent auto insurance company in Nigeria. They provide coverage for fire, theft, and other damages to your car, as well as death, bodily injury, and damage to third-party vehicles or property caused by the insured vehicle.
Comprehensive, third-party, and third-party liability auto insurance are all available via them (AUTO BASE). Visit their website at www.leadway.com to discover more about them.
Industrial and General Car Insurance (IGI)
One of Nigeria’s greatest auto insurance firms is Industrial and General Car Insurance. The National Insurance Commission has authorized and regulated this insurance company under the RIC No. 018 registration number. They provide comprehensive insurance, as well as third-party insurance, THIRD PARTY FIRE & THEFT.
Custodian and Allied Car Insurance
Custodian and Allied Car Insurance is a Nigerian-owned insurance firm with great customer service. It has been approved by the Nigerian Insurers Association (NIA) and other Nigerian regulatory organizations, allowing it to provide insurance services. This business aspires to create, package, and distribute new insurance solutions that best meet the needs of customers.
Custodians work for a highly profitable, efficient, resourceful, and ethical company that will last for a long time and provide a significant asset to its owners. Please visit their website to discover more about them.
Old Mutual Nigeria
Old Mutual Fund is a Nigerian auto insurance provider that assists you in insuring your vehicle in the event of an accident. They provide both comprehensive and third-party coverage for automobiles. For a comprehensive insurance, Old Mutual Insurance offers three premium packages: Diamond, Gold, and Silver.
Cornerstone Insurance is a corporation that protects and covers automobiles and other vehicles from theft, fire, and accidents. They provide two forms of auto insurance: comprehensive and third-party. Auto classic, Auto plus, and Uber classic are the three premium levels of their complete auto insurance coverage. You must provide the Chassis Number, Engine Number, and Car Registration Number before your vehicle may be covered by Cornerstone Insurance.
Finally, the topic of automobile insurance, its types, and where to obtain it has been the focus of this blog post. By now, you should be familiar with the many types of vehicle insurance policies available in Nigeria. If you have a question, please leave it in the comments section below, and we will gladly respond.