The benefits of getting the best car insurance in Nigeria cannot be overemphasized. Car insurance is simply insurance for cars and other road vehicles that them against loss or damage. However, this is quite overlooked in Nigeria as very few people understand the importance of car insurance.
The main reason lots of Nigerians neglect getting their vehicles insured is that it looks like too much of an expense to make.
So in this article, you’d be getting to know a list of the best car insurance in Nigeria, the best affordable car insurance, and the types of car insurance there is.
Firstly, let’s get to know the types of insurance there is.
TYPES OF CAR INSURANCE IN NIGERIA
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Understanding the types of car insurance we have in Nigeria would help you make a better choice and budget when going for car insurance.
There are two major types of car insurance in Nigeria and these are; Third-party insurance and comprehensive insurance. These two differ by what specific problems they solve and their cost.
Third-Party Insurance
This is a type of vehicle insurance that only covers the loss or damages incurred for a third party. Third-party is the minimum insurance cover a vehicle owner is required to have as stated by the Motor Vehicles Act of 1950.
This type of insurance strictly covers the losses of a third party and is not so less cost-effective as it still requires some expenses from you.
Comprehensive Insurance
This is the best but not so used insurance policy in Nigeria. Comprehensive insurance gives an all-round coverage of a victim which includes theft, damages caused by natural disasters or accidental car damages.
One benefit of getting this type of insurance is that, it is highly cost-effective, it covers a lot of expense and this is why it is quite costly.
READ >>> GUIDE TO UNDERSTANDING TYPES AND SOURCE-CHANNELS OF CAR RENTAL INSURANCE
BEST AFFORDABLE CAR INSURANCE IN NIGERIA
One myth about insurance companies in Nigeria is that it is always costly. This is not always so, there are affordable car insurance companies in Nigeria as well.
Best Car Insurance Companies In Nigeria
Let’s dive into a list of some of these companies without further ado!
Custodian Car Insurance
Custodian car insurance is one the best car insurance in Nigeria which is quite affordable. They provide two types of car insurance; Third-party car insurance and Comprehensive car insurance.
The price for Third-party insurance of private vehicles is 5,000 NGN and for commercial vehicles 7,500 NGN.
Comprehensive insurance of a model car comes at the price of 150,000 NGN and 212,500 NGN for commercial automobiles.
Alliance Insurance Company
One of the best affordable car insurance in Nigeria is Alliance Insurance Company. They offer three plans ( Standard, classic, and premium plans) for their clients varying with the kind of services they want.
The cost of third-party insurance of a private vehicle goes for 5,000NGN and comprehensive insurance is 150,000NGN
The cost of Comprehensive insurance comes at the rate of 225,000NGN.
One of the benefits of Alliance Insurance Company is that they give a 15℅ discount for premium plan subscribers and also 15℅ of your premium as cashback after 2 years with no claim.
Mutual Benefit Assurance
This insurance company is among the best car insurance in Nigeria because they are quite affordable. Mutual Benefits Assurance charges a sum of 162,500NGN for comprehensive car insurance on a private car and 200,000NGN for a commercial automobile.
Third-party insurance would cost 5,000NGN for a private car and 7,500NGN for a commercial vehicle.
Zenith Insurance
The list of the best affordable car insurance in Nigeria is never complete without mentioning Zenith insurance. This insurance company provides quality service and delivers promptly.
The cost of comprehensive car insurance (Private vehicle) is 175,00NGN and 200,000NGN for a commercial vehicle. Third-Party insurance cost 5,000NGN and 7,500NGN for private and commercial vehicles respectively.
Law Union and Rock Car Insurance
Law Union and Rock insurance company is certainly one of the cheapest car insurance companies in Nigeria. The cost of getting comprehensive car insurance is the same for both private and commercial vehicles which are just 140,000NGN. The few for Third-party insurance are 5,000NGN for a private car, and 7,500NGN for a commercial vehicle.
AIICO Insurance American International
Another very affordable car insurance company that is one of the best car insurance in Nigeria is definitely AIICO Insurance American International.
They charge a fee of 187,500NGN for comprehensive car insurance on a public vehicle and 162,500NGN for a private car.
Third-party insurance cost 5,000NGN and 7,500NGN respectively for private and commercial motorcycles.
Leadway Assurance
Looking for top-notch, it’s definitely Leadway Assurance. They offer maximum customer care and outstanding services.
The comprehensive car insurance for private and commercial automobiles is charged at the rate of 200,000 and 300,000NGN respectively.
The third-party insurance for a private car is charged at 5,000NGN and 7,500NGN for a public vehicle.
Car insurance saves you from the troubles of fixing a badly damaged car and having to break your savings just to do so. Getting insurance over your automobile property is a very wise step to take, it’s better fixing it than losing.
Remember a “stitch in time, saves nine”, get that vehicle insurance today!
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