What car insurance company in Nigeria gives you the best bang for your buck?
In other words, out of the myriad of Car Insurance companies, which one provides the best comprehensive car insurance in Nigeria?
We’ve mentioned earlier in one of our posts that typically, the biggest and best Insurance companies in this country hardly ever segment themselves into either one type of Insurance cover or the other.
They just do all of them so they can chop your money 360 Degrees. It may sound not so nice but that’s actually good for you.
Who wants to have their car insurance in company A, House with company B and Health insurance with company Z except you just like stress?
Best Car, Vehicle and Motor Insurance Companies in Nigeria
1. AXA Mansard Insurance Plc
AXA Mansard provides different packages of motor insurance. Their plans include:
- AutoFlex: This is a customizable and flexible motor policy that they provide to help clients make big savings on their motor insurance premiums
- Auto Plus: This insurance plan covers for flood and other extras. It includes
- AutoGo: With this plan, you can buy your Third Party motor insurance and get your certificate instantly.
The three different car insurance plans cover third-party property damage, third-party bodily injury, theft, fire damage to the insured vehicle, accidental damage, free vehicle tracker, and so on.
2. AIICO Insurance PLC
AIICO covers different types of automobiles – for private and commercial uses. Their vehicle insurance package also caters for motorcycles and tricycles.
AIICO’s auto insurance covers the following category of people:
- Private Vehicle Owners
- Multiple Family Owners
- Taxi Owners
- Bus Owners
- Delivery Vehicles
- Commercial Fleets
3. Leadway Assurance PLC
Leadway’s comprehensive motor insurance provides benefits against loss or damage to your insured car as a result of an accident or a mechanical damage/breakdown.
4. Industrial and General Insurance Plc (IGI)
IGI provides motor vehicle insurance that covers the following:
- Third-Party Only: This only provides cover for unlimited indemnity for legal liability to third parties for death or bodily injury, legal costs incurred in defending an action for damages, liabilities that arise from accidents on third-party property damage, and so on.
- Third-Party Fire & Theft: This car insurance policy provides the third-party only cover along with cover for the risks of fire and theft.
- Comprehensive: This policy provides cover for accidental damage to the specifically insured vehicle.
5. Custodian and Allied Insurance PLC
Custodian Motor Insurance Policy covers your car, truck, trailer or motorcycles based on the motor insurance type you choose.
Their policies include:
- Comprehensive Cover: This covers accidental damages, fire, theft, accidental damage to the property of the third-party, death or bodily injury to the third-party.
- Third-Party Fire & Theft Cover: This covers accidental damage to only the third-party’s vehicle, death or bodily injury to the third-party.
Frequently Asked Questions
Is it worth getting fully comprehensive car insurance?
If your car is not worth so much, you can save costs by just getting a third party motor insurance. This is the minimum cover required by law.
What is third party insurance in Nigeria?
This is an insurance that covers the insured liability for death or injury to a third party or loss/ damage of a third party’s property in the event of an accident. Third-party motor insurance is a compulsory insurance policy in Nigeria.
Does third party insurance cover my car?
Third-Party Property Damage cover protects you from the costs of damage your car causes to someone else’s car or property, however it doesn’t extend to any damage your little beauty suffers in the event of an accident or other insured events.
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