Do You Need Car Insurance In Nigeria? Essential Things To Know About Car Insurance In Nigeria

Many Nigerians don’t take insurance seriously, especially car insurance. What they don’t realize is that car insurance is compulsory by law. According to the Nigerian vehicle act, car owners must get third-party insurance. 

Having car insurance in Nigeria is not only about abiding by the law; it’s the safety and peace of mind auto insurance brings. You don’t have to worry about a stolen vehicle, accidents, or spending money on repairs. Your insurance takes care of that. 

Cheap Car Insurance Companies In Nigeria

Your car insurance provider bears the expenses that arise despite what happens to your car. You won’t need to worry about covering any expenses financially. And, with the increased cost of living in the country, who wouldn’t want someone to take care of some of their bills? 

How To Get Car Insurance In Nigeria 

Now that you understand the importance and benefits of having car insurance, the next step is to know how and where to get legitimate car insurance plans. With so many fraudulent businesses online, and to avoid falling prey, here’s how to conduct thorough research for car insurance.

• Visit The National Insurance Commission: For a comprehensive overview of all legitimate car insurance policies in Nigeria, visit naicom.gov.ng. It’s the official website of the regulatory agency for insurance in Nigeria. 
• Carefully Choose Your Insurance Plan: When choosing insurance, two main things to consider: plan and price. Sometimes, you could find a suitable plan above your price range. Other times, you could find a plan within your price range that doesn’t meet your needs. Research as many insurance companies as possible, and you’ll find something favourable.
• Find Out What The Insurance Offers: Often, we might be so carried away with just getting any insurance. That’s not a health insurance mindset. Before settling for any plan, read up on the benefits, terms, and conditions. Does the insurance offer discounts? Can you combine car and bike insurance? Do you lose benefits if you don’t pay for more than a month? Can you easily migrate to a better insurance plan/company? 
• Check Out Comprehensive Car Insurance Options: While most people go for single insurance plans, a comprehensive car insurance plan is all-comprising. It covers collision, theft, fire, and accident, and it also has legal liabilities for death, injury, and damages. Comprehensive car insurance is an excellent way to get enough benefits at a lesser cost.
• Find Out If Your Insurance Is Authentic: In Nigeria, anything goes, and anyone can assume to be an insurance company or agency. Thankfully, you can verify the authenticity of your Nigerian car insurance. Your chosen insurance company offers you a certificate containing the necessary details about your policy. To verify, visit www.askniid.org and follow the provided instructions; it’ll tell you if your policy is fake or authentic.

Cost Of Car Insurance In Nigeria 

Car Insurance Near Me – How To Get Car Insurance Within My City

Once you’ve understood why you need to insure your car, follow the questions. What are car insurance rates in Nigeria? How affordable is vehicle insurance in Nigeria? 

It’s very rare to find insurance rates on the websites of Nigerian insurance companies. Instead of the rate(s), you’ll see, “get a quote.” The quote only shares the last price any insurance plan will be sold for. 

But, through a reliable source, we’ve provided you with up-to-date insurance rates using Toyota Camry 2009 as the yardstick 

1. AXA Mansard Car Insurance Rates

AXA Mansard offers three main car insurance plans: Auto Plus, Auto Vintage, and Auto Classic. Using a 2009 Toyota Camry, the annual insurance cost is ₦150,000(Auto Plus), ₦112,500(Auto Vintage), and ₦78,750 (Auto Classic).

2. Cornerstone Car Insurance Rates

Cornerstone car insurance offers four insurance plans: Auto Bronze, Auto Silver, Auto Gold, and Auto Platinum. The annual insurance cost rate is ₦62,500(Auto Bronze), ₦75,000 (Auto Silver), ₦87,500 (Auto Gold), and ₦100,000(Auto Platinum). 

3. Old Mutual Car Insurance Rates

Old Mutual car insurance offers three insurance plans: basic comprehensive insurance, comprehensive standard, and comprehensive plus. The annual rate is ₦125,000(Basic comprehensive), ₦150,000(comprehensive standard), and ₦162,500 (comprehensive plus).

4. Mutual Benefits Car Insurance Rates

Mutual benefits car insurance has an insurance calculator that gives you a quote. Using our yardstick, Toyota Camry 2009, annual comprehensive insurance will cost ₦112,500.

5. Niger Car Insurance Rates

On their website, the insurance quote per annum for a Toyota Camry 2009 is ₦100,000(basic comprehensive). For added benefits,₦112,500 (comprehensive standard) and ₦137,500 (comprehensive plus).

6. IGI Nigeria Car Insurance Rates

On IGI Nigeria car insurance, the insurance rate for a Toyota Camry amounts to ₦125,000.

7. LeadWay Car Insurance Rates

Leadway offers three plans: basic comprehensive, comprehensive standard, and comprehensive plus. Using the Toyota Camry, the annual rate is ₦100,000(basic comprehensive) for added benefits, ₦137,500 (comprehensive standard), and ₦156,250 (comprehensive plus).

8. Law Union & Rock Car Insurance Rates 

Using a Toyota Camry, the annual basic insurance plan on Law Union is ₦125,000, ₦150,000(comprehensive standard), and  ₦162,500 (comprehensive plus).

Conclusion

At Carmart.ng, the belief is that it’s necessary to purchase car insurance for your new and old cars. For more information, read more about the types of car insurance companies available in Nigeria.