How to Buy Car Insurance in Nigeria

Car insurance is an insurance policy that funds the cost that results from damages done to a car/vehicle because of abrupt accidents or theft.

Vehicle owners pay a monthly fee to their insurance provider depending on what category they fall into.

If an accident or theft occurs, the insurance provider will investigate and provide the funds for the repair of the vehicle or replace it entirely.

The severity of the incident and investigation reports are usually the determining factors.

This way, the car insurance ensures that the affected vehicle owner is not crippled by the sudden financial demands of such occurrences.

For several years, many Nigerians did not welcome the idea of buying car insurance because they thought it was pessimistic and pricey.

However, things have changed and more Nigerians are exploring their car insurance options. Here is a list of things to do if you want to purchase car insurance for your vehicle:

Do some research

Research is the best way to learn about anything, including car insurance companies in Nigeria.

You can simply look up insurance companies in Nigeria on the internet and reach out to them for further details via their social media handles or by paying a visit to their physical office.

The National Insurance Commission is the regulatory body for insurance companies in Nigeria. Their website is a great source for an extensive list of insurance companies in Nigeria.

Asking family and friends about their car insurance provider is another route you should explore.

Make your pick

After you have concluded your research, you can go ahead and pick the insurance company that suits your needs the best. Some of the boxes that the chosen insurance company should tick are:

Cost of Coverage

Quality of returns over a long period

Reputation

Money-back options

Flexibility

Available discount for the purchase of other kinds of insurance

Perks of the package

Begin the process

You will be required to fill out and submit a KYC, Motor Proposal, and Motor Insurance Physical Inspection form before purchasing car insurance for your vehicle.

You will receive two types of vehicle policies which are:

The Third-Party Cover: In Nigeria, this policy is popular because it is mandatory. As the name suggests, it caters to the cost of repairs and damages to properties that do not belong to you if an accident occurs. This could cost N5,000 to N15,000 annually depending on the vehicle type.

Comprehensive Insurance: This policy caters to the loss and damage to the vehicles when it is due to a collision, theft, fire,

vandalism, and accidental damage.

The comprehensive insurance policy also has legal liability for injury to yourself or passengers, death, and damage to a third party’s property.

Although it is not mandatory, it is advisable for new car owners or car loan bearers to purchase it.

Confirm your policy’s authenticity

Once you have purchased an insurance policy, you will receive a certificate from your insurance provider containing details about your policy. You need to verify the authenticity immediately.

To do this, download Whistle, click on Quick license check, and input all the necessary details. If your policy is fake, there will be no information under insurance.