Comprehensive Car Insurance Archives - Car Insurance Nigeria

Comprehensive Car Insurance

Motor insurance in Nigeria: Recent Trends and Predictions

Nigeria has witnessed a magnificent growth in the past two decades. Appreciable levels of urbanization have evolved and the law has evolved with it. Motor insurance is a service designed to protect vehicle owners from multiple risks that may occur. Motor insurance in Nigeria is normally offered in two categories: Comprehensive, Third Party. But, some companies offer a sort of extension called the Third Party Fire & Theft. In Nigeria, it is mandatory to own car insurance before driving your vehicle.

The first kind of insurance, called Comprehensive is sort of a master service because it includes the Third Party Cover and protect against damage. Most of the insurance companies offer cover against accidental collision, fire, explosion, theft and malicious acts, with an option to buy additional protection against riots, damage against floods, liability to passengers and expenses incurred if you happen to damage your vehicle.

The second kind, which is called the Third Party policy protects from death or injury from the use of the unshed car and the obvious damage to a third party´s property. As previously stated, motor insurance in Nigeria tends to include Third Party when you buy the Comprehensive package.

As for the third one, the title practically describes it. But not every company tends to offer it. However, the services offered may vary from one company to another and it is always a good idea to consult multiple options.

The motor insurance business in Nigeria is forecasted to grow 7% in the following three years even when at the moment, the trend among motorists is to remain unlicensed, despite this being mandatory. Companies are charging a reasonable price, even in the eyes of motorists, but they are still not buying it. The reason may be because there are what is called fake insurance paper to avoid being stopped and get searched. These fake insurance papers may cost a bit more than the third party but people tend to think that Insurance companies just do not come through for their clients.

By 2020, there is an estimate of 40 million vehicles to be roaming the streets of Nigeria and the challenges will grow accordingly, and that includes a bigger possibility of accidents occurring. Motor Insurance in Nigeria needs to arise to the challenge and do not underestimate these changes if they want to remain successful and gain the trust of those that are not yet convinced.

The newest trend is the collection of more data to have a better database of motorists in Nigeria. Insurance companies are working alongside Nigerian Corps to create an astounding database of all insured vehicles. This will prove to be a great weapon in the development of Nigeria as a growing city and an economic force and insurance companies will certainly be among the leaders for these modifications.

Tags: motor insurance in nigeria, third party Cover, Third Party Fire & Theft, Third Party policy|

Let´s Talk about Insurance Brokers in Nigeria

We should start by addressing the existence of the NCRIB (Nigerian Council of Registered Insurance Brokers) and comprehend that the system is regulated through this association. This is a very important instrument for us because it assists us in the process of making an educated choice and access information that we would otherwise need a lot more time to research.

To persevere in any business we must remember the key of any security, which is insurance. This business thrives in supporting the multiple faces any economy needs to have. Insurance brokers in Nigeria and their bases cannot be different. The media has expressed the NCRIB wish to redefine their roles towards the attainment of the Financial Sector Strategy goals. The levels at which Nigeria wishes to grow rely heavily on these projected objectives in order to achieve a new stability.

The main problem in Nigeria, is the lack of awareness about what insurance can actually do for you and thus, brokers need to start with the basics, instead of focusing on developing a safer strategy. This is changing, of course, along with many things due to globalization, but it can still be considered a rather resilient issue. Confidence is another of the problems that Nigeria faces when it comes to brokers, because many use this lack of knowledge about insurance to collect money from unaware clients and this leads most people to believe that insurance is nothing but a way to scam people of their money. Nigeria has suffered a climate of instability that has affected the insurance business and the ability the people to deliberately learn what they can gain from it.

Modern times are pushing for modern methods and there are plenty insurance brokers who are legitimate and can help you manage risk and protect your property. Most of these can be found through agencies like NAICOM and the NCRIB and the companies that have been established and have a reputation to maintain.

Despite the lack of awareness, in Nigeria, a very large percentage of the insurance business is handled by insurance brokers. Recently, many South African companies have been coming to Nigeria and settling. This is a factor that is helping develop both the industry and the economy, because these companies are bringing innovations into the market, which Nigerian insurance brokers are evaluating and adding to their personal and business development.

Nowadays, Nigerian Insurance Companies are definitely here to stay and Insurance Brokers in Nigeria are becoming more and more needed and they are beginning to understand what they need to do in order to better assess the necessities of the people and to break this idea of insurance not being necessary or it being nothing but a scam. In the end, and thanks to the evolution of this field, integrity and honesty are definitely being the constant among Insurance Brokers in Nigeria and this is the main reason why the percentage of people buying insurance packages and remaining safe will only continue to grow.

Tags: insurance brokers in nigeria, NCRIB, Nigerian insurance brokers, Nigerian Insurance Companies|

Introduction to 5 Random Car Insurance Companies in Nigeria

Car Insurance Companies are always going to be a need, especially in a fast revolving world where everything can be quantized and monetized. Our main objective in this article is to present you with an evaluation of a few Car Insurance Companies that operate within Nigeria, so you can deepen your knowledge in them and be able to comprehend what you need to in order to make a smart and mostly informed decision.

Our first company is IGI Nigeria (Industrial & General Insurance). They offer a wide variety of insurance services, or, as it is commonly described general insurance. A client-focused approach makes them the leading provider for these services in West Africa, with 45 branches across Nigeria, having a strong presence in the country. Being the biggest company in the country obliges them to be able to offer affordable rates and maintain the structure formed 16 years ago, while being able to keep up with new tendencies.

Since risk management is always a very sought after field, insurance companies like Cornerstone arise with a similar structure to IGI but with a smaller presence. Their advantage is their focus on innovation and empathy towards the client, which brings a lot to the table when comparing prices, needs and services. When the offer to protect your electronic gadgets is the first thing you see, you might start wondering why you did not think about it before. They specialize in general insurance as well and are ready to provide you with a quote to protect your vehicle.

Leadway Insurance, on the other hand, offer a much more fresh take and attempt to grab your attention with a more western approach. Their website speaks to that. Their comprehensive mortgage and savings plans are other advantages they have and is exactly what makes them a contender to provide you with your insurance needs for your vehicles, but for any other you may have as well. Leadway also rises up with an astounding Education Protection Plan that protects your children´s education in the event of your death.

Leadway, IGI and Cornerstone are market giants and smaller companies, such as ADIC Insurance, or Zenith may have a tough time attempting to compete, but they manage to stay relevant with great plans for Home Insurance, this is the case especially for ADIC. Zenith Insurance focuses on providing general services as well. Having changed owners in the last fifteen years, they are still not at the same level as the previously mentioned companies, but they offer an extensive gamma of options for your insurance needs, from the most common travel insurance services to the detailed needs for your automobile.

There are plenty of Car Insurance Companies in Nigeria and to find one that could be deemed as reliable all that you need to do is visit NAICOM official website, where you will be able to find a list of those Car Insurance Companies that are registered and thus, considered trustworthy.

Tags: Adic Insurance, Car insurance companies, IGI Nigeria, Leadway Insurance|

Get Vehicle Insurance Online – Safeguard your Vehicle from Potential Threats

You pay a huge part of your hard earned money to purchase a vehicle of your choice. You not only think about the comfort of your family, but also take it as a long term investment. You pay great attention towards the care and maintenance of your vehicle to reap long term benefits. But, one thing that can make all your efforts be in vain is not getting adequate cover or insurance for your vehicle. Insurance is a long term investment which you should make, to avoid paying unforseen expenses. It guards your property and gives you the peace of mind since the entire burden of paying off expenses during collisions etc, will not fall directly on you.

With the advancement in technology, it has now become possible to get vehicle insurance online. You do not need to find time out of your busy schedule and visit an insurance agent or insurance company to get vehicle insurance. But, just by following simple steps, you can now get vehicle insurance online. Insurance companies have taken a lead step as everything these days is going online. From purchasing clothes to selling off used items, you can do it all online.

Your vehicle is like your best companion. It drives you safely to your desired destination and in return demands little maintenance. But, it can become troublesome for you to cope with problems associated with this, when it gets stolen, become accidented or just fall victim to a natural calamity. In all those circumstances, insurance policies come up as a lifesaver.

Understanding the needs of customers and thinking about their busy schedules, insurance companies have taken a lead towards availing vehicle insurance online. Now you can buy or renew insurance policies online and get insurance products that offer extra protection to your vehicle. The costs expended on making necessary repairs and replacements can be huge in the event of an accident. Similarly, theft can also turn out to be a huge loss. Getting vehicle insurance online or offline gives you peace of mind, that the cost for making all necessary repairs and replacements will be taken care of by an insurance company underwriting your insurance policy.

Various insurance policies cover risks for accidents, burglary, fire, lightening, earthquake, flood, storm, rock-slide, etc. Depending on the quotes you get online, you may give your patronage to the company better suited to serving your needs and budget. It takes a little knowledge, time and effort to find the trusted companies from whom you can get vehicle insurance online. You can never go wrong by getting free vehicle insurance quotes first for comparison’s sake.

Before you get an insurance, ensure you read all the instructions and potential threats covered in your policy. It is important to know about the threats that are covered in your policy and which ones are not. Safeguard your vehicle today as well as yourself from unnecessary losses and mishaps.

Tags: insurance agent, insurance company, Insurance policies, insurance policy, vehicle insurance online, vehicle insurance quotes|

Safeguard Your Prized Possessions With Compulsory Insurance In Nigeria

Insurance is a legal financial mechanism through which interests of people are safeguarded from the swords of uncertainity and losses. Insurance is of various types including Life insurance, Fire insurance, Marine insurance, vehicle insurance and others. In every type of insurance, customer pays a certain amount of money to the insurance company called premium, which in return, assures the insured to bear the loss in case of uncertainty.

The ‘insurance’ word is by default interpreted as life insurance, but there are various other types of ‘not necessarily’ compulsory insurance in Nigeria, which decreases your liability towards unfortunate losses. The state in which you live or run your business may require you to compulsorily carry certain insurance on your assets (after all your assets are the reflection of your hard earned money!) Nobody is ready for financial troubles and therefore in such situations insurance acts as a tool which creates a protection cover around your assets. Compulsory insurance in Nigeria acts as a boon in such circumstances.

The personal liability which can be imposed upon you and which probably can make you debt ridden must be dealt efficiently by taking up the compulsory insurance in Nigeria as it will provide you risk coverage. Depending on which type of insurance you have chosen and what are the risks covered in it, the insurance company will provide you the claim. This way you can have peace of mind that all your precious possessions are residing inside the boundaries of safe cover. Unfortunately, we have no control on mishaps but still fortunately we have an easy access to compulsory insurance in Nigeria and even the non compulsory ones.

It is a human inclination to think that insurance is more a pain than a benefit as there are regular payouts and no regular pay-in (Hopefully there are no pay-in as nobody wants the assets to be damaged!). But the insurance policies provide complete risk management and there is no doubt in that. To make it more attractive and decrease hassles, Nigeria has put in efforts to make compulsory insurance in Nigeria very easy. There are a number of insurance companies and insurance brokers / agents that provide door to door customer service. It takes a little hard work, knowledge and learning to judge the credibility and equity of the insurance provider. Always spend some research time to ensure that you are entering into contract of insurance with the companies of high repute. Compulsory insurance in Nigeria cannot be weighed lightly as it is full package which saves you from undue financial troubles and secures your priceless possessions.

Future is uncertain but still you try your every bit to make sure your it secure and safe. If you deprive yourself from taking compulsory insurance in Nigeria, then you are depriving yourself from an assurance of safe financial future. By taking compulsory insurance in Nigeria, you are making a wise investment to make yourself and your belongings safe from unwanted losses. One single accident can open the doors of bankruptcy so make sure that you have done your part and taken enough insurance cover.

Tags: compulsory insurance in nigeria, Fire insurance, insurance company, insurance cover, Life insurance, Marine insurance, vehicle insurance|

Motor Vehicle Insurance: Know Before You Buy

Most of us have childhood dreams of owning a car or a bike at some point in our lives. Once we get a job, we start saving money to buy a car of our choice and then finally we are able to do this. However, there are uncertainties car travels and cruises. Your car could meet with an unforeseen negative eventuality any day, for real!

It is important to get motor vehicle insurance for cars, trucks, motorbikes and other road vehicles. Having this kind of insurance gives you financial coverage in case of physical damage.

Things to keep in mind when choosing your motor vehicle insurance policy:

Here are the types of coverage that motor vehicle insurance usually provides:

Liability Coverage
Fire and Theft Coverage
Comprehensive Coverage
Property Damage Liability
Bodily Injury Liability
Rental Car Insurance
Pay-Per-Mile Coverage
Personal Injury Protection
Under-insured Driver Coverage
Collision Coverage
Physical Damage Coverage
Uninsured Driver Coverage
Gap Insurance

Most of these coverage facilities are optional. If you add them to the policy you choose, your premium amount will likely increase.

Make an informed decision about the kind of coverage you need:

Rates of motor vehicle insurance tend to vary depending on your gender, status, health, assets and income. All in all, always choose a policy that is most suited to you and your life style. Compare motor vehicle insurance quotes online or through agents so that you do not end up making an expensive mistake by choosing a policy that is wrong for you.

Know the loopholes: A good idea is to buy a car that qualifies for a discount, or at least does not lead to additional surcharges. Before deciding to purchase a vehicle, consult your insurance agent about the cost of insuring that vehicle.

What you need to know about motor vehicle insurance policy in Nigeria:

In Nigeria the Third Party Car Insurance policy is compulsory. However, before you acquire third party auto insurance, keep in mind that it does not cover any personal damage you may have incurred in whatever situation. The claim you can make on your third party auto insurance policy is limited. Before selecting a policy, make sure you find out what how much loss the policy covers.

Another kind of motor vehicle insurance, called Comprehensive Auto Insurance Policy, exists to save you from any losses that you might incur as a result of damages caused by an accident. This is not a compulsory kind of insurance, but experts recommend it for your benefit and safety.

In order to read up on any insurance company, you could look up the National Insurance Commission, NAICOM website. There you will get up to date and reliable information about the insurance companies. You will also get information about insurance brokers and reinsurance companies.

Common Types of Commercial Vehicle Insurance

In Nigeria it is compulsory to buy an insurance policy for your vehicle in order to stay protected all the time and keep you on the right side of the law. First of all it is important to know that car insurance policies are not designed to force you into some legal complications rather they are specialized protection covers designed for your vehicles. In case you face any accident while travelling on road an insurance company will stand with you to cover all the losses as well as medical contingencies.

In some cases employees make use of company vehicles for personal and business purposes so it becomes essential to buy some Commercial vehicle insurance cover so that you can stay safer always. Determining which policy suits you better actually depends upon type of services you expect from your vehicle and how efficient your driver is. There are various factors that play important roles while finalizing Commercial vehicle insurance online or offline.

Some of the most common commercial vehicle covers include:

Comprehensive cover:

It covers accidental damage, fire, theft, injury to other person as well as hijack issues. This policy is considered to be highly beneficial for Commercial vehicle insurance in Nigeria.

Third party theft and fire cover:

This type of policy provides protection against fire; hijack, theft as well as injury to a third party/person but it do not cover accidental damage to your own vehicle.

Third party Cover only:

It covers the loss of life or property to other person but damage of your vehicle is not covered. Generally people opt for this kind of insurance to complete the documentation and settle for lesser premiums.

All these Commercial vehicle insurance policies are available with various online and offline dealers and one can choose any of them depending on need and budget. When you buy some insurance policy you subscribe to financial support from the insurance company at any time of critical road accidents… It is good to choose a policy cover that can serve you better for life. If you move your vehicle outside Nigeria then you can go for some ‘out of Nigeria’ insurance policy covers.

Insurance policies offer you financial aid at the time of an accident but it depends on type of cover you bought eventually. To avail these benefits at the right time you need to pay your premium from judiciously because this money comes right from your premium and if you have not paid all funds on time it may lead to some hurdles at the time of need. In fact there is a popular ‘no premium no cover’ policy among insurance companies in Nigeria and beyond. There are lots of companies that provide Commercial vehicle insurance; you can check their quotations online and compare their services. Once you find one that suits your need better contact the service provider and get complete details about the terms and conditions. Understand that this is not a formality rather it is your responsibility and will pay you in the long run.

Tags: commercial vehicle insurance, comprehensive cover, insurance company, insurance policy, third party Cover, Third party theft and fire cover|

Why Compare Vehicle Insurance Quotes?

Are you thinking of buying a new vehicle in Nigeria? While finalizing your car purchase you need to pay some attention toward insurance policies too because it is important to enjoy a trouble free lifelong service from your vehicle. Prior to selecting your insurance policy you must be aware about the type of service and rates provided by different companies; you can find these details in Vehicle insurance quotes. Few years ago it was difficult to collect complete information about insurance policies as we needed to move from company to company to get details about their quotations but now it is possible with single online search. Internet provides you the best facilities for collecting complete information about the policies and their associated terms & conditions. There are different rates for different vehicles for example cars are covered in different set and trucks are covered with other terms; when you go for online search you will get better details about insurance policies in Nigeria and on time too.

One of the best facilities for Vehicle insurance quotes is to get a complete list over a single portal on the internet. It is important to note that there is no compromise for quality; if you are getting a quotation at cheaper price but it do not cover all important aspects then you must skip it because you are going to invest lots of money on buying vehicle as well as on insurance but still if it doesn’t cover perfect safety clauses then it must be dropped out. In Nigeria people prefer to check Vehicle insurance quotes on the basis of price but this is not the right procedure; one must always go for coverage range details. There are some comprehensive policies as well as some third party policy programs and they both cover different areas.

When you search online for Vehicle insurance quotes your search results will direct you toward some portals where complete information about available quotes will be provided. Shopping online for car insurance quotes leads to time as well as money management because here you get complete information about terms and conditions as well as price; you can easily compare ranges offered by various companies, their discounts and coverage options. When you are able to get complete information at a single terminal it becomes easier to make better comparisons as per your need, budget and state. Before you finalize your policy it is good to check details about each company, their licenses and reputation; check some customer reviews to get more information about the level of trust and confidence customers have in them.

Online Vehicle insurance quotes can help you to get complete information about types of insurance policies that suits your needs in the best possible manner. Some websites also provide discounts on a seasonal basis; you can look out for an insurance policy that provides good cover for car damages caused by natural calamities, terrorism, riots, lightning, self ignition, explosion, fire, theft as well as accident.

Tags: buy insurance cover, compare vehicle insurance, Insurance policies, insurance policy, vehicle insurance quotes|

Car Insurance: How to Make It Work for You

If you own a car or are about to become the owner of a car, getting a good car insurance must surely be one of your priorities. Before choosing a car insurance policy, you must understand its various aspects and component. A step by step guide to understand car insurance follows:

Breaking your insurance down: What does the insurance cover?

Liability in case of bodily injury: If your car leads to somebody’s death or injures someone, car insurance will cover the death and injury claims made against you, and cover the legal costs.
Medical bill: Car insurance company will pay to treat any injury incurred to you or the third party due to the accident.
Liability in case of property damage: If your car in an accident damages someone else’s property. Car insurance will cover the claims filed against you.
Comprehensive (physical damage): This covers the damage your car may suffer due to vandalism, wind, flood, fore or theft. It also covers any other issues not related to accidents.

What are the factors that determine the kind of car insurance rates you will get?

Age: If you are young, and do not have much of experience when it comes to driving cars, your rates will be higher, also men tend to get higher rates than women.

The Demographics of your location: If you live in an area which has a high crime rate, you will be compelled to pay more.

Traffic violations: If you violate traffic rules and are slapped with charges like speeding or other kind of violations, your insurance bill will surely increase. To avoid this, always obey traffic rules while driving.

Claims: Premium on your policy also depends on your claim history. If you are filling to get insurance claim almost every year then you may have to pay additional money for your car insurance.

Systems to prevent theft: If you have theft deterrent systems installed in your car, you are likely to get some discount.

Training: Some car insurance companies provide a lower rate if you undergo a period of driver’s training. This is focused on accident prevention which will ultimately benefit you as well as the insurance company.

Payment plans: There are companies that offer rebate based on the kind of payment plan you choose to take. For example, if you pay the bill at an annual basis, you may get a discount. There are few companies offering discount if you renew your insurance policy online.

It is essential that you go through some options and quotes that are available to you before selecting your car insurance. Make a decision only after reading the entire body of information. Many a times some companies can offer lower premium by not covering some parts of your vehicle so we have to be careful regarding the inclusions & exclusions and don’t just settle for the lower insurance premium.

Tags: car insurance, car insurance rates, insurance premium|

How to Quickly Buy Insurance Online For Car

To buy insurance online for car is to expose yourself to hazard free service where everything is processed digitally in a very smooth & quick manner. For so many years people have realized value of car insurance and now they prefer some simple procedures instead of going through complex services. With the advent of online services for vehicle insurance, Nigerians are now able to get great policies for their motor insurances online and quickly.

The major factor behind troubles that Nigerians face while going through car insurance policies is lack of knowledge; people are not aware of procedures, claims and facilities that are available with various policies. When you prefer to buy insurance online for car, half of your troubles are reduced because online service providers give you best quotations and educate you properly about the complete procedure. If you are thinking to buy car insurance in Nigeria it is good to follow these steps to avail best services:

Type of Insurance:

First of all you need to decide that what type of insurance is better for your vehicle; if you go for comprehensive policy then it provides you safety from accident, theft as well as fire while including the contents of third party policy in it. But if you prefer to buy only third party insurance for your car it provides you protection from damages related to driver negligence only. According to Nigerian Act of insurance policy it is compulsory to buy at least a third party insurance policy for your car if you don’t want to go for the comprehensive one.

Search for a registered company:

Once you have finalized your insurance policy and you want to buy insurance online for car it is time to initiate some internet search. If you type for insurance company over internet it will show thousands of results but it is important to select the best one out of all these. When you buy an insurance policy for car you have to spend your hard earned money so it is good to ensure that it is going to the right company and they will help in case any claim is needed. Try to stay away from fraudsters and for this you can check customer reviews on company websites that reveal the truth about their services.

Call your service provider:

Now you have prepared a list of best suitable insurance service providers so it is time to call them and get details about quotations. Have some discussions with support team and grab complete idea before you buy insurance online for car. Compare services of various companies and never ever try to sacrifice for quality; once you get your service provider it is time to make the deal.

Insurance policies ensure perfect safety of your vehicle; it is good to buy best policy for your car that covers all aspects. In Nigeria you can easily get cheap quotes to buy insurance online for car and these companies will provide you large number of options for policies.

Tags: buy Car insurance, buy insurance online for car, car insurance, Insurance policies, insurance policy, insurance service providers, third party insurance|

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