Tenets of Comprehensive Car Insurance in Nigeria
Comprehensive car insurance in Nigeria is not mandatory. Instead, what is required by law is a minimum of third party car insurance. That said; it is still better to get yourself the comprehensive insurance, for peace of mind and to prevent sudden financial costs.
Many people have a good idea of how insurance works. At its most basic level, a customer purchases insurance so that in case of unforeseen eventualities, such as a car accident or damage caused by a fire, the insurance company will take care of the cost. What the insurance company receives from the client are premium payments, so this is a win-win situation. Now, when it comes to vehicles, one of the products that are usually offered to car buyers and owners is comprehensive car insurance. In Nigeria, there are certain regulations in place which impose requirements on people who own and drive vehicles, and these rules will have an impact on the choice to buy certain kinds of car insurance. Here are some of the key points regarding this matter.
Comprehensive Car Insurance in Nigeria is Not Mandatory
First of all, it’s important to clear up any confusion about the true requirement regarding comprehensive car insurance in Nigeria. Similar to other countries, what is actually required by law in this country is third party car insurance and not comprehensive car insurance. There is a large difference between the two. Third party car insurance will only be relevant in the event you cause damage or injury to some other property or person. So if you are driving down the road and you accidentally hit a pedestrian, the third party insurance will kick in and help to take care of that person’s medical costs. Or if you accidentally backed into another vehicle while pulling out of a parking spot, your third party auto insurance will help to pay for the repair costs for that other vehicle. This type of insurance is mandatory because it helps to ensure that if a driver hurts someone or damages property, then there will be insurance to handle the expenses of the victim.
Get Comprehensive Car Insurance in Nigeria for Peace of Mind
Since third party car insurance only takes care of the victim, you can already see how this may not be enough. After all, if you accidentally back into another car, there will also be damage to your vehicle. Third party insurance will not handle the costs for your own car’s repairs, so you will have to pay for this out of pocket. This can be a significant and difficult financial burden. Thankfully, this can be addressed through the use of comprehensive car insurance in Nigeria. This comprehensive product will take care of costs for both the victim as well as the policy holder. So in the example, the insurance company will also take care of repairs to your own vehicle. It will also be applicable in other situations, such as if a flat tire causes your vehicle to veer to the side and hit a wall, or if a short circuit in your vehicle results in a fire. In these cases, comprehensive insurance can either take care of the repairs or provide you with money to buy a new vehicle. So it is clear that getting comprehensive car insurance in Nigeria can help to save you from financial stress, and give you more peace of mind.