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.