Car Insurance in Nigeria isn’t new but permit me to say Nigerians still haven’t been able to embrace this development. Many see Insurance as a waste of resources and time while others see it as fraudulent. But as for those who see it as a waste of time, effort and money, there are very cheap car insurance, which would be suitable for you depending on the car insurance policy you wish to adopt.
Owing to the fact that the common Nigerian believes insurance is fraudulent, insurance companies in Nigeria though it wise to set up a body, which would sensitize the general public about all forms of insurance and its importance. This gave birth to the
How to get Very Cheap Car Insurance In Nigeria
STEP 1: Decide on what type of Insurance you want
First thing first, you need to make up your mind on the type of insurance policy you want to adopt, be it a comprehensive insurance policy for your automobile or just a third party insurance policy?
A) The Comprehensive Car Insurance Policy: If you want to adopt this car insurance policy, this is relatively still a very cheap car insurance cover as it includes cover your car in cases of fire, theft, accident and also includes a third party insurance policy.
B) Third Party Insurance Policy: This is not so different from the comprehensive car insurance policy; in fact it is a cheaper car insurance policy when compared to the comprehensive car Insurance policy. Third party insurance policy covers or indemnifies you from the damages caused by your car on other cars in the case of your negligence or your driver’s negligence while driving the insured car. The third party policy is compulsory according to the Nigerian Insurance Act 2003.
STEP 2: Discuss With A Registered Insurance Company
Getting an authentic but cheap car insurance policy can be quite tricky, be wary not to be swept off your feet by the boys who promises very cheap car insurance policy around licensing offices. If you do, be sure to get fake papers and when you will need the insurance you have spent your hard earned money to do the job in case of any accident or damage, no one will be there to help because you patronized the fraudsters.
If you just bought a new car from an auto dealer, he may offer to provide you with insurance, note that these car dealers are not insurance companies but some of them do have contact or have good rapport with some insurance companies. First, make sure you verify that the insurance company he is referring you to is legally registered. How do you know that? Some good insurance companies in Nigeria which provide trusted services to their customers include:
- Cornerstone Insurance
- Consolidated Hallmark Insurance
- FBN Life
- Leadway Assurance PLC
- Zenith Insurance PLC
- AIICO Insurance PLC
- IGI Insurance
- Old Mutual Nigeria
- Mansard Insurance PLC
The Insurance companies listed above are only a few of the registered insurance companies that operate in Nigeria and the National Insurance Commission (NAICOM) regulates them. This simply means there are still smaller insurance companies yet to be listed under NAICOM. To get a comprehensive list of the registered insurance companies in Nigeria simply visit their (NAICOM) website on www.naicom.gov.ng. You can check out the websites of these companies, to get a clearer picture. A better and faster way to do this is to use the insurance quotes services of https://www.compareinsurance.com.ng to request for cost estimates. Each of your quotes request submission is transferred in real time to relevant insurance companies who quickly reach out to you for discussions. This is far more comfortable. All the same, it is better to take your time to achieve a genuine, yet cheap car insurance cover than getting a fast one from illegitimate dealers.
How To Verify Your New Insurance Policy
As soon as you buy your insurance, always endeavour to verify your policy by sending an SMS (Policy number*your vehicle plate number) to 33125 and there you are
On your phone for instance, type AIN/061/310100*AB123YZ and send to 33125. You will receive a message alert telling you that your vehicle is ‘insured’ if you got a genuine insurance policy or ‘not insured’ if the policy is fraudulent. You can visit to website for the Nigerian Insurance Database Portal, www.askniid.org which is the central record of all insured vehicles in Nigeria. The Nigerian police also use ASKNIID to enforce motor insurance law, so ensure that verifying through these methods properly and genuinely insures your vehicle.
Happy hitch free driving to the potential and exiting drivers and car owners!