Companies In Nigeria Offering Comprehensive Car Insurance

If you are looking to purchase car insurance or are simply reviewing your current policy, you should consider comprehensive insurance coverage.

Learn about what comprehensive insurance protects, how it differs from other types of auto insurance coverage, and how it works in Nigeria.

What Is Comprehensive Car Insurance?

Comprehensive insurance provides coverage for the replacement or repair of your vehicle in the event of theft, fire, destruction, unintentional damage, or collision.

Comprehensive car insurance covers legal responsibilities stemming from death, property damage or bodily injury to a third party. All of this stems from the insured’s utilization of his or her car. If you own your vehicle, it is an optional coverage under your car insurance policy.

However, if you lease your car or have a higher purchasing arrangement, you may be required to maintain comprehensive car insurance.

Comprehensive Car Insurance in Nigeria and How It Works

Car insurance plans in Nigeria are sold by any insurance company that has been licensed by the National Insurance Commission (NAICOM) as a general or composite insurance business. When purchasing an insurance coverage, you must fill out the following forms:

• Know Your Customer (KYC) Form
• Motor Proposal Form
• Insurance Physical Inspection Form

Car Insurance Companies Offering Car Insurance Policy

Some of the insurance companies offering car insurance policy include:

• Leadway Assurance
• Custodian Insurance Plc
• AXA Mansard
• Allianz Nigeria Insurance
• NEM Insurance
• Consolidated Hallmark Insurance
• AIICO Insurance
• Mutual Benefit Insurance

Cost of Getting Comprehensive Car Insurance

Although comprehensive insurance is not required by Nigerian law, it does cover all risks associated with driving or owning a vehicle.

In Nigeria, the average annual premium for a comprehensive insurance policy ranges between 4% and 7% of the total value of your car. The car’s worth is determined by its purchase price. Some insurance policies provide additional services, such as car tracking devices, at a cost. This is only available to comprehensive auto insurance policyholders.

You will receive a certificate of insurance once you have completed the purchase of your comprehensive auto insurance policy. This certifies your eligibility to file a claim in the event of an unanticipated incident with the car.

How To Confirm The Authenticity of your Car Insurance

There are numerous fake insurance agents out there who take advantage of a client’s ignorance. Given all of this, simply receiving your policy certificate is not enough. This is because you need to verify the authenticity of your insurance certificate. This applies in two ways.

• Visit the Nigerian Insurance Industry Database (NIID) Website

Visit www.askniid.org and follow the instructions. To search their database, you’ll need your vehicle’s number and insurance policy number. If a result is returned, ensure that the policyholder’s name is yours. If it does not provide any results, it could be a fake, and you should notify your insurance officer immediately.

• Use the *565*11# USSD Code

The Nigerian Inter-bank Settlement System (NIBSS) in partnership with the Nigerian Insurers Association (NIA) launched the USSD code for validating motor insurance policy. To confirm the validity of your car insurance just type *565*11# and enter your vehicle registration number.

What does comprehensive car insurance cover?

There are a lot of things or events that this car insurance provides compensation for, and a lot of them are not even commonly known. Ten things comprehensive car insurance covers are:

• Riot: The likelihood of a riot or civil disorder is very high. Specifically, if you live in an area that could be classified as hazardous or unstable, riots could break out and your car may be assaulted. Having to pay for this hurts, especially because it is generally extremely unexpected, but with this form of car insurance, you don’t have to worry about that happening.
• Fire: Fires can start anywhere, including the most unexpected places. Your car is one of them. With comprehensive car insurance, you won’t have to spend your hard-earned money replacing or repairing fire-damaged vehicles. It doesn’t matter if the fire originated inside or outside your car.
• Theft: Another disadvantage of owning a car is the danger of having it stolen. Even cars with the strongest security and anti-theft equipment can be stolen, which is terrible. However, comprehensive car insurance will replace your vehicle or its contents in the event of theft.
• Damage to windshield and glass: The windshield and glass are probably two of the most sensitive sections of the car. Anything can cause a crack or complete breakage. Nobody loves driving around with a damaged windshield. Comprehensive car insurance covers the repair of your windshield and glass.
• Falling objects: you can’t control where objects fall. A falling tree will crash where it wants to, and that might just be right on top of your car. Comprehensive insurance covers you in the event of this happening.
• Natural disasters: Natural disasters, like falling items, are uncontrollable; they simply occur, and there is usually little you can do to physically protect your vehicle. Natural disasters can cause damage or loss, and comprehensive auto insurance protects you from them.
• Damage from animals: Humans aren’t the only thing to be concerned about when it comes to vehicle damage. Animals could harm your car, yet unlike people, you cannot hold them accountable. To be honest, that’s an unexpected and bothersome expense. Animal-related damage, on the other hand, can be fixed as compensation under comprehensive car insurance.
• Vandalism: Anyone’s property, even your car, can be vandalised. Whatever the situation may be, destruction would result in damage to your vehicle and an additional dent in your wallet. Comprehensive insurance will cover and compensate you for these damages.
• Hail: hail can be harmful and destructive, and your car could be in the way of hail when it comes pouring. Comprehensive car insurance pays for repairs to your car’s bodywork for damages caused by hail.
• Damage to headlights, bumpers and body

Things to Look Out For in a Car Insurance Company

When looking for auto insurance, it is advisable to pay attention to specific data about your insurance company.

It also applies to the insurance plan, allowing you to make the most of your insurance purchase and reap big benefits. The following are the details to look out for:

• Reputation:

There are numerous auto insurance companies coming up; don’t be afraid to ask about for the company you wish to work with. You can ask family and friends for recommendations on auto insurance companies and compare their rates. This allows you to vouch for the company’s reputation.

•  Coverage:

The type of coverage that an automobile insurance company provides is important. Take the time to determine the type of coverage that best suits your auto needs. Learn about the many types of coverage available so that you can compare and choose the best option.

•  Claims Process:

You should be very interested in how car insurance companies handle claims. Make an inquiry on how responsive the claims process is. If you’ve to file for claims, you wouldn’t want a slow claims process.

•  Benefits:

In order to obtain more consumers, insurance companies provide various bonuses. Some vehicle insurance companies provide bonuses to drivers who do not file claims. Check to see what kind of perks your employer offers if any.

• Verify the financial Stability:

You may come across very attractive auto insurance quotations due to their low cost. However, you should evaluate the financial stability of the insurance company you’re contracting with to ensure that it won’t go bankrupt. To ensure their financial situation, verify their financial competence.

How can I Renew my Car Insurance?

Previously, renewing a car insurance policy was akin to climbing a mountain. It required a great deal of huffing and puffing. Endless phone calls and visits to your insurance agent’s office with potentially headache-inducing chats were the norm.

Brutal, right? You may have been tempted not to renew due to the stress. Fortunately, technology has made practically everything more accessible, and auto insurance renewals are no exception. It’s so simple now that you may renew your coverage online in minutes using your smartphone or computer. Some insurance companies allow you to renew using USSD codes.

What Do I need to Renew My Car Insurance?

If you are looking to renew your car insurance, there are a few requirements you need. They are;

• Your full name
• Your home and work address
• Details about your car; its make and model number
• Legal details such as the vehicle registration number of your car
• The insurance policy number of the old insurance policy
• Any additional benefits for the insurance policy (perhaps you want to change your type of policy or
• add another to it)
• Payment details

Step-by-Step Car Insurance Renewal

These are the steps to take in renewing your insurance;

1. Review various insurance companies and their car insurance policies: The first step is to compile a list of insurance providers with which you could renew your policy and compare their services. You do this because there is always something better out there, and you should get your money’s worth. Choosing the best policy is simple; simply determine what works best for you. Companies who provide excellent presale and after-sales services are typically the best choices.

If you still wish to use your prior supplier, acquire a price from them. Use an insurance calculator to discover how much your automobile will be covered and how much you will pay in premiums.

2. Select the type of insurance: After selecting an insurance company, the following step is to decide on the type of car insurance you will get. You can choose between comprehensive car insurance, which covers damage to your car as well as other vehicles, and third-party car insurance, which only covers damage to other cars. Some insurance companies offer additional insurance plans.

3. Fill in your details: After choosing which policy you are going with, you provide your required details to the insurance provider.

4. Choose insurance policy Add-ons: Add-ons are additional advantages to your policy that broaden the scope of what it initially covers. Add-ons can range from zero depreciation (where the depreciated value is not taken into account) to services such as roadside assistance, which provides minor repairs and replacements if your automobile breaks down on the road. 5.

5. Pay for your insurance policy: After all has been said and done, what’s next is to complete the process with payment, and you are good to go.

Conclusion

This vehicle insurance is an optional extra to your car insurance policy, giving coverage for occurrences that regular car insurance may not cover. If you want that “all-encompassing” feeling, you might check into comprehensive car insurance.

It might be difficult to choose the correct insurance company from among the various Compare the services of several insurance companies before renewing. You do this because there may be something better and you want value for your money. Simply find the policy that suits you to choose the best. Excellent presale and after-sales services are usually better.

Get a quote from your old supplier if you wish to keep them. Use an insurance calculator to calculate your car’s coverage and rate. Options available. Making the essential queries to compare the factors between each provider as well as your auto insurance requirements will help you narrow down the decision-making process.