You probably have never heard about Auto Insurance or perhaps have not been fully cleared about it. This post will definitely give a broad coverage on it including low cost auto insurance in.
Before we delve into where you can get low-cost Auto Insurance in Nigeria.
First of all, lets try give auto insurance a proper definition.
What is Auto Insurance?
Auto Insurance is a Contract between the Insurer and the insured whereby the Insurer promise to indemnify you in the event of a financial loss in the event of theft or accident.
The insurer is the Insurance Company while the Insured is a person or company covered by Insurance.
In exchange for you paying a premium, the Insurer will agree to compensate you for the loss that may arise.
Why do I need Auto Insurance?
Most Countries do advise that all vehicles owners should get their property insured, but many people still go over the edge to get additional Insurance to protect their interest.
Vehicle is just a broad word for Auto Insurance; Property, liabilities and medical also fall under it.
Damage to properties, cost arising to others for properties damage or Injury. It also compensates when you have an accident caused by a driver who does not have auto insurance.
Not just these, Auto Insurance goes beyond just that. It is surely a friend in need when you need it most.
Whether you are driving your car or someone’s car, an auto insurance will cover just that. Be it known that if you are driving someone’s else car, to indemnify, you must have taken permission from them.
Personal Auto Insurance only covers personal driving. Don’t expect coverage if you are using for commercial purposes.
Lastly, you need Auto Insurance because the law requires it and it is compulsory. (See Road Traffic Act, 1950)
Classes of Auto Insurance
Basically, Auto Insurance covers the damage caused by your vehicle. It does not cause damage done to your vehicle.
If you really want something different, you should arrange with your Insurer.
Collision and Comprehensive Car Insurance are the most common ones but we will also be updating you on Glass Insurance.
Comprehensive Car Insurance
Collision has been pointed out as one of the types of Auto Insurance.
Comprehensive Car Insurance provides you with cover against damage or theft that may arise as a result of an incident other than Collision.
Such covers include vandalism, flood, damage caused by trees and related ones, fire and other hazards.
You can be entitled to compensation under this scheme when an object, such as a tree or pole falls on your vehicle, an animal rammed into your car, stolen or vandalized and many.
Comprehensive Car Insurance lives its name as it is broad enough. Your insurance company would always be available to provide you with the others.
Collision is not extensive enough but it is hard to lay aside. Asking why it is hard to lay aside? Most of the likely hazards fall under this.
In a layman language, under collision insurance, you are compensated when your car got damaged as a result of colliding(hit another car) with another car.
Upon that, you are entitled to full replacement of your or partial depending on how the Insurance Company deems it fit.
Damages under Collision will arise when your car hits an object, say a tree or it collides with another car, hits a pothole and few more.
This type of insurance provides coverage against windshield damage be its rear windows, side windows, and glass sunroofs.
Glass Insurance is optional and it is mostly purchased with Collision Insurance.
Damages under Glass Collision can arise when tree bashes your windshield, animal ramming into your windshield, pebbles flying into your windshield while driving, and sometimes an act of God.
Where you can get Low-Cost Auto Insurance Company In Nigeria
1. AIICO Insurance Company
AIICO Insurance Company is one of the leading Insurance Company in Nigeria.
Founded in 1963, and since then, they have been a force to reckon with. Their expertise lies in providing health and life insurance, general insurance, investment management, and pension management services that help to create and protect wealth for all.
Head Office Address: Plot PC 12 Afribank Street, Victoria Island, P. O. Box 2577, Lagos
Tel: 01-2612472, 01-2614669
2. Anchor Insurance Company
Anchor Insurance Company was licensed by the National Insurance Commission in 1989 as a non-life insurance outfit.
The board consists of established professionals from different business fields whose experiences helped to shape the revolution of Insurance business in Nigeria.
For years, the companies have shown grit and innovation in product and customer service delivery. It has in one way proven they are a great outfit for Insurance Business.
Head Office Address: Plot 21, Ahmed Onibudo Street, Victoria Island, Lagos, Nigeria.
Tel: 01-3425908, 08029522219, 08035397635, 08138003100
3. Consolidated Hallmark Insurance PLC
Consolidated Hallmark Insurance PLC emerged as one the best Insurance Company in Nigeria in the year 2007.
The second Insurance Company in Nigeria to obtain the coveted ISO 9001:2015 (Quality Management Systems Certification)
The company has taken the podium when we talk of underwriting of key transactions in Oil & Gas, Aviation, and Motor Insurance Business.
Head Office Address: 266 Ikorodu Road, Obanikoro, Lagos.
Tel: 0700CHINSURANCE (0700-2446-7887-2623) +234 1 2912543, +234 1 2912532
4. Leadway Assurance Company Limited
For years, Leadway Assurance Company Ltd has made good to its promise by providing efficiency and customer satisfaction.
This is brought by the Insurance Company’s commitment to maintain competitive advantage. The company has been in the business for 45 years(Since 1970) and can be said to be one of Nigeria’s insurance service companies.
Head Office Address: 121/123 Funso Williams Avenue,
Iponri Surulere, Lagos
5. Axa Mansard Insurance Plc
Axa Mansard Insurance is one of the division of Mansard Group with 166,000 employees in 67 Countries.
Axa Mansard Insurance PLC was incorporated in the year 1989 and also registered under National Insurance Commission of Nigeria (NAICOM).
The company covers life and non-life insurance products and services to individuals and institutions.
Head Office Address: Santa Clara Court, Plot 1412, Ahmadu Bello Way, Victoria Island, Lagos
Tel: 0700 292 626 7273, 01-4485482
Claims Hotline: 08150490199, 08150491085, 08150490342