Many people have different views in the area of auto insurance policies in Nigeria and seem not to buy into that idea as a result of negligence or thinking it doesn’t help them. However, focusing on how to get auto insurance in Nigeria, especially for those who operate vehicles such as buses, cars, motorcycles, heavy vehicles, including tractors, and so on.
Auto insurance covers any financial loss incurred while driving your car on the road or any other place. It is also necessary for a car owner to have a car insurance certificate in Nigeria in order to insure the payback of a car when affected.
Meanwhile, let’s have a view on how you can get a car insurance in Nigeria.
1. Visit naicom.gov.ng
This should be your first step while taking the decision to get an auto insurance company in Nigeria. With your phone, you can visit naicom.gov.ng; that is the website of the National Insurance Commission (NAICOM), a regulatory agency for insurance in Nigeria, and it lists the most registered and well-known companies where you can get car insurance. We would like you to do a proper check on some of the insurance companies that you found in the Google search. This includes:
- FBN General Insurance
- AIICO Insurance Plc
- Old Mutual Nigeria
- Cornerstone Insurance
- Consolidated Hallmark Insurance
- AXA, Mansard Insurance Plc.
- Leadway Assurance
- Zenith Assurance Plc
2. Register for auto insurance
Contact your chosen insurance company or visit their nearby office if necessary, where you will be asked to fill out a form which will require the following:
- KYC Form
- Motor Proposal Form
- Motor Insurance Physical Inspection Form
Apart from that, you will be given at least two policies while filling out the form to insure the car, one of which is compulsory while the other is not. These are:
- Auto Insurance for Third Parties
Having third-party auto insurance in Nigeria is compulsory and will require you to have it in order to cover some dangerous future experiences such as death, accidental injury, and damage to the property if you are the third party. The policy is also known as “Let my people go.”
- Comprehensive Auto Insurance
Though this policy is not compulsory to have, it covers most of the risks that could occur while having regular use of your vehicle.
The risk also varies from type to type, such as damage done to the car, lost car, burnt car, theft, or accidental damage, even legal liability for death or body injury to the third party, only if you insure the victimized properties with the insurance company.
Aside from that, you’ll have to pay an annual premium on these policies, which can range from 5,000 to 10,000 naira depending on the type of car or vehicle.
3. Find out required percentage of the insurance company
Recognize the required percentage of the insurance company with which you insure your vehicle. This should be an important factor for you to consider when deciding which insurance company to use.
Most comprehensive auto insurance policies charge between 4–5% of the total value of the vehicle over the course of a year.Always check or compare before making decisions as well.
Aside from the insurance company, an authorized dealer of a car may also guarantee one insurance cover as an option when buying a car, but with that, be sure that the car dealer has a good relationship with the insurance company before placing a deal with the person.
Another offer comes from the insurance company, which is due to offer their clients or vehicle owners a car-tracking device that is worth about 2,500,000 naira or above.
Even an offer of a policy that has a description of the type of policy will be given to you once you have purchased a policy and will also require you to properly check if your policy is authentic by clicking or checking it on the website, which is www.askniid.org, and working with the instructions that follow.
If it is authentic, once you follow the information, both the vehicle plate number and your policy type will appear, including the vehicle type, but if it is not genuine, no information will appear.