Car insurance is an arrangement by which a licensed organization or body undertakes to provide a guarantee of compensation for car loss or damage in return for payment of insurance levy. Nigerian car insurance companies vary in their services and prices; some are too costly while some are cheap and affordable. Here we’ve compiled the list of cheapest car insurance companies in Nigeria and how they work.
When you have car insurance and you are paying or remitting what is required of you, there is no need to be scared because it will be replaced once it gets damaged or lost.
List of the best car insurance companies in Nigeria
With our newfound understanding of what insurance companies are all about, let’s take a look at the cheap and best car insurance companies in Nigeria.
1.AXA mansard car insurance
When talking about AXA mansard, this is the type of car insurance that has its own packages and expects one to pick one from the packages for proper insurance. This includes:
Autoflex: The Autoflex package in the AXAmansard car insurance requires a significant savings in the motor insurance premium and is customizable and flexible.
Autoplus: This is the insurance package that covers floods and other incidents that affect your vehicle.
Autogo: When it comes to purchasing your own third-party motor insurance and obtaining your certificate, consider using Autogo because it assists one in obtaining his or her own third-party motor insurance. The three packages, on the other hand, cover your property if it is stolen, damaged.
2. ALLCO car insurance
Aside from just a car, the ALLCo insurance company covers different types of automobiles, both for private and commercial use, and for those who would like to have their motorcycle and tricycle insured, the ALL Co car insurance package caters for that as well. However, these are the categories of people that ALLCo insurance covers. They include private vehicle owners, multiple-family owners, taxi and bus owners, delivery vehicles, and commercial fleets.
3. Leadway automobile insurance
The above car insurance company is a comprehensive car insurance that covers loss or damage incurred on your insured car, either due to an accident, mechanical damage, or otherwise. That is, an individual who has this type of insurance company where his or her car is insured only needs to relax while his or her car is insured.In fact, the insurance company, in my own view, is a contributing scheme to replace what you lost.
4. Industrial and general car insurance (IGI)
Unlike other insurance companies, an individual who requires this type of company’s cover must have the following:
third-party only: This only covers you for an unlimited amount of loss due to legal liability, injury, damage to your car, an accident, and so on.
Third party fire and theft: it’s meaning and difference is clear. This covers a third party whose property is either stolen or has been damaged by fire. There is a policy set with such a replacement risk.
Comprehensive: what really is this action for? The comprehensive policy provides you with cover for accidental damage to the vehicle that is insured.
5. Customize and Allied Auto Insurance
The above companies cover loss, damage, and spoilage beyond repair, depending on the type of motorized vehicle or car you have chosen. And to have this, you are required to meet up with their vehicle insurance policy, which includes:
• Comprehensive cover: This cover for accident damage, loss, theft, and other factors that may affect the vehicle you’ve insured.
• third-party fire and theft:In a nutshell, it covers vehicles and property that are either burned or stolen that belong to a third party.
There are two types of car insurance policies, which are:
1) Third Party Auto Insurance: Having a third-party auto insurance policy 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 of the third party.
2) Comprehensive Auto Insurance: This policy is not compulsory to have, yet 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, loss of a car, burnt car, theft, or accidental damage, even legal liability for death, body injury, or damage to the car of a third party, only if you insure the victimized property with the insurance company.