What car insurance company in Nigeria is going to give you the best bang for your buck? In other words, out of the myriad of Car Insurance companies, which one offers the best car insurance in Nigeria?
I’ve mentioned earlier on one of my posts that typically, the big and best Insurance companies in this country hardly ever segment themselves in to either one type of Insurance cover or the other. They just do all of them so they can chop your money 360 Degrees. It may sound not so nice but that’s actually good for you. Who wants to have their car insurance in company A, House with company B and Health insurance with company Z except you just like stress?
Best car, vehicle and motor insurance companies in Nigeria
1. AXA Mansard Insurance Plc:
AXA Mansard Insurance PLC is one of the most popular car insurance companies in Nigeria you’ll agree with me and registered by NAICOM also claim to offer all types of Insurance packages. For privately used vehicles like Sedans and SUVs, they have a dedicated plan called AutoFlex.
2. AIICO Insurance PLC:
AIICO (American International Insurance Company) commenced operation in 1963. Some other offerings they have include life assurance and annuity, general insurance, health insurance, property insurance, E-insurance and so on.
3. Leadway Assurance PLC:
Founded in 1970 by sir (Dr) Hassan Olusola Odukale, these guys offer insurance plans in General insurance, Life and Health Insurance, car and accident insurance, Marine Insurance, Agric Insurance, Property Insurance, Marine Insurance and finally and Accident Insurance.
4. Industrial and General Insurance Plc (igi):
Back when I was a child, I remember seeing TV adverts of IGI on a daily basis and I had wondered what they were about. Trust me, I didn’t know until this year. Industrial and General insurance company also known as IGI was first incorporated as a private limited liability company on 31st October 1991 and in 2007.
It was later re-registered as a PLC and started operating as an insurance company in January 1992. Some of the products they offer include; Motor Insurance, Life insurance, Engineering/contractor risk, Marine, Travel and Health insurance and Fire Insurance.
5. Custodian and Allied Insurance PLC:
The company started operation on the 13th of August, 1997 and they provide both life (personal) and general insurance. Some other products they offer besides this are auto insurance, health, travel, home shield, personal accident and wealth management.
6. Cornerstone Insurance PLC:
The company first came into legal existence on the 26th of July 1991 as a private company long before it went public. It is licensed by the National Insurance Commission (NAICOM) to offer services in both General and Life insurance. Cornerstone offers Insurance cover in car insurance as well as Life, health, travel, school fees and gadgets insurance among many others.
7. Continental insurance:
Incorporated in 1985 (these guys are really old sha O), Continental Insurance deal in life and non-life insurance business across the African continent and offer car insurance among a range of others.
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Frequently Asked Questions
Is it worth getting fully comprehensive car insurance?
If your car is not worth so much, you can save costs by just getting a third party motor insurance. This is the monimum cover required by law.
What is third party insurance in Nigeria?
This is an insurance that covers the insured liability for death or injury to a third party or loss/ damage of a third party’s property in the event of an accident. Third party motor insurance is a compulsory insurance policy in Nigeria.
Does third party insurance cover my car?
Third Party Property Damage cover protects you from the costs of damage your car causes to someone else’s car or property, however it doesn’t extend to any damage your little beauty suffers in the event of an accident or other insured event.