Who knows how much car insurance costs in Nigeria? What are the car insurance rates in Nigeria?
Those were rhetorical questions. If you knew, you probably wouldn’t be disturbing Google about it. As if it’s some sort of unspoken rule, virtually every Insurance company website I’ve visited to get a clue about this sort of information hardly ever lists out their prices. Instead, they push you to “Get a quote”. A quote is the last and final price a commodity or security is to be sold for.
But we have other ways of getting the information we need. From very reliable sources online, these are the most up to date rates of car insurance in Nigeria as at the time of writing. For this article, we will be using a Toyota Camry 2009 of about N2.5m as the benchmark for these rates.
Rates of Car Insurance in Nigeria and the companies that offer them (2019)
1. AXA Mansard:
They have 3 main car insurance plans namely Auto Plus, Auto Vintage and Auto Classic. Using our Toyota Camry as a benchmark, annual insurance cost amounts to N150,000 (Auto Plus), N112,500 (Auto Vintage) and N78,750 (Auto Classic).
2. Cornerstone Insurance:
Has an additional Car insurance plan to total 4 namely, Auto Bronze, Auto Silver, Auto Gold and Auto Platinum. Annual insurance costs amounts to N62,500 (Auto Bronze), N75,000 (Auto Silver), N87,500 (Auto Gold) and N100,000 (Auto Platinum).
3. IGI Nigeria:
Annually, insurance paid for our Toyota Camry amounts to N125,000.
4. Law Union & Rock Insurance Plc:
On their basic plan, Law Union & Rock Insurance Plc will have you paying an annual insurance cost of N125,000 for the Toyota. If you want extra cover, the Comprehensive standard and Plus offers attract N150,000 and N162,500 per year respectively.
5. Leadway Assurance:
The car insurance rates of Leadway Assurance goes as thus: Their Basic comprehensive motor insurance cover goes for N100,000 on our Toyota. Additional benefits are available in the Comprehensive Standard and Plus plans at an annual cost of N137,500 and N156,250 respectively.
6. Mutual Benefits Assurance:
On their official company website, there is an Insurance calculator that gives you a quote. According to it, annual comprehensive insurance costs N112,500 for our Toyota Camry.
7. Niger Insurance:
According to Insurance quotes website, Topcheck, Basic comprehensive insurance cover goes for N100,000 annually. For added benefits the standard cover goes for N112,500 while comprehensive plus goes for N137,500.
8. Old Mutual Insurance:
Here, annual insurance costs N125,000 for basic comprehensive insurance. Comprehensive standard goes for N150,000 while plus goes for N162,5000
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