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Motor Vehicle Insurance

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Just as you should have medical insurance in case of a medical emergency, you should have car insurance in the case of a collision or accident.

You can get injured and injure others as well. In such situations, car insurance is essential. It is designed to help you overcome the financial consequences of road accidents.

As a resilient Broker, we have access to specially tailored Private Motor Vehicle Policies that provide cover for your vehicle as well as damage to other property. Our policies are backed by an efficient and effective claims management process that will see you back on the road as soon as possible.

 

 

The Basics of Car Insurance

There are three ways in which you can be protected with vehicle insurance. You can get third party liability cover which is a policy that will pay compensation to members of the public (third parties) that have incurred property damage or bodily injury during an accident caused by you.

Your car will be covered for the damage incurred in a road accident. In this way, the policy will pay the cost of repairs.

You can also cover your car against theft, fire and other perils. If you are found responsible for causing property damage and/or bodily injury to people when driving your car, you will have to pay compensation to them.

When you do not have car insurance, you will have to pay the money out of your pocket and this may literally ruin you financially. When you have a policy, the insurer will pay a major chunk of the compensation amount. By paying monthly premiums for car insurance, you will lower your risk of great financial loss in the future.

We are a registered member of the National Insurance Brokers Association.

Types of Car Insurance Policies

Auto insurance policies in Nigeria falls into three major categories that vary in terms of comprehensiveness and cost. You will be able to pick the most suitable one for you in line with your needs. If you’ve only recently obtained your vehicle and, have opted to finance it through a bank or alternative lender, it may be a good idea to obtain credit insurance to cover the cost of the loan in the even of your passing.

The main options which you have include:

1. Third party car liability insurance
This is the most basic and the least expensive of the three options. If you are found responsible for causing a road accident and you have to pay compensation to other people involved for damage to their property or for injuries which they have incurred, the insurer will cover these costs. However, the company will not pay for the repair of your car or other personal property of yours.

2. Third party liability, theft and fire car insurance
This is an upgraded version of the basic cover. Your liability as a vehicle owner is covered. Additionally, the insurer will pay for the repair or replacement of your vehicle in case of theft, theft attempt, hijacking, fire, explosion or lightening damage.

3. Comprehensive car insurance
It covers you for all of the above-mentioned. In addition, the policy will pay for the repairs to your car needed because of an accident irrespective of who is at fault. A comprehensive policy can also include additional benefits such as roadside assistance, towing and storage and even basic medical assistance. It is up to you to decide whether these extras are worth the extra cost.

Motor insurance cover options:

  • Agreed Value Option
  • Hire Vehicle Option
  • Protected No Claim Bonus
  • Named Driver Option
  • Low Km’s Discount
  • Comprehensive Cover
  • Third Party Fire & Theft Cover
  • Third Party Only Cover

Car Insurance Cost

The cost of your car insurance is called your premium and is paid annually but it can also be divided into monthly instalments. The premium on each policy is determined based on the individual risk of the car owner.

The factors which determine your level of risk and consequently, the policy premium, include the type of vehicle which you have, the place where you live, your driving record, your age and gender and whether you will use the vehicle for personal or business use.