Here are the best and top 10 car insurance companies in Nigeria at this moment.
Car insurance provides protection financially against injury or physical damage resulting from accidents or other hazards.
Additionally, it offers a form of protection against vehicle thefts and other damage to the vehicle.
Despite, damage caused by either weather or other natural disasters.
Hence, car insurance will cover all or some of the items we will be listed below.
- First, the medical payment of the insured person or party.
- Second, the property damaged by the insured
- Third, physical damage of the car of the insured
- Fourth, third parties like bodily injury, property damage e.t.c.
- Fifth, fire and theft.
- Sixth, accident involving motorist that are uninsured
- Seventh, the cost to rent a car if the insured own is damaged.
Types of car insurance
For you to shop for car insurance coverage that will meet your needs you need to know the different types out there. We have:
1. Liability Coverage:
Liability coverage is a must in some places outside the country like the United States for example. It helps in covering up financial expenses for injuries and car damages to others for which you are responsible legally.
2. Collision Coverage:
It Will cover all expenses for your car damage after an accident involving another car and it helps in replacing a covered car.
3. Comprehensive Insurance:
Help pay for car damage due to incidents besides accidents collision, it can be an accident with animals, weather conditions and vandalism.
4. Uninsured Motorist Insurance:
This insurance helps covers you even when the other party is not insured, it even protects you against hits and runs.
5. Coverage For Medical Payment:
It will cover medical costs following an accident of the insured, regardless of who’s a fault it is.
Since we have got an idea of what car insurance is and the different types of car insurance. We will now be looking at the Top 10 car insurance companies in Nigeria.
Top 10 car insurance companies in Nigeria.
Note: most of the best car insurance companies in Nigeria today offer all the car insurance services. They do not segregate themselves just to one aspect alone.
1. AXA Mansard Car Insurance:
They provide diverse packages of motor insurance. Some of their plans include:
They have plans that make clients save money on their motor insurance premiums.
b. Auto plus:
Covers other extra and weather hazards like floods.
Allows you to buy third-party car insurance and you can get the certificate immediately.
All these different plans cover damages caused by third parties, accidents, fires, e.t.c.
2. AIICO Car Insurance:
This insurance covers both private and commercial use of cars.
You can also cover tricycles and motorcycles with this insurance. The category of people this insurance covers are:
- Multiple family car owner
- Taxi drivers
- Private car owners
- Commercial fleets
- Delivery vehicles
- Bus owners.
3. Industrial and general car insurance:
Industrial and general car insurance caters only to:
Caters to death or bodily injury to third parties under only legal liability.
Costs incurred in defending an action for damages legally. Accident on third parties, property damages e.t.c.
Covers only the damage caused to the vehicle involved in an accident.
Equally important, is the fact that the vehicle must be insured.
Fire and theft:
Covers only fire and theft.
4. Custodian and Allied car insurance:
Works based on the kind of insurance plan you go for.
1. Comprehensive insurance cover:
Damages due to accidents, thefts, fire, third-party damages, bodily injury to the third-part or death.
2.theft and fire insurance for third-party:
It covers only third-party vehicle damage, loss of life, or injury to the third party.
5. Lead way assurance company:
Leadway offers business, life, and pension insurance.
They have been in existence since 1970. They also offer other allied financial services like portfolio management, miscellaneous and financial losses, bonds e.t.c.
6. Cornerstone Insurance PLC:
They are a private liability company that has been in operations since 1991. But in the year 1987, they became a public liability company. By putting their customer’s needs first they tend to excel.
7. Anchor insurance:
They specialize in general business liability, just like the cornerstone insurance plc. Meeting their customer’s needs is their priority.
8. First Bank Insurance:
It is a life insurance business aimed at cooperating organizations and individuals.
Their products are tailored to help you enjoy the peace of life that comes from everyday activities.
9. NEM Insurance:
Majors in general insurance and special risk. They transaction all forms of general insurance.
10. Nicon Insurance:
Nikon insurance was formerly owned by the federal government of Nigeria. But it is now owned by a private entity.
Their offices can be found in the 36 States of the federation. They have diverse policies tailored to meeting and fulfilling their client’s needs.
In conclusion, it is important to know that getting insurance is getting yourself secured from potential risks.