Every driver should place a high focus on road safety when driving in Nigeria. While following traffic laws and keeping up with vehicle maintenance are necessary, having dependable insurance coverage can offer the greatest level of peace of mind. Having the appropriate insurance can protect you from substantial financial losses in the event that accidents or unforeseen circumstances occur.
The insurance market in Nigeria has grown significantly over the years, and a number of businesses have formed that provide different vehicle insurance packages. It can be overwhelming to navigate through the multitude of possibilities, so do not worry! The Top 10 Vehicle Insurance Companies in Nigeria that stand out from the competition have been prepared by us after extensive research on your behalf.
What to Consider When Choosing Vehicle Insurance in Nigeria
Before we examine the top 10 insurers, let’s first comprehend the variables that Nigerians must take into account while choosing their vehicle insurance. To remember, have the following in mind:
- Options for Coverage: Various options for coverage are provided by various insurance providers. Make sure the policy you select effectively protects your car from accidents, theft, and damage by evaluating your needs.
- Financial Stability: It’s essential to choose an insurance provider with a sound financial position. This guarantees that they can carry out their duties and make quick claim payments.
- Affordability: Although comprehensive insurance is necessary, the cost should be reasonable. To get the greatest bargain, compare premium prices and look for special offers.
- Customer service: It’s important to have a team that can respond quickly and effectively, especially in times of crisis and while resolving insurance claims.
- Claim Procedure: Seek out insurance with a simple and efficient claim procedure. This guarantees that you receive the help you require when you most need it.
Types of insurance
Life insurance and general insurance are the two broad categories into which insurance can be split. In the case of a life insurance policy, the insurance company will pay the beneficiary a lump amount once the covered person passes away. Savings are one of the additional components that life insurance might incorporate.
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General insurance is the second category of insurance. General insurance offers protection against losses other than fatalities, such as property damage from accidents or physical injuries.
It’s crucial to include insurance policies in your financial plan if you want to safeguard your assets, your family, and yourself from various hazards.
The top 10 insurance companies in Nigeria are listed here, in no particular order.
Top Car Insurance Companies in Nigeria
1. AIICO Insurance plc
The name “American International Insurance Company” (abbreviated as “AIICO”) refers to the company, which was established in 1963 as an arm of the American International Group (or “AIG”). It was established to provide general and life insurance services. In Nigeria, AIICO is a market leader (top 3) in non-life insurance as well as the retail life insurance and retirement services market leaders. Life assurance and annuities, general insurance and special risks, health insurance, and asset management are among AIICO’s main business segments.
AIICO offers the following:
- Auto Insurance
- Home Insurance
- Oil And Gas Plan
- Travel Plan
- Agric. Insurance
2. The AXA Mansard Insurance Company
AXA Mansard Insurance Plc is a well-known international company in Nigeria. They provide a variety of auto insurance packages, each with optional extras to meet particular requirements. AXA Mansard guarantees the security of your drive thanks to its sizable client base and sound financial position.
Car owners are offered four main motor insurance plans while searching for auto insurance at AXA Mansard.
They consist of:
These four different car insurance packages all have different costs and levels of coverage. Customers can make claims for any third-party damages totaling up to N1,000,000 under the AutoFlex third-party auto insurance plan, which is still fully customisable. The sole claim that AutoFlex user is eligible for without paying extra for additional coverages is third-party auto damage.
The AutoPlus is a full-service auto insurance that provides benefits for up to N2,000,000 in third-party property damage, vehicle theft, fire, damage from accidents, towing, up to N50,000 in medical costs, a 10-day loaner car, and up to N250,000 in permanent disability.
The AutoClassic offers all the advantages of AutoPlus and up to N3,000,000 in third-party damage. Although the car replacement benefit of 10 days only applies to vehicles valued at N3 million and above, the medical expenditure coverage is limited to N25,000. but no benefits for disabilities. The business also offers the AutoGo plan, which only covers third-party damage up to N3,000,000.
3. Leadway Assurance Company Limited
Leadway Assurance Company Limited, which offers thorough auto insurance coverage, has established a solid reputation as an insurer.
The company’s slogan for their auto insurance is:
“Just drive. We got your worries covered. Our auto insurance products cover damage to your car and others, fire & theft, injury to you and other people and repairs caused by an accident.”
Leadway Assurance offers three different forms of auto insurance to make sure their clients receive the greatest coverage possible. They are third-party car insurance, comprehensive insurance, and premium finance.
They are a preferred option for motorists in Nigeria because of their speedy claim processing and great customer service.
4. Custodian & Allied Insurance Plc
Cars, lorries, trailers, motorbikes, and other vehicles are all insured by Custodian Allied Insurance Plc. The three forms of auto insurance that the company provides are:
- Comprehensive car insurance
- Third-party fire & theft cover
- Third-party cover only
The company also offers optional protection plans for things like car accessories like radio coverage and vehicle coverage when traveling outside of Nigeria, but only in West Africa. They also provide additional benefits for their comprehensive automobile insurance, such as coverage for medical costs, towing costs, and flooding.
5. Cornerstone Insurance Plc.
On July 26, 1991, Cornerstone Insurance, a Private Limited Liability Company, was established. It was traded on the Nigerian stock exchange in 1997. They conduct insurance operations in the following categories: Motor Vehicle, Aviation, Marine, Engineering Risks, Asset Protection, Liability to Third Party, Oil & Gas, Group Life, Credit Life, Mortgage Protection, Term Assurance, Wealth Creation Products, and Takaful (Islamic Insurance).
Cornerstone Insurance Plc., which was named the “Best use of Technology, Insurance Company, 2016 Nigerian Technology Awards,” is the first insurance provider in Nigeria to offer customers an online platform for insurance transactions.
6. Mutual Benefits Assurance Plc
Customers can choose from a range of auto insurance plans from Mutual Benefits Assurance Plc, including:
- Coverage for third-party property damage, as well as coverage for third-party person death or bodily harm
- In addition to the coverage mentioned in 1 above, Third Party, Fire & Theft covers damage to the insured vehicle caused by fire and theft or attempted theft.
- Comprehensive coverage that includes protection for the two items mentioned above in addition to accidental damage to the covered vehicle from collisions, flips, or malicious damage
For their three plans, these are the sole coverages that they provide, and they all cover automobiles that are insured within Nigeria.
7. NEM Insurance Plc
Three primary categories of auto insurance are provided by NEM Insurance Plc, and they are as follows:
1. Policy for Third-Party Motor Insurance
Owners of automobiles in Nigeria are covered by this insurance, which gives coverage of around N1 million for third-party automobile damages, death, or bodily injury.
2. Third-Party Fire and Theft Insurance
This NEM Insurance Plc insurance plan includes coverage for third-party automobile theft or fire damage to a third-party vehicle.
3. Detailed Motor Vehicle Insurance
Car owners can choose from a variety of insurance coverage options for this insurance at NEM Insurance in the event of theft, accident, vandalism, accident damage, and collision. However, they also provide consumers with additional coverage, so the coverage is not restricted to this.
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8. Anchor Insurance
Anchor Insurance is famous for its cutting-edge insurance options, which include complete auto insurance coverage. To give you the safety you require on the road, their committed team of professionals works relentlessly.
9. Prestige Assurance Plc.
Customers can choose from a variety of insurance policies from Prestige Assurance Plc, which include:
1. Complete Auto Insurance
Prestige Insurance Comprehensive motor insurance gives financial protection against car theft, damage from incidents other than traffic crashes, and damage from collisions with stationary objects.
The hazards covered by the business’s comprehensive motor insurance are as follows:
- Unlimited responsibility for third-party wrongful death or physical harm
- Damage to third parties’ property up to a maximum of N1m for any one accident
- Up to the maximum amount of the sum covered, the policyholder is indemnified for loss or damage to a vehicle resulting from an accident involving the vehicle or its overturning, fire, or theft.
- Medical costs for injuries sustained by the car’s occupants.
- The price of towing a vehicle after a collision
- The automobile involved in the accident is being repaired.
2. Third-Party Motor Insurance
The following is covered by this policy:
- Legal responsibility to a third party for any amount in respect of death or physical harm
- up to N1,000,000 in property damage to third parties.
- Legal fees paid by the insured with the insurer’s permission
Risks that the company’s comprehensive insurance does not cover:
- Any accident, loss, damage, or liability that occurs outside of Nigeria’s borders
- any claim resulting from a contractual obligation.
- Any accident-related loss, damage, or liability that was incurred:
- the situation where the car isn’t used for the reason it’s insured.
- when a driver who is not authorized to drive is operating the vehicle.
- Flooding, earthquakes, typhoons, hurricanes, volcanic eruptions, etc.
- Civil unrest, rioting, and strikes pose a risk.
- War risk
- Any theft caused by employees, the insured, a family member, or someone who is
- permanently residing with the insured.
- Consequential loss
- Wear and tear
- Breakdown of the mechanical or electrical
- Breaks and failures
- Damage to tires
10. Sovereign Trust Insurance Plc
The AARP Life Insurance: Is It the Right Choice for You? can be found here as well.
One of the leading insurance providers in Nigeria is Sovereign Trust Insurance Plc, which has acquired that distinction. They provide thorough auto insurance plans to protect your vehicle from unanticipated circumstances.
TYPES OF CAR INSURANCE IN NIGERIA
To meet a variety of needs and tastes, there are various types of auto insurance coverage available. Let’s examine the most typical forms of automobile insurance in Nigeria:
Click button below to Read more to know about the different types of car insurance and know Which insurance is best for car after 5 years?