)
Like health insurance, the right car insurance plan protects your vehicle from loss or damage and saves you from major financial setbacks. For many Nigerians, the hesitation comes from cost and not knowing that certain insurance providers offer solid car coverage at surprisingly affordable rates.
What are the Types of Car Insurance in Nigeria?
Third-party and comprehensive insurance are the two major types of car insurance in Nigeria. However, they differ in coverage and costs.
Third-Party Insurance
This type of car insurance covers loss or damage incurred by a third party. It is the minimum legal requirement under the Motor Vehicles Act of 1950. While it is the less expensive option, it does not cover the policy holder's losses, meaning more expenses for you.
Comprehensive Insurance
This policy provides extensive coverage, including theft, natural disasters, and accidental car damage. Due to its broad coverage, comprehensive insurance is highly cost-effective despite its higher cost.
In this article, we highlight seven of Nigeria’s best-value car insurance providers, their offers, affordability, and why they’re worth considering if you want reliable protection without breaking the bank.
)
)
)
1. Custodian Car Insurance
Custodian Insurance
Custodian Insurance
Custodian offers affordable car insurance in Nigeria with two main policy types:
Comprehensive Insurance: This policy covers your vehicle against accidental damage, fire, and theft. It also includes coverage for third-party property damage, injury, or death. Pricing starts at ₦150,000 for private cars and ₦212,500 for commercial vehicles.
Third-Party Fire & Theft Insurance: This option covers damage to third-party vehicles and third-party injury or death. Private vehicle coverage costs ₦5,000, while commercial vehicles are ₦7,500.
Visit their page for either the comprehensive or the third-party insurance plan.
2. AXA Mansard Car Insurance
AXA Mansard Car Insurance
AXA Mansard Car Insurance
AXA Mansard car insurance plans include the AutoClassic and AutoGo options.
The AutoClassic Plan covers financial losses from accidents, robbery, flooding, fire, and other risks. This comprehensive policy gets your vehicle back on the road after an incident. Request a car insurance quote to see how much comprehensive coverage costs for a 3-month, 6-month, or 12-month period. It gets easier as you can choose to pay monthly for up to 10 months instead of a single upfront payment.
AutoGo's third-party motor insurance covers damages to other vehicles and drivers, fulfilling the government's legal requirements for motor insurance. This coverage ensures peace of mind while driving, preventing out-of-pocket expenses for third-party damages. It covers damages to third-party vehicles or property up to ₦1 million and provides liability coverage for third-party bodily injury or death up to ₦60 million. You can get a quote for this plan here for ₦15,000.
3. AIICO Insurance American International
AIICO Insurance provides vehicle insurance for private cars, commercial vehicles (including taxis, buses, delivery vehicles, and commercial fleets), and motorcycles/tricycles.
Their auto insurance plans are available for:
Private Vehicle Owners
Multiple Family Owners
Taxi Owners
Bus Owners
Delivery Vehicles
Commercial Fleets
AIICO’s comprehensive car insurance costs ₦187,500 for public vehicles and ₦162,500 for private cars. Third-party insurance for private motorcycles costs ₦5,000, while it costs ₦7,500 for commercial motorcycles.
You can email aiicontact@aiicoplc.com to speak to an AIICO Staff or Agent for more information before filling out the form for a quote.
4. Leadway Assurance
Leadway Assurance
Leadway Assurance provides excellent customer service and comprehensive motor insurance covering accidental damage and mechanical breakdowns for insured vehicles. Their comprehensive car insurance costs ₦200,000 for private cars and ₦300,000 for commercial vehicles. Third-party insurance is priced at ₦5,000 for private and ₦7,500 for public vehicles.
Visit their website for more details on buying a plan and contact any of their agents for enquiries.
5. Allianz Insurance Company
Allianz is a budget-friendly car insurance provider in Nigeria, offering three coverage options: Standard, Classic, and Premium. Third-party coverage for personal cars is just ₦5,000, and the comprehensive plans are either ₦150,000 or ₦225,000.
Allianz Insurance Company
They also offer a 15% discount to women and men aged 45 and above. Plus, everyone gets 15% of their premium back if you don't make a claim for two years. Visit their website to get the plan that works best for you.
6. Industrial and General Car Insurance (IGI)
Industrial and General Car Insurance (IGI)
IGI car insurance users enjoy the following insurance options:
Third-Party Only: This provides unlimited coverage for legal liabilities to third parties in cases of death or bodily injury, covers legal costs for defending damage claims, and includes liabilities arising from accidents causing damage to third-party property.
Third-Party Fire & Theft: This option provides all the coverage of the Third-Party Only option, along with protection against fire and theft of the insured vehicle.
Comprehensive: This policy covers accidental damage to the specific vehicle insured.
Visit their website to register and learn more.
7. Zenith Insurance
Zenith Insurance
This insurance company is renowned for providing quality service and delivering promptly.
Their comprehensive car insurance plan for private vehicles costs ₦175,000 and ₦200,000 for a commercial vehicle. Third-party insurance costs ₦5,000 and ₦7,500 for private and commercial vehicles, respectively. Visit their website to register and speak with an agent.
Emergency car repair bills for yourself or a third party are the worst surprises to get. By getting any of these best-value car insurance plans now, you can save yourself from a big financial headache if something goes wrong.