Nigerian Auto Insurance
23:44
Even the safest drivers can have an accident on congested highways. People who drive Nigerian cars whether they be fairly used cars, or the best selling cars, and even tokunbo cars are quite careful most of the time but heavy traffic can result in fender benders and other accidents. It’s one of the reasons why there is auto insurance; to protect a motorist from the sizable costs that can be incurred by being in an accident.
Insurance ordinarily found in Nigeria for automobiles are third party policies and comprehensive auto insurance. Third-party auto insurance is compulsory and protects the owner from the financial damage that can occur due to auto damages done to another person’s vehicle. A comprehensive auto policy is a means of security from theft of the policy owner’s vehicle or any other personal losses incurred. The difference is that third-party policies don’t cover individuals expenses due to his or her car battery been stolen or other personal losses. Most car dealers will recommend the purchase of a comprehensive auto insurance policy because as the name suggests it provides protection for whole range of things.
All the above being said, there still is a concern about shady dealings. Not every insurance company is up front with potential customers and a person’s really does need to read exactly what is going to be signed. The monetary figures for a given coverage should be examined carefully. It is entirely possible that insurance policy will only cover a fraction of the total cost and a consumer has to be aware of this. Fortunately, most insurance agents adhere to high ethical standards and a listing can be obtained from the National Insurance Commission (NAICOM).
An online vehicle seller will probably not offer the opportunity to purchase an auto insurance policy of the Internet. However, listing from NAICOM ought to be able to narrow down search for a consumer. A few the better-known insurance companies in Nigeria include Industrial & General Insurance Plc, Aiico Insurance Plc, and Zenith Insurance. Other insurance companies include African Alliance Insurance Plc. and Oasis Insurance Plc. Anyone of them should be able to provide the owner of a car with exactly what is needed to give the best coverage affordable. A car owner ought to take the time to shop around for the best policy and not simply grab whatever’s available similar because some form of coverage is needed.
The need for auto insurance beyond what is compulsory is growing with the increase of traffic in Nigeria. Lagos is suffering from heavy traffic congestion which means that the chance of collisions and other forms of auto mishap are becoming stronger almost daily. Such accidents are growing even more serious with fatalities occurring as well as total wreckage. There’s also the concern about auto theft with people having batteries, radios, and other car parts taken by thieves. The point here and abroad auto insurance is that it is a protection that is there when the consumer needs it the most. It is in those times of emergency where the premiums so often complained about actually become worthwhile, and the policy owner stops complaining about all the payments.
