Best Car Insurance Companies In Nigeria

Getting Your Car Insured: Best Insurance Companies In Nigeria.

Just got a new car? Or, you are hoping to get a new one soon and your are just trying to figure out which Car Insurance company in Nigeria would suit your budget or probably the most reliable to get hooked?

Of course! It's very common to find insurance companies providing coverage to other services like housing, health and the rest.

What Do Insurance Companies Offer?

As defined by Wikipedia, An Insurance company is a company that offers means of protection either financially or technically. This goes down to your health Insurance, Vehicle Insurance, Business Insurance, House Insurance, Educational Insurance and others.

Why You need to get your Car Insured.

Insurance is mandatory for car users and owners in Nigeria as an accident can not be predicted even though we all pray for journey mercies whenever we step out every day. Here are some reasons why you need car insurance.

It’s an act, it's a law 

Ever heard of third party insurance act? Well, that act is not there as a joke, that act was made for drivers in Nigeria to have at least a third party insurance cover to drive on the road. 

Most states require drivers to possess bodily injury and property damage liability to drive legally. Hence the need for comprehensive insurance.  

Insurance is an investment 

After receiving auto car loans, getting a policy is the next step to protecting the substantial investment you’ve made on your vehicle. After buying a home, purchasing a car is probably one of the biggest investments you’ll ever make, so you want to do all you can to preserve it. 

It is your health 

insurance in case an accident occurs If you don’t have health insurance or have a minimal coverage, applying for policies that offer medical payments coverage can help you pay for collision-related medical expenses up to a certain amount. 

It protects your assets from liability lawsuits 

Having liability lawsuits for body injuries or property damages can bring you to financial ruin if you don’t have adequate protection, nut if you have a liability coverage, it will pay for your legal defense and keep your assets out of jeopardy. 

Cover damages to your vehicle from unexpected events 

Let’s face it, this is Nigeria. Anything can happen at anytime. Your car could be stolen, vandalized, or damaged by weather or a host of other contingencies at any time. Your car insurance will protect you from these losses that might ensue. 

Your vehicle is covered even after a collision 

Some policies will include rental reimbursement coverage, which helps you pay for the cost of a rental car after you are involved in a covered accident. This way, you will have a way to get around while your automobile is being replaced or repaired. 

Keep your vehicle’s accessories safe 

You can apply for pricing estimates on policies that include additional protections, such as CD or stereo coverage. This will pay for losses in the event that your CD’s or stereo equipment is stolen. 

Prevents an accident from forcing you into bankruptcy 

One serious collision is sometimes enough to put the uninsured on the brink of bankruptcy. Without insurance, you could lose everything, and that is not worth the risk. The money you would have to spend on medical expenses, lawsuit judgments, and repairs is well worth the investment in a plan..

Third Party Property damage 

Car Insurance covers third party, third party property damage and unlimited legal liability that might arise in the process. 

Peace of mind 

Last but not least, the peace of mind that comes with knowing you have insurance is absolutely priceless. Comparing quotes on quality plans can help you drive with more confidence because you will know that you are protected against whatever may happen to you on the road.

Some Insurance Terms and Meaning.

For more clearance and understanding of what you would be seeing during a car Insurance process, I have listed some terms in Insurance below;

• Agent: Someone who represents one Insurance company and sells it's insurance products.
• Broker: A person or company who sells the Insurance products of several different Insurance companies.
• Coverage: Amount of protection you have purchased.
• Claim: An official notice you provide to your insurer requesting to be paid for a loss of event covered by your insurance policy.
• Insured: Person(s) protected by the Insurance policy.
• Policy: A legal contract between the Insured and the insurer.

Best Car Insurance Companies In Nigeria

AIICO Insurance Plc 

AIICO known as the American International Insurance Company is an Agency Office of American Life insurance that commenced operation in 1963.
Their aim is to offer life assurance and annuity, general insurance, health insurance, pension management, property insurance, E-insurance, Education plan, Mortgage protection plans, Term assurance and so on.

It is one of the insurance companies in Nigeria that provides quality products to their customers. AIICO Head office address: Plot PC 12, Church Gate Street, Victoria Island, Lagos. AIICO Website: http://www.aiicoplc.com AIICO Phone: 01 279 2930

AXA Mansard Insurance plc 

Guaranty Trust Assurance Plc is also rated as one of my best insurance companies in Nigeria. Their foundation is based on trust.
Some of the products they offer include Auto insurance which includes; Autoflex plan, Auto Go, Auto Classsic and others.
They also have easy care health plan, money market fund, equity income fund, general business and tourism protection, retirement plan inclusive. Location is at 928A Aboyade Cole Street, Victoria Island, Lagos. You can also visit their website via https://www.axamansard.com/ Phone: 08150490199

Leadway Assurance Company Limited 

In 1970, an insurance company which also provides integrated insurance and financial services to customers was founded by sir (Dr) Hassan Olusola Odukale and it started operation in 1971.

Leadway assurance management team are simply the best in the industry. Leadway Assurance products includes; General insurance, Life and Health Insurance, Savings and Investment Plan, Annuities and Pensions, Premium Finance, Leadway BOSS, Marine Insurance, Surety-ship, Agric Insurance, Motor Insurance, Property Insurance, Marine Insurance and Finally, Accident Insurance.

The contact address of lead way assurance Leadway is located at 121/123 Funso Williams Avenue Iponri, Lagos. Visit leadway website for more information on http://www.leadway.com Phone: 01-2700700

Mutual Benefits Assurance Plc 

Another insurance company that started operation on 18th April 1995 is Mutual Benefits Assurance Plc. mutual benefits life assurance products includes pure life insurance, investment linked schemes like children education plans and pure investment .

Other insurance products of mutual benefits assurance plc includes motor, marine, fire & periles, travel e.t.c.

mutual benefit assurance head office address: Aret Adams House, 233 Ikorodu Road, Ilupeju, Victoria Island Lagos. Website: http://www.mbaplc.com Phone: 09054644444, 09054744444

Cornerstone Insurance PLC 

cornerstone insurance plc was incorporated on 26th July 1991 with registration number RC163170.
The company is licensed and re-certified by the National Insurance Commission (NAICOM) to offer both general and life insurance.

cornerstone insurance plc management team is another one that we can boast of with excellent service delivery. This insurance company in Nigeria has received many award based on the level of professionalism.

cornerstone insurance plc products include: Motor insurance, Travel insurance, Home insurance, Life insurance, Annuity, Goods in transit, Combined fire and burglary, Marine Insurance, Mymoto shield, Gadget Inspector Plan, Drone Insurance.
Cornerstone insurance plc head office address: Water Corporation Drive off Ligali Ayorinde Street, Victoria Island, Lagos. Their website: https//:www.cornerstone.com.ng Phone: 0810 6000 800

Industrial and General Insurance Plc 

Industrial and General insurance company was first incorporated as a private limited liability insurance company in Nigeria, on 31st October 1991 and in 2007.

It was later re-registered as a public limited liability. It started operating as a composite insurance company i.e life insurance and general which includes pensions, special risks in January 1992. Products include; Motor Insurance, Life products, Engineering/contractor risk, Marine, Travel and Health insurance, Fire Insurance, Aviation, Oil and energy and so on.

industrial and general insurance have subsidiaries and below is their contact and office addres. Igi office in Lagos: No 2, Agoro odiyan street, off  Adeola Odeku street Victoria Island Lagos state. Please visit their website for more information via http://www.iginigeria.com

Custodian and Allied Insurance Plc 

It is one of the capitalized insurance companies in Nigeria. The company started operation on 13th of August, 1997 and they provide both life and general insurance.

Their insurance products include; auto insurance, health, travel, home shield, personal accident and wealth management This insurance company ensures their customers have access to an independent dispute resolution system if you need to file a complaint.
Their address is at 16A, commercial Avenue Sabo,Yaba, Lagos. custodian insurance portal online for more info: http:// www.custodianplc.com.ng Phone: 01 277 4000

NEM Insurance Plc 

Another insurance company in Nigeria is NEM Insurance Plc. This insurance company commenced operation in 1948 through the agency of Edward Turner and CO.

This insurance company offers general insurance e.g. Travel insurance, fire insurance, motor insurance and many more.
nem insurance Lagos Office address: 199 Ikorodu Rd, Obanikoro Lagos state and you can also visit their website at www.nem-insurance.com.

Consolidated Hallmark Insurance Plc

Consolidate Hallmark Insurance is also one of the leading insurance companies in Nigeria.
This company offers personal insurance to help protect individuals from potential losses e.g motor insurance, gadget insurance, home insurance, business insurance.

This Nigerian insurance company has highly competent staffs and also has sufficient funds to fulfill the gratuity needs of their employees at the right time Address: No 266, Moshood Abiola Way, Obanikoro, Lagos state. you can also visit their website for more information via chiplc.com

Prestige Insurance Ltd 

Prestige Insurance Ltd was founded in 1988. It is an insurance company in Nigeria that offers insurance and reinsurance. Their services include auto, business, home, life and provision of risks identification management, claim advisory/management and many more.

Their excellent provision of service to customers makes this insurance company to be elected as the insurance broker of the year.
They’re located at 19, Ligali Ayorinde Street Victoria Island, Marina Lagos. Visit their website for information: http://www.prestigeassuranceplc.com.

Factors To Consider Before Choosing A Car Insurance Company.

Before I fold this article, there are some basic factors you need to consider and verify before getting your car Insured by a company. They include;

• Legal Accreditation
• Companies Brand
• The Coverage
• Financial Strength & Price factor.

Conclusion

Finally, getting your car Insured has a lot to do while you are alive and even in your afterlife. 

After reading, I guess this article, "Best car Insurance companies in Nigeria" have been informative.