Best Auto Insurance Companies in Nigeria
Best Auto Insurance Companies in Nigeria: In this post, we’ll talk about the most affordable comprehensive auto insurance providers in Nigeria and the minimum required by law. In Nigeria, there are many good and many bad providers of auto insurance. We have provided complete information about the top auto insurance providers in Nigeria. Therefore, please read the article below.
In Nigeria, all automobiles must be insured. Even so, all that is required of you is that you buy a minimal liability insurance policy that protects anyone you might injure while driving. You are not obligated to buy pricey comprehensive coverage that protects against car damage. We investigated the car insurance plans of more than a dozen firms and requested quotes from the finest of them to give you a general idea of the pricing variations between them.
Liability or comprehensive insurance: which should you buy?
Before we analyze which providers are the best and the cost differences between their plans, we’ll briefly touch on which would likely be optimal for you. In general, a full coverage package will protect you from “civil disturbance,” theft, flooding, and damage resulting from accidents involving your automobile or the cars of others. In the event that your car needs to be towed after an accident, they typically cover some of those expenses.
You won’t be held liable if you hit someone’s car by mistake and they break their leg since the insurance will protect you and negotiate on your behalf. A liability-only policy only covers damage you cause to another person in an accident, whether it be to their person or vehicle.
If you’re not wealthy or if the value of your automobile is less than that, we generally advise getting a simple liability plan and saving a little extra money in case your car needs repair work. It is worth less than 3 million Naria (USD 8000). This is due to the low liability insurance price, only 5000 Naria ($13 USD).
A vehicle made after 2017 is significantly more likely to be stolen or vandalized and will cost much more to restore in the event of an accident. Therefore, we urge you to purchase complete coverage. Unless your car is incredibly expensive and upmarket, this coverage typically costs 12,000–30,000 Naria ($34–USD 80) per month. All in the wholehearted Considering you have the.
Best Auto Insurance Companies in Nigeria:
- Zenith Insurance:
Since they provide the best customer service and price value, this is the supplier we would pick for our vehicle insurance in Nigeria. Additionally, their premiums are generally comparable and only a few percent higher than the low-cost provider’s. Additionally, they provide superior customer service from our perspective and are marginally in a better financial position.
Let’s say you’re skeptical about your ability to pay for a comprehensive plan. In that scenario, they are a great source to get quotes because they will give them without requiring any contact information or other details from you. We recommend Zenith as the best choice if your car isn’t pricey but needs full coverage. They also have very affordable rates for low-end, less expensive autos coverage.
To learn more about the prices of different coverage options based on the value you wish to protect, click the policy options on this page of their website and then select “get a quotation.”
- Leadway Insurance:
According to our experiences and the experiences of individuals we know, Leadway is the easiest and least stressful company to work with. This will be your best option if you don’t mind spending a little extra money for a hassle-free trip. Leadway is often simpler when it comes to getting your car fixed and paying the repair shop (or you) promptly. Other businesses may postpone claim payments or use more discretion in what they cover.
In our opinion, Leadway has the greatest customer service, but Zenith’s customer service is adequate. They rarely have issues. Thus we don’t believe using them is essential if you want good customer service. Given that they offer the same alternatives for liability coverage as other businesses, I fail to see why you would pick any other company (around 5000-7500 Naria).
You can view their plans and receive a price on their website, but you will typically have to wait to get a specific cost estimate for a plan. Generally speaking, the cost of their comprehensive coverage is 5–10% higher than that of Zenith or Sovereign Trust Insurance or around the same for their liability-only plans.
- AIICO Insurance:
If you want to cut costs, which we don’t particularly recommend, AIICO is a great choice. Even though they aren’t as accommodating or receptive to customer service, they are usually very easy to work with. Simply put, they don’t approach claims in the same way as the other insurance companies we discussed in this post. The processing of claims may take a bit longer, so ensure you have enough paperwork (photos, an official estimate of repairs, perhaps a police record, etc.).
They normally charge 5–10% less for their full coverage than competing companies like Zenith or Sovereign Trust and roughly the same for their liability-only insurance. Because of their lower cost, we’d say they’re an option to consider as long as you don’t mind a somewhat delayed claim process. Due to their antiquated website and recurring technical issues with the online application, you must often submit your application in person or over the phone.
- Sovereign Trust Insurance (STI):
Their website has been down for months even though they have exceptional customer service and affordable (low to medium-priced) rates. It prevents you from viewing their vehicle insurance sites or requesting a quote online, forcing you to visit a physical location if you need one because it’s not always possible to obtain a quote over the phone. Therefore, this would probably rank as our third or fourth overall preference.
If you reside close to one of their physical locations in Lagos, you might want to give them a try because, although having exceptional customer service, their prices are on the lower end. We think they would be the #2 or #3 choice if not for those website issues.
I could seem to despise Sovereign based on what I’ve said, but that’s not the truth. Instead, because I know many people find those two items to be deal-breakers, I want to emphasize how terrible their website is and how you’ll have to do everything in person. They’re a great alternative if you’re good with doing business in person. They are extremely financially stable and quickly resolve claims.
- Mutual Insurance PLC:
Although we think one of the other companies is a better choice, we decided to include Mutual Insurance because it is one of the few trustworthy car insurance companies still operating in Nigeria. The only real problem we have with them is that they don’t have the best financial condition as a company. As a result, we wouldn’t pay for lengthy (more than a year) contracts with them, just in case they went out of business.
In addition to their sound financial standing, they provide respectable customer service and reasonable to fair pricing, making them a respectable choice. They are a decent company but not our top pick for auto insurance, so I wouldn’t bother switching if you already have coverage with them. Generally, you can apply for their insurance online, but occasionally the page won’t work, so you’ll need to go somewhere in person. After understanding the preceding explanation, I believe you have read all information about the Best Auto Insurance Companies in Nigeria.