Wednesday, December 26, 2018

Motor insurance : All you need to know


Motor Insurance according to the dictionary can be said to be an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium such as car, houses etc.
motor insurance

In Nigeria, the word Insurance gets a lot of people scared mostly when it comes to Motor Insurance due to the bad experiences they might have encountered with our Road security men or the experiences they might have with the firm that provides such Motor Insurance.

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But the basic truth remains that for you to drive in Nigeria, you need your motor insurance papers alongside other important documents such as drivers licence etc. Driving in Nigeria, mostly the busy states such as Lagos requires that you need special skills and a whole lot of patient and understanding.

Yet with our carefulness and skills, we still cannot keep safe due to the recklessness of others which possibly might not be from your end but the end of other drivers which as a result can cause a road accident. When such an occurrence takes place without insurance the owner will be at 100 per cent loss and that is why every driver needs a motor Insurance.


Motor Insurance in Nigeria is a must for car and user owners because road accident cannot be predicted when though we try to be very careful and pray for safe journey mercies whenever we want to embark on a long journey.


Here are 10 reasons why you need motor insurance

1) It’s an act, it's the 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.

2. 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.

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

4. It protects your assets from liability lawsuits

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

5. Cover damages to your vehicle from unexpected events
Let’s face is, this is Nigeria. Anything can happen at any time. 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.

6. 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.

7. 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.

8. 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.

9.Third Party Property Damage
Car Insurance covers third party, third party property damage and unlimited legal liability that might arise in the process.

10. 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.

Below are some 7 good Insurance companies in Nigeria that are trusted

FBN Life.
Leadway Assurance PLC.
Consolidated Hallmark Insurance.
Cornerstone Insurance.
Old Mutual Nigeria.
AIICO Insurance PLC.
IGI Insurance.

Author: verified_user

I am Doctor Miracle Alozie, founder of a helth blog that educates your on your general health. Miracle Alozie is an upcoming Medical Opometrist. I have gain much health knowledge throgh different healthcare providers which I have worked with and still present with. I have been able to treat different health conditions ranging from infertility to fibroid. Feel free to contact me on whatsapp. THanks