This article contains a list of the top 10 best car insurance companies in Nigeria.
When you set out every day to go about with your work and businesses, you can’t accurately predict what might happen next to you or to your vehicle.
When there is an accident involving your car or that of your friends or relatives, you or your loved ones need not worry about getting a new car.
With the right car insurance companies, You can be assured that your car is covered, provided you take the right steps early.
A great number of Nigerians are oblivious of this and are failing to enjoy the benefits attached to insuring their vehicles and other properties.
Many others are aware but are less concerned, probably because of ignorance or the disbelief they have in our system.
For some others, they want to ensure their vehicles, but don’t know which car insurance company is the best and reliable for them.
If you are looking for the best car insurance companies in Nigeria, this guide will help.
In this article, I will explain what insurance is, and how it works. I will also show you the types of car insurance available, and the top 10 best insurance companies in Nigeria, to have your vehicles insured.
What is insurance and how does it work?
Insurance is an arrangement whereby an organization or the state agrees to provide a guarantee of compensating an individual for a specific loss, damage, illness, or death in exchange for the payment of a specific premium.
That is, such individuals, pay some agreed amount in advance and peradventure there is a loss of an asset the insurance is covering, the organization takes care of it by compensating such individuals.
It is really so sweet to insure our properties. Though many believe it is unnecessary. Some believe the companies are the ones taking all the benefits.
But truly, it is like saving when you have plenty so that you will not lack if and when the tide turns.
With car insurance, if your car is damaged or stolen, you need not worry. Your insurance company will pay for the cost of repair of the damaged car, and if the damage is beyond repair or if the car is stolen, the company takes care of the cost of getting you a new car.
Besides, getting car insurance is compulsory in Nigeria. Constitutionally, under the Motor Vehicle (Third Party) Insurance Act of 1950, it is compulsory to get third party insurance for your vehicle.
The act is called motor vehicle or third party Insurance. Failing to comply with this could lead to imprisonment for an individual or being penalized.
Therefore, it is necessary, legal, and helpful to get insurance for our vehicles.
Types of Car Insurance Policy In Nigeria
Car insurance policy is of two types, and you can choose whichever one you want.
1. Third-Party Auto Insurance
I have mentioned this earlier and also pointed out its importance and the regard the country’s law has for it.
This is a type of insurance that covers death, body injuries that are caused by accidents. Also, it covers the damages to the properties of the 3rd party involved in the accident.
With this type of policy, you will not receive compensation for losing your car. But you will be treated through your insurance, and the property of someone else that is involved in the accident will be covered.
This is if the person involved is not the cause of the accident. Lastly, third party insurance is the most popular type of car insurance in Nigeria.
2. Comprehensive Auto Insurance
Comprehensive auto insurance, although exists, is not mandatory in Nigeria, and it is not very popular too.
It is a slightly different type of insurance from third party Insurance and you just might prefer it.
In this type of policy, the insurance covers the cost of your vehicle when it is damaged or stolen. It includes costs for bodily damages, third-party coverage, and legal liability for death.
Best Car Insurance Companies In Nigeria
In choosing a company for your car insurance, it is very necessary and important to carry out adequate research to be sure of what you are venturing into.
Nobody would like to insure their properties with a company that is not capable enough to cover their insurance duties.
What you would need is a very reliable company with a grand plan and an inspiring track record.
Below is a list of the 10 best insurance companies in Nigeria.
1. Old Mutual Nigeria
Old Mutual is an insurance company that operates a third party insurance policy.
They do more than just insuring your car. For the best insurance for your vehicle, they can be trusted.
Visit the Old Mutual Nigeria website here.
2. Zenith Insurance PLC.
Zenith Insurance is one of the best car insurance companies in Nigeria. Zenith PLC is a popular brand in the banking industry in Nigeria. But not too many people are assuredly aware of their car insurance policy.
Their auto insurance covers cars, trucks, and motorcycles. Zenith PLC adapts to your need so that your insurance is taken care of through a policy that suits you and won’t blow your budget.
Visit the Zenith Insurance PLC website here.
3. Leadway Assurance PLC.
Leadway Assurance is not just a car insurance company in Nigeria, but they also have many other programs you can enjoy.
Like personal insurance, business insurance, savings and investments, annuities and pensions, and auto (third party) insurance.
They give their assurance to people and all you need to do is just drive and worry not.
Leadway car insurance provides coverage for damage to your car, fire, and theft and also injury to you and other people, and the repairs caused by an accident.
Visit the Leadway Assurance PLC website here.
4. Cornerstone Insurance
Cornerstone Insurance is also one of the top car insurance companies in Nigeria with an excellent track record.
They are vast in using technology and offers coverage for a wide range of people with their numerous products.
They have travel insurance, home insurance, school fee guarantee, motor Insurance, and many more.
So many benefits lie to be enjoyed with cornerstone.
Visit the Cornerstone Insurance website here.
5. Consolidated Hallmark Insurance
Consolidated is an auto insurance company that are very professional at delivering their duties. They have an inspiring vision, an achievable mission.
Their values include professionalism, relationship, integrity, customer-focused, and more. They can serve you well at insuring your vehicle.
6. FBN General Insurance
FBN is a popular company in the banking industry in Nigeria. Just like Zenith, FBN is also into insurance known as the FBN General Insurance.
The FBN General Insurance scheme is also satisfying and very reliable, and you can trust them for your auto insurance in Nigeria.
Visit the FBN General Insurance website here.
7. AIICO Insurance PLC
Another best auto insurance company in Nigeria is AIICO Insurance PLC. AIICO does not only provide insurance for cars, they also provide life insurance, general insurance, etc.
Their third-party insurance is really great and above average. AIICO keeps you on the move always. Hence, when it comes to insuring your vehicle in Nigeria, they can be trusted.
Visit the AIICO Insurance website here
8. Industrial and General Car Insurance
Industrial and general car insurance is also one of the top best car insurance companies in Nigeria. Industrial and General Car Insurance hold a unique auto insurance cover with their variety of motor covers in Nigeria.
They offer fast, trackable, and reliable roadside assistance, including state-of-the-art vehicle tracking systems.
9. Axa Mansard Car insurance
Axa Mansard is an award-winning insurer with premium services. This company is also one of the best car insurance companies in Nigeria.
No matter your financial capability, they have different motor Insurance plans that are just right for you. You might want to check them out to see other tremendous benefits in store for you.
Visit Axa Mansard Car insurance website here.
10. Custodian and Allied Car Insurance
Custodian and Allied Car Insurance is also one of the popular car insurance companies in Nigeria, which you might also find interesting.
The purpose of Custodian and Allied Car Insurance is to develop, package, and deliver innovative insurance products that best satisfy the needs of their customers.
They operate a profitable, efficient, resourceful, and ethical organization that will survive well into the future and be a valuable asset to its shareholders.
Their board comprises individuals that are experienced and have proven track records in their various fields of endeavor.
That’s all on the best car insurance companies in Nigeria.
I hope this guide helps?