Car insurance also known as Auto insurance protects you, a car owner from financial losses that results from uncertain events like accident, theft and vandalism. The important of owning an auto insurance can not be over emphasized.
But what if you have decided on getting one and doesn’t how to go about it? the answer to that question is provided in this post. We have explained in details the steps of buying an insurance policy here in Nigeria.
Steps Of Getting A Car or Auto Insurance in Nigeria
Choose An Insurance Companies
They’re so many registered insurance companies in Nigeria which you can choose from, each company provides different packages that will suit your needs.
To choose your preferred insurance company visit Naicom.gov.ng to see a list of registered insurance companies currently in business.
Here are popular insurance companies you can also choose from:
- AXA Mansard Insurance Plc
- FBN General Insurance
- AIICO Insurance Plc
- Consolidated Hallmark Insurance
- Leadway Assurance Plc
- Custodian and Allied Car Insurance
- Zenith Insurance Plc
- Industrial and General Car Insurance (IGI)
Many of these insurance companies offers other insurance policy like health insurance, life insurance and others, you can as well go for them since having one insurer will save you a lot of stress.
Choose A Type Of Car Insurance
We have different automobile insurance policy, from the compulsory Third Party Insurance to Comprehensive insurance policy which comes highly recommended.
To learn more about different insurance policy and which one is best for you read our post on that types of auto insurance.
Once you have decided on which insurance plan you want, the next steps is to fill the form that will provided to you. usually you will be required to complete the following forms:
- KYC Form
- Motor Proposal Form
- Motor Insurance Physical Inspection Form
Payments of Premiums
What is a premium? Insurance premium is simply the amount of money you pay for the insurance policy. This amount differ depending on the company and the type of insurance you buy, However it falls within the range of N5000 – N10000 usually for Third Party Insurance.
Comprehensive Insurance Policy which protects both the insured and third party are charged 5% of the total value of the insured vehicle.
Comfirm Your Insurance Policy.
After purchasing your insurance policy your insurer should give you a certificate containing information about your policy. To verify the authenticity of your insurance policy visit Askniid.org which is the agency responsible for verifying insurance policy.
Here is a well detailed post on how to verify if your insurance policy is authentic by following two simple steps.