Consider comprehensive insurance coverage if you’re in the market for car insurance or simply reviewing your current policy.
Discover the benefits of comprehensive insurance, how it differs from other types of car insurance coverage, and how it operates in Nigeria.
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What Is Comprehensive Car Insurance?
Comprehensive insurance is a type of policy coverage that assists with the replacement or repair of your car in the event of theft, fire, vandalism, accident damage, or collision.
Comprehensive car insurance covers any resulting legal obligations due to third-party death, property loss, or personal harm. all resulting from the insured’s use of a vehicle. It’s an optional coverage on your vehicle insurance policy if you own your car.
You might need to get comprehensive car insurance, though, if you lease your vehicle or it is subject to a higher purchase agreement.
How Comprehensive Car Insurance Works in Nigeria
In Nigeria, car insurance coverage can be purchased from any insurance company that has been granted a license by the National Insurance Commission (NAICOM). Filling out the following forms is required when buying an insurance policy:
- Form for Know Your Customer (KYC)
- Form for the Physical Inspection of a Motor Vehicle
- Car Insurance Providers That Offer Car Insurance
Car insurance policy is offered by a number of insurance companies, including:
- Leadway Assurance
- Custodian Insurance Plc
- AXA Mansard
- Allianz Nigeria Insurance
- NEM Insurance
- Consolidated Hallmark Insurance
- AIICO Insurance
- Mutual Benefit Insurance
Cost of Getting Comprehensive Car Insurance
Although it is not required by Nigerian law, comprehensive insurance covers all potential risks associated with operating or owning a vehicle.
Most insurance companies in Nigeria charge between 4% and 7% of the annual value of your vehicle to purchase a comprehensive insurance policy. The price of buying the car is the value assigned to it. Some insurance policies charge extra for extra services like car tracking systems. A comprehensive car insurance policy holder is the only one who can get this.
You will receive a certificate of insurance once your comprehensive car insurance policy has been fully paid for. This demonstrates your eligibility to file a claim should the vehicle have any unanticipated problems.
How To Verify Your Car Insurance Is Genuine
There are many dishonest insurance brokers out there who profit from the ignorance of a client. Given all of this, receiving your policy certificate is insufficient. This is due to the fact that you must verify the validity of your policy certificate. In two different methods.
1. Go to the website for the Nigerian Insurance Industry Database (NIID)
Visit www.askniid.org and adhere to the provided guidance. To search their database, you will need your vehicle number and insurance policy number. If a result is returned, ensure that your name is the bearer of the policy car. You must speak with your insurance officer right away if it doesn’t provide any results and turns out to be a fake.
2. Use the USSD Code *565*11#.
The USSD code for verifying a vehicle insurance policy was introduced by the Nigerian Inter-bank Settlement System (NIBSS) in collaboration with the Nigerian Insurers Association (NIA). Type *565*11# and input your vehicle’s registration number to verify the validity of your car insurance.
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