Consider comprehensive insurance coverage if you’re looking to buy car insurance or are simply evaluating the alternatives under your current car insurance policy.
Discover the benefits of comprehensive car insurance, its cost, and how it differs from other types of car insurance coverage.
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. Legal liability resulting from a third party’s death, property loss, or bodily injury may also be covered.
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.
Cost of Getting Comprehensive Car Insurance
Every risk associated with operating or owning a vehicle is covered by comprehensive car insurance. It is regarded as one of the most expensive insurance policies as a result.
However, a vehicle’s cost has a significant impact on how much this insurance will cost.
Most insurance firms in Nigeria charge between 3% and 7% of the total value of your vehicle annually to buy a comprehensive insurance policy. The cost to buy a car is its value. 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.
Frequently Asked Questions
What Coverages Does Motor Insurance Offer?
Your vehicle and you are covered by motor insurance in the event of an accident. It provides you with monetary compensation for accident-related injuries.
Does comprehensive auto insurance include engine coverage?
A typical car insurance policy might cover engine damage, so yes. It will cover the costs incurred when your car’s engine system needs to be repaired or replaced.
Cost of comprehensive automobile insurance in Nigeria?
Most insurance firms in Nigeria charge between 3% and 7% of the total value of your vehicle annually to buy a comprehensive insurance policy. The cost to buy a car is its value.
In an effort to reduce the cost of the premium paid on the vehicle, many people may succumb to the temptation to undervalue their vehicle. Because they don’t understand why they need car insurance, people behave in this way.
This is not only a bad insurance policy, but you also run the danger of invalidating any future claim on the vehicle if something unforeseen occurs.
Additionally, given the high cost of car insurance in Nigeria, make an effort to routinely verify that your policy is in effect.