A car insurance or better still known as auto insurance simply means and agreement contract between an individual and any insurance company you wish to set up a contract agreement with. Which provides you all necessary assistance when it comes to a loss of financial stage as a result of accidents and robbery attacks?
General coverage car insurance in Nigeria
Auto insurance will provide you with general cover-related to loss of your car’s value. The general cover has a term span of three years and this can be paid in full or on some conditions.
When this cover comes in, and once the accident which includes any form of injury or death occurs, the insurance company will be liable to pay the cash received to a fixed compensation to the policyholders.
Automobile insurance policy once you’ve registered the car with the company, it will carry out complete valuation of the car and classify it accordingly, however, it would be difficult to identify if it’s under or overpriced. Then the company will charge your premium, after the policy is issued and is granted, you may start paying the premium.
Premiums car insurance in Nigeria
As you know auto insurance works in three stages; basics which are provided to cover your third party liability which involves covering any vehicle that is owned by you.
Which involves covering any vehicle that is owned by you? Additional which is an added coverage if you are driving a car for hire or commercial use? This covers your transportation which may require to be driven for a fleet. This is an added coverage if you are driving a car for hire or commercial use.
This covers your transportation which may require to be driven for a fleet. Full coverage which is when you need the entire vehicle to be protected against unknown risks including theft and fraud.
Deductibles car insurance in Nigeria
When you make a claim, in most cases, a claim shall be made by you as the injured party and the insurance company for an insurance policy is going to put you up for a minimum cover and also, a deductible you must pay to get a cashless settlement. Insurance company will pay the deductibles after you make a claim.
Premium amount the premium amount for most policies is an annual amount paid in advance, the same amount you should pay per year for the benefit of having car insurance.
In some cases, the premium is paid upon acquisition of the policy, while in some other cases, the premium will be paid for the entire duration of the cover. Different types of insurance are available in Nigeria, the kind of insurance that is bought varies according to the type of people who are getting it.
Free quotes of car insurance in Nigeria
Now the kind of companies you wish to insure you for that car has multiple kinds. You can simply choose the auto policy that is within your budget for it. Which type you have to choose from depends on your financial status.
It can be mainly based on the amount of monthly cash withdrawal you make from your bank account or your mobile phones. Which is highly expected that to know your budget first. It can also be based on your car insurance deductible.
It is a percentage of the total value of the car. This percentage of the car cost is not well explain in the law books, but is usually stated at the coverage amount. Usually quoted at a set percentage, which is different from one insurer to another. Its features also vary from one company to the other.
Pros and cons of car insurance in Nigeria
Without a doubt, car insurance is quite significant but when you are confronted with the reality of several of your car troubles, most times you will need to look for it. In fact, in order to protect your assets in the unfortunate scenario that you are involved in a car accident, it is important to have your car insured.
That is why, as a result of this fact, auto insurance is deemed to be very important in today’s world. Most people spend so much money when it comes to repairing their vehicle, while the insurance company of course, and take care of the issues.
Regardless, these days, there are many aspects about car insurance that you may not be aware of and if you want to make the right choices, it is important to know some of them.
It is believed that car insurance can be good depending on how much it’s provided by the company you are trying to go through or through. It is absolutely not hard to get car insurance and it should really not be hard to make a wrong decision when you are purchasing it, hence making it for you to get car insurance.