Automobile Insurance: Which Are The Reliable Policies?

By Cami Ezenwa

No matter how careful or cautious people may want to be behind the wheels, they need automobile insurance, being prone to driving errors.

It is one policy that should be part of the entire driving itinerary, right before the automobile hits the road. The question that pops each time, however, is, how reliable are available insurance policies. The question is important for several reasons.

A vehicle could be at its best mechanical, electrical and hydraulic etc state, and still be prone to accidents.

Humans at their best are also susceptible to miscalculations and misjudgments; a split second misjudgment could result in unforeseen danger, in fact disaster of monumental consequences for both the machine and the persons.

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It is for these and more that the quest for the automobile insurance, not the roadside or garage cock-up that is not even worth scrap sheet of paper it is detailed on.

In other words, the right automobile insurance in place, could indeed provide a buffer and mitigate losses, no matter the circumstance.

It is to say therefore that physical preparedness and mental alertness notwithstanding, the best caution behind the wheels is the one that anticipates errors or unforeseen circumstances and makes accommodation for them

Apparently, automobile insurance comes in as anchor and as a buffer. Yet, how many of the policies stand the test of time?

The Eagle special investigation here showcases leader companies in automobile insurance in Nigeria currently and the policies they offer.

 Stanbic IBTC Insurance Brokers, a category leader appreciates the point that motor Insurance is issued as part of prevention of public liability to protect the general public from any accident that might take place on the road.

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It thus priorities the spirit of the Nigerian law that mandates every owner of motor vehicle to have a motor insurance policy

AXA Mansard has floated what it calls Autoclassic an affordable car insurance policy that covers you for financial losses resulting from risks such as accidents, robbery, flooding, fire, etc.

“This comprehensive car insurance is designed to help you return your car to the road after the occurrence of any risks”, it says

It’ automobile insurance policy this covers damages to your car through you or any other 3rd party, fire damage:   vehicle theft:, towing benefit and even medical expenses alongside.

Car would be towed to safety if it breaks

AIICO Insurance automobile insurance scheme covers both private and commercial vehicles as well as motorcycles and tricycles. Click tp learn more about AIICO Car Insurance.

AIICO’s auto insurance cover

Private Vehicle Owners

Multiple Family Owners

Taxi Owners

Bus Owners

Delivery Vehicles

Commercial Flee

IGI Insurance

Provides motor vehicle insurance that covers

Third Party only providing cover for unlimited indemnity for legal liability to third parties for death or bodily injury, land egal costs

Third-Party Fire & Theft: that includes risks of fire and theft.

Comprehensive:l poliicy for accidental damage to the specifically insured vehicle.

Old Mutual

Old Mutual’s  premium automobile insurance policy is styled Auto Diamond. It is anchored on a range of incentives

A refund of 10% of premium if there are no claims within the first 2 years of the policy (a cheque will be attached at renewal)

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A replacement with a new car in the event of total loss within 2 years of purchase. No deduction will be made for depreciation in the first 2 years of purchase. This feature only applies to brand new cars.

A free chauffeur-driven car is provided for 5 days following an accident

A free personal accident cover of NGN1, 000,000 for the insured person

The insured’s medical expenses are covered up to a limit of NGN250, 000

Any accidental damage to your 

Leadway Assurance Company Limited offers notable automobile insurance plans with a tagline:

“Just drive. We got your worries covered. Our auto insurance products cover damage to your car and others, fire & theft, injury to you and other people and repairs caused by an accident.”

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Indeed, automobile insurance has become a sine qua non for anyone and any entity with the desire not only to hedge against unforeseen accidents but to drive with a full peace of mind.

NOTE TO INSURANCE COMPANIES

If you offer impressive automobile insurance schemes or have clarifications to make, please reach Editor at 08180335778.