Best Auto Insurance Companies in Nigeria 2022- 2023
Best Auto Insurance Companies in Nigeria: In this article, we discuss the best value-for-money auto insurance companies in Nigeria for comprehensive coverage as well as the minimum coverage mandated by Nigerian law. There are many decent car insurance companies in Nigeria but also many terrible ones. We have shared all details about Best Auto Insurance Companies in Nigeria. So, need to read out below article.
All vehicles in Nigeria must have car insurance. Still, you are only required to purchase a minimum liability coverage plan that covers any potential harm to others that you might cause while driving. You are not required to purchase expensive comprehensive coverage that covers damage to your vehicle. If You reside in the USA then this is the best auto insurance companies for you.
To give you a broad impression of the price differences among different vehicle insurance companies, we looked into the car insurance plans of more than a dozen and obtained estimates from the best of them.
Should You Purchase Liability Coverage or Comprehensive Coverage??
We’ll briefly touch on which plan would probably be ideal for you before we discuss which providers are the best and the pricing variations between their plans.
Generally speaking, a complete coverage package will shield you from “civil disturbance,” theft, flooding, and damage from accidents to your car or the vehicles of others. Additionally, they typically reimburse a percentage of those costs if your vehicle requires towing after an accident.
With a liability-only policy, all that is covered is harm you cause to another person in an accident, whether it be to their car or to their person (you won’t be held responsible if you hit someone’s car by accident and they break their leg because the insurance will look out for you and negotiate on your behalf).
In general, we’d advise choosing a simple liability plan and saving a little additional cash in case your car needs repair work and is worth less than 3 million Naria (USD 8000) if you’re not affluent or if the value of your car is less than that. This is because liability insurance only costs around 5000 Naria ($13 USD).
A modern vehicle (2017+) is far more likely to be stolen or vandalized and is much more expensive to repair in case of an accident. Thus we strongly advise getting comprehensive coverage. In most cases, this coverage costs 12,000–30,000 Naria ($34–USD 80) per month unless your vehicle is extremely upscale and pricey. Overall, we’d say it’s worthwhile if you have the money and a relatively recent car.
Best Auto Insurance Companies in Nigeria:
1. Zenith Insurance:
This is the provider we would choose for our car insurance in Nigeria because, in our opinion, they offer the best value in terms of both customer service and cost. Additionally, their premiums are typically only a few percent higher than the low-cost provider’s, making them frequently comparable. They also, in our opinion, offer better customer service and have marginally stronger financial standing.
Suppose you’re unsure of whether you can afford a comprehensive plan or not. In that case, they are a wonderful site to receive estimates because they will provide them without you having to provide them with any contact information or anything else. If your automobile isn’t very expensive but still wants comprehensive coverage, we’d say Zenith is the best option. They also have very reasonable prices for low-end, cheaper vehicles coverage.
On this page of their website, click the policy options and then choose “request a quotation” to learn more about the costs of various coverage options based on the value you wish to protect.
2. Leadway Insurance:
If you don’t mind investing a little extra money for a hassle-free trip, this will be your best choice, as Leadway is by far the smoothest and least stressful firm to work with based on our experiences and the experiences of people we know. Leadway is typically easier when it comes to fixing your vehicle and paying the repair firm (or you) on schedule and without trouble. Other companies can delay claim payouts or are a little pickier about what they cover.
We think Leadway is the best if you want the best customer service, but we’d say Zenith’s customer service is decent enough. Troubles are uncommon with them, so we don’t feel it’s vital to use them if you want good customer service. I don’t see a reason why you would choose any other firm for liability coverage, as their liability coverage options are the same as those of other organizations (around 5000-7500 Naria).
On their website, you can look over their plans and get a price, but you’ll usually have to wait to acquire a precise pricing estimate for a plan. Their comprehensive coverage typically costs 5–10% more than Zenith or Sovereign Trust Insurance or roughly the same for their liability-only products.
3. AIICO Insurance:
AIICO is an excellent option if you want to save money, which we don’t particularly advise. Although they don’t seem as helpful or responsive to customer service, they are still typically extremely straightforward to deal with. Simply put, they don’t have the same attitude toward claims as the other insurance providers we mentioned in this article. You’ll need to ensure you have enough documentation (pictures, an official estimate of repairs, a possible police report, etc.), and the processing of claims can take a little longer.
For their complete plans, they typically charge 5–10% less than rival firms like Zenith or Sovereign Trust and around the same for their liability-only insurance. As long as you don’t mind a somewhat slower claim process, we’d say they’re a choice to take into account because of their reduced cost. Typically, you must apply in person or by phone because their website is outdated, and the online application frequently malfunctions.
4. Sovereign Trust Insurance (STI):
Although they have excellent customer service and reasonable prices (low to medium cost), their website has been down for months. It doesn’t allow you to view their auto insurance pages or get a quote online, forcing you to go into a physical location if you want a quote, as getting a quote over the phone isn’t always possible. As a result, this would likely be our third or fourth choice overall.
They’re a choice to consider if you live close to a physical location in Lagos because their pricing is on the cheaper end despite having excellent customer service. If it weren’t for those website troubles, we’d say they’d be the #2 or #3 option (in person).
From everything I’ve stated, I might dislike Sovereign, but that’s not the case. Instead, I want to emphasize how awful their website is and how you’ll have to do everything in person because I know many people find those two things to be deal-breakers. They’re a wonderful option if you’re okay with conducting business in person. They have excellent financial stability and promptly settle claims.
5. Mutual Insurance PLC:
Although we believe one of the other businesses is probably a better option, we chose to add Mutual Insurance because they are one of the few reputable vehicle insurance firms still operating in Nigeria. The only genuine issue we have with them is that, as a business, they don’t have the finest financial standing. Because of this, we wouldn’t pay for lengthy contracts (lasting more than one year) with them, just in case, they go out of business.
Apart from their financial stability, they offer decent customer service and affordable to fair pricing, making them a passable option. If you already have a policy with them, I wouldn’t bother switching; they are simply not our top choice for vehicle insurance while being a passable provider. Generally, you may submit an online application for their insurance, but occasionally, the page won’t work, so you’ll need to visit a physical place. I think you have read all details related to Best Auto Insurance Companies in Nigeria after knowing the above explanation.