2012 Excuse No 3: Top 10 Excuses why Nigerians do NOT Insure!

by Free Insurance advice on January 29, 2012 · 0 comments

in All About Claims, FAQS on Insurance, General, Home Insurance in Nigeria, Insurance in Nigeria

# 3: It is too

To some other people, they would not patronize because it is too . To them, the premium payable for risks being insured is too .

Experts have however countered this argument. ‘Whenever people complain that is too expensive, it begs the question, ‘compared to what?’” says Feldman.  The truth is: even though times are tough, lots of people are still buying flat screen TVs and going out to dinner several times a month. Rather than being expensive, is indeed very cheap! You only have to pay a fraction of the risk your company is carrying. For instance, if you were to insure your home against the risk of Fire & Special Perils (Houseowners’ Comprehensive Insurance Policy) you only need to pay a maximum of 0.25% of the value of your house. Just imagine paying N50,000 a year or N4,167 per month or N137 per day for a Building worth N20,000,000.00!! Isn’t this a fantastic offer? I’m not too sure a pot of hot could be this cheap either in Lagos or Abuja.

Besides, there are different policies to fit every budget and your insurance premium is in most cases commensurate to the risk you introduce into the pool. So, don’t use cost as an not to buy insurance you know you need. You can shop around and obtain a competitive price.

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