Insurance in Nigeria, Motor (Auto) Insurance

How you can obtain the Cheapest Auto Insurance in Nigeria

Insurance premiums are constantly on the rise, but here are some tips you can adopt to save money on your auto insurance without necessarily compromising quality and service:

  • Think about installing an anti-theft device on your car. If you have a tracker fixed in your vehicle, you can request Insurance companies to offer you additional discounts on your vehicle insurance. Reason: Tracker reduces the risk of loss of your vehicle hence benefits the insurers more than you.
  • If you own more than one vehicle or you bunch your family vehicles under one cover, you can get a discount on your insurance. Although not everyone has or even needs two cars, but if you had a car you were thinking of getting rid of, you may want to consider keeping it with a lower insured value in order to benefit from Plurality Discount  granted by insurance companies. You can get up to 10% of our auto insurance premium
  • Shop around for lower rates. Consult widely. Talk to several insurance companies and brokers.
  • Raise your deductible. You can increase the amount you are willing to bear in the event of a claim. This reduces the risk from the insurer’s point of view because the threshold where insurance companies intervene in your claim has been raised. This entitles you to further discount. The snag however is that you might just be financially vulnerable in the event of a  major claim
  • Use an intermediary. Experience has shown that intermediaries such as agents and brokers obtain lower rates from insurance companies due to their stranglehold on the insurance industry. You may actually obtain some additional benefits such as Strikes, Riot and Civil Commotion Extension, Increase in Third Party Property Damage etc at cheaper rates than if you had dealt directly with your insurance company. In some cases, you can obtain some extension to your insurance coverage for free
  • Consider spreading your insurance premium payment. Request that your insurance company grant you an installment premium payment option.

 

These are just a few tricks you can use in finding cheap auto insurance. With a lot of creativity, you can save a lot of money and still have adequate insurance coverage

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