Car Insurance

Top Car Insurance Companies in Nigeria 2023 & The Coverage PoliciesThey Provide Car Owners

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Having car insurance is necessary for every car owner. It protects you from unforeseen vehicle issues that may arise and require financial support. Thankfully, in Nigeria, there are so many Insurance companies that offer a variety of auto insurance to their customers.

types of car insurance in Nigeria
types of car insurance in Nigeria

In this article, we have outlined the top car insurance companies in the country, their different types of coverage, and the extent to which they provide these covers for car owners. To know more about these car insurance companies, keep reading below.

  1. AIICO Insurance Plc

AIICO (American International Insurance Company) is one of the top leading vehicle insurance companies in Nigeria. Aside from offering car insurance policies, the company offers a wide range of other insurance policies to their clients.

The company offers an automobile insurance plan for both private and commercial vehicles.  The two major types of insurance AIICO Insurance Plc offers customers are Comprehensive car insurance and third-party insurance.

Their comprehensive car insurance covers plans like loss or damage of a vehicle due to fire, theft, collision, and vandalism. Their comprehensive car insurance also includes legal liabilities for death, bodily injury, or damage to the car of a third party.

Apart from cars, their auto insurance also covers motorcycles, and motorbike and motorcycle owners are entitled to the same coverage car owners get from their insurance policies. 

To know more about the insurance coverage on AIICO Plc, the company has a 24-hour responsive bot system that immediately attends to the frequently asked questions of customers. During working hours, customers also get access to live to chat with a customer representative that puts them through in-depth details on AIICO Plc’s coverage options, claim process, and pricing. 

  1. AXA Mansard Insurance Plc

AXA Mansard Insurance Plc is another insurance company in Nigeria that offers a variety of car insurance options to their customers. Looking for car insurance at AXA Mansard, car owners are presented with four major motor insurance plans. They include:

  • AutoFlex
  • AutoPlus
  • AutoClassic
  • AutoGo

All of these four vehicle insurance plans have various prices and coverage. The AutoFlex is a third-party car insurance plan that’s still customizable and provides customers with up to N1,000,000 in claims for any third-party damages. Without paying an extra amount for other coverages, the only claim a customer using AutoFlex is entitled to is the third-party car damage.

The AutoPlus is a comprehensive car insurance that offers up to N2,000,000 in third-party property damage, vehicle theft, fire, damage due to accident, towing benefits, up to N50,000 in medical expenses, 10-day replacement vehicle, and up to N250,000 permanent disability benefits.

The AutoClassic offers up to N3,000,000 in third-party damage and offers all the benefits found in AutoPlus. However, the medical expense coverage is up to N25,000, and the vehicle replacement of 10 days only applies to vehicles valued at N3 million and above. But no disability benefits. The company also has the AutoGo plan that only offers up to N3,000,000 in third-party damage.

AXA Mansard makes it easy for customers to get across to them for insurance quotes quickly, and this is done by simply clicking on the “Get Quote” or “Buy Now” buttons under the insurance plans.

  1. Leadway Assurance Company Limited

Leadway is a renowned insurance company in Nigeria that offers various insurance policies. One of their notable insurance plans is motor insurance. Their tagline for their motor insurance says: 

“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.”

To ensure their customers get the best of their auto insurance, Leadway Assurance offers three types of car insurance. They are Premium Finance, Comprehensive, and third-party car insurance.

Leadway’s comprehensive car insurance benefits include:

  • Accidental damage to own vehicle.
  • Loss/damage to own vehicle by fire or theft.
  • Covers damage to another’s property up to 3 million Naira.
  • Accidental total and permanent disability to the insured to a limit of ₦1,000,000.00
  • Medical expenses, including that of other vehicle’s passenger(s), to a limit of ₦100,000.00 in the event of hospitalization due to an accident.

Leadway Assurance’s third-party insurance covers:

  • Covers damages to the other person’s (third party) vehicle or property up to 3 million Naira.
  • Covers death or bodily injury to the third party in the event of an accident caused by the insured vehicle.
  • The premium payable of ₦15,000

Leadway’s Premium car finance covers:

  • Covers damages to the other person’s (third party) vehicle or property up to 3 million Naira.
  • Covers death or bodily injury to the third party in the event of an accident caused by the insured vehicle. 
  • The premium payable is ₦15,000
  1. Custodian & Allied Insurance Plc

Custodian Allied Insurance Plc offers insurance to cars, trucks, trailers, and motorcycles. The company offers three types of auto insurance, and they are:

  • Comprehensive car insurance
  • Third-party fire & theft cover
  • Third-party cover only

The company also has optional covers like the vehicle accessories like radio coverage and cover of vehicles when out of Nigeria, but with West Africa. They also offer car insurance coverage, like medical expenses, towing fees, and flooding, as additional benefits for their comprehensive car insurance.

  1. Cornerstone Insurance Plc

Cornerstone Insurance Plc is another insurance company in Nigeria that provide two main types of car insurance that includes:

  • Comprehensive car insurance
  • Third-party car insurance

Cornerstone Insurance Plc. Third-party auto insurance provides cover for the following:

  • Damage to third-party property up to a limit of N3,000,000
  • Unlimited (but reasonable) liability for death / bodily injury to third parties.

To buy the third-party insurance product, you will need the following:

  • Chassis Number
  • Engine Number
  • Vehicle Registration Number

Cornerstone Insurance Plc. Comprehensive private motor insurance policies come with different offerings, limited medical expenses, and loss of personal effect covers for private use vehicles only.

Covers provided under the policy include:

  • Accidental damage to an insured vehicle
  • Loss or damage to insured vehicle resulting from fire or theft
  • Damage to third-party property up to a limit of N3, 000,000.00
  • Unlimited (but reasonable) liability for death / bodily injury to third parties
  • Limited Refund for medical expenses.
  • Limited Benefit for loss of personal effects.

To buy this comprehensive car insurance at Cornerstone Insurance, you will need:

  – Make & Model of the vehicle

  – Chassis Number

  – Engine Number

  – Vehicle Registration Number

  – Value of the Vehicle

  1. Mutual Benefits Assurance Plc

Mutual Benefits Assurance Plc offers customers a variety of car insurance policies that includes:

  • ​​​​​​Third-Party Only that provides coverage for damage to third party property & death of/bodily injury to third party person
  • Third Party, Fire & Theft that provides cover by 1 above plus damage to the insured vehicle as a result of fire and theft/attempted theft.
  • Comprehensive that provides cover for 2 above plus accidental damage to the insured vehicle as a result of collision, overturning, or malicious damage

These are the only coverages they offer for their three plans, and it’s all coverage for vehicles insured within Nigeria.

  1. NEM Insurance Plc

NEM Insurance Plc offers car owners three main types of car insurance, and they include:

  • Third-Party Motor Insurance Policy 

This insurance applies to car owners in Nigeria, and it provides coverage of about N1 million for third-party car damages, death or bodily injure

  • Third-Party Fire & Theft Policy

This insurance plan at NEM Insurance Plc covers third-party car damage through fire or a third-party car that was stolen.

  • Comprehensive Motor Insurance Policy

This insurance at NEM Insurance offers car owners a wide range of insurance covers in the case of theft, accident, vandalism, accident damage, and collision. However, the coverage is not limited to this as they offer customers additional coverage.

  1. Prestige Assurance Plc

Prestige Assurance Plc offers customers a wide range of insurance policies that include:

  • Comprehensive Motor Insurance

Prestige Assurance Comprehensive Motor Insurance offers financial protection against theft of the vehicle and against damage to the vehicle sustained from events other than traffic collisions and damage sustained by colliding with stationary objects.

Here are the risks covered by the company’s comprehensive motor insurance:

  • Unlimited liability for death or bodily injury to third parties
  • Damage to the property of third parties up to a limit of N1m for any one accident
  • Indemnity to the policyholder for loss or damage to a vehicle as a result of an accidental collision or overturning of the vehicle, fire, and theft up to the limit of the sum insured
  • Medical expenses for injury to the occupants of the vehicle.
  • Cost of towing the vehicle following an accident
  • Repair of the accident vehicle.
  • Third-Party Motor Insurance

This policy covers the following:

  • Legal liability to third party in respect of death or bodily injury for an unlimited amount
  • Third-party property damage up to N1,000,000.
  • Legal costs incurred by the insured with the consent of the insurer

Risks not covered by the company’s comprehensive insurance:

  • Any accident loss, damage and or liability caused outside the geographical area of Nigeria
  • Any claim arising out of any contractual liability.
  • Any accident loss or damage or liability caused, sustained or incurred:
    • Where the vehicle is not used for the purpose for which it is being insured.
    • Where the vehicle is being driven by someone not permitted to drive.
    • Loss/damage from a flood, typhoon, hurricane, volcanic, exemption, earthquake etc
    • Strikes, riots and civil commotion risk
    • War risk
    • Any theft occasioned by the staff or the insured or any member of the insured’s family or any person permanently residing with the insured.
    • Consequential loss
    • Wear and tear
    • Mechanical or electrical breakdown
    • Failures and breakages
    • Damage to tires unless the Motor car is damaged

Prestige Assurance Plc also offers extra coverage in:

  • Riot, Strike & Civil Commotion 
  • Floods, Typhoons, Hurricane, Volcanic Eruption
  • Increased TPPDL – 0.2% of value in excess of the policy limit of N1,000,000
  • This should represent the current replacement value otherwise, the condition of average will adversely affect the insured in the event of a claim

Conclusion

There are many insurance companies in Nigeria that offer car coverage in different plans. The above-listed are some of the top companies with a visible online presence. Without visiting their physical office, you will get insurance quotes directly from their websites.

A content writer with experience across various niches, and one of them includes interest in writing about cars.

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