Mr. Linus got another car of the same brand two weeks after his car was involved in a road accident, As the car was driven into his compound, neighbors wondered if it was the old car, repaired and repainted. But Linus told them what happened: his insurance company had rewarded him with a new car. The company had taken off from him the old one which was involved in the accident.
Many people are unaware of how auto insurance works in Nigeria. Some say that it is not necessary as long as you’re careful when you drive. If you avoid accidents, you will never need to worry about getting insurance.
However, anyone who understands insurance will know that when one insures his or her car, there are many benefits that will accrue. Like any other insurance, auto insurance is a means to protect the car owner. It covers loss which may occur not just due to road accidents but from other dangers such as fire, which may occur at any time when a car is being operated.
Secondly, do you know that it is a criminal offense if you own a vehicle and you don’t have auto insurance certificate? It is therefore compulsory for all car owners in Nigeria to have auto insurance today.
First Steps in Getting Your Auto Insurance Certificate
There are many insurance companies in Nigeria. Some of them are already household names. Approach any of these companies. Try to understand the terms they put forward, such premium, indemnify, tariff, liability, and other technicalities.
Next, check what level of insurance you want. For example, some insurance companies offer Silver, Gold, and Platinum covers. Ask questions about these and try to understand them fully. For example, a comprehensive package that is known as the widest type of coverage may be the Platinum cover in this case. However, you must ask questions freely and be really sure so that you are able to get the very best product.
These advantages are many. But to mention a few, let’s say that the auto insurance if it is comprehensive, may cover the auto insured and also bear some cost on third party liabilities. Once a person takes out insurance on a car, the person’s other cars get discounts each when they are registered for insurance too. At other times too, auto insurance companies offer free stuff for their customers’ satisfaction. This can be in the form of a free tracking device.
The advantages could mean that there is a total of up to 1 million naira or more as accidental total and permanent disability to the insured. The payment for third party damage could likewise be huge. It pays to find out as many details as one could so that the most satisfactory insurance will be purchased.
Other Vital Information
It is important for all car owners in Nigerians to know how auto insurance really works. Such factors as age, gender, marital status, credit score, where the person lives, matter when a person is to embark on this procedure.
The most sensible thing for anyone taking on auto insurance is the understanding that a more expensive vehicle doesn’t mean that the owner will pay more to insure it. Try to consider what your auto insurance will cost for the various models even before you buy the vehicle. Also, ensure that the car you want to purchase has better claim rates for accidents or thefts.