Motor Insurance Rates in Nigeria

Did you just got a new car and you are wondering how much car insurance costs in Nigeria? or have you been insured but you are looking for an insurance company with a cheaper rate. Worry no more, this article will give you a glimpse of car insurance rates in Nigeria. The truth is, insurance companies will rather want you to contact them for policy quotes instead of making it public. You can hardly find their policy rates and quotes on their websites or any public domain. The reason behind this is best known to the insurance companies.

To fulfill our promise of providing you with a reliable insurance and financial tips that will guide you to a better tomorrow, we have established contacts with some major insurance companies in Nigeria that provides us with some reliable information when we need them

In this article we will look at some insurance companies in Nigeria and their car policy rates

Car Insurance rates in Nigeria and the companies that offer them

1. AXA Mansard Car Insurance Rates


AXA Mansard has 4 main car insurance plans namely:

Autoflex
This plan is for private saloon cars and SUVs with a “third party property damage of up to N1,000,000. It has a compulsory covers, Car theft, Car damage by fire and car damage by accident. In addition to the above compulsory covers, you have options to choose one or more of the following options.

  • Flood damage
  • Towing benefits
  • Excess buy back
  • Vehicle tracking
  • Strike, riot and civil commotion

Auto Plus
Under this plan, if your car is worth N2.5m, the estimated rate would be around N150k. AXA Mansard offers a comprehensive car insurance plan under this plan that covers

  • Car theft
  • Accident damage
  • Flood damage
  • Fire damage
  • Towing benefits
  • Excess buy back
  • Strike, riot and civil commotion
  • Vehicle tracker
  • Medical expenses and
  • Third party coverage (N2,000,000)

Auto Classic.
This plan covers four major areas while others are optional. The four major coverage under auto classic are:

  • Accident damage
  • Theft
  • Fire damage and
  • Third party coverage (N1,000,000)

Auto go
Auto go covers:

  • Car theft.
  • Third party property damage of up to N1,000,000 and
  • Third party injury and death of up to N60million

In general, if you have a car that is worth about N2.5m) you are expected to pay an estimated annual insurance fee of about N150,000 (Auto flex), N112,500 (Auto Plus), and N78,750 (Auto Classic).

2. Cornerstone Car Insurance Rates

axa mansard auto insurance plan

Cornerstone Insurance have 3 Car insurance plan as at 2021, namely:

  • Auto classic (You are expected to pay an amount of up to 1.75% of the value of your vehicle)
  • Auto plus (You are expected to pay an amount of up to 3% of the value of your vehicle)
  • Uber classic(You are expected to pay an amount of up to 2.5% of the value of your vehicle)

Conclusion

Each insurance company in Nigeria have it own unique auto plan. Their auto plan is not constant. They can decide to change their plan any time. sometimes, as they change their plan, they change their rates as well. Other Insurance companies like IGI Nigeria collects an estimated rate of N125,000 Rates annually for any vehicle worth N2.5M.

Related Article: Life Insurance Rates In Nigeria

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