Five Best Car Insurance Companies In Nigeria

When you have car insurance, you will not have to worry if your vehicle is stolen or damaged because your insurance provider will cover the cost of repairs and a new vehicle for a stolen one. 

Additionally, if your damaged car is stolen or is beyond repair, your insurance will simply get you a new one.

Also, in Nigeria, getting car insurance is compulsory for every car owner or driver. 

You are required to obtain third-party insurance for your vehicle by the Third-Party Motor Vehicle Insurance Act of 1950.

Failure to comply with the "third-party insurance" act is punishable by imprisonment.

Therefore, as a Nigerian, getting vehicle insurance is necessary, prudent, and a legal requirement.

We have compiled the best five car insurance companies in Nigeria for Nigerians or foreigners in Nigeria who which to acquire a car soon or drivers who want to get car insurance for their vehicles. 

1.  Leadway Car Insurance

Leadway's comprehensive motor insurance protects your insured vehicle against loss or damage as a result of an accident or mechanical damage/breakdown.

 

2. Custodian and Allied Car Insurance

Depending on the type of motor insurance you select, the Custodian Motor Insurance Policy covers your car, truck, trailer, or motorcycle.

Their vehicle insurance policies include the following:

Comprehensive insurance coverage includes accidental damages, fire, theft, accidental damage to a third property, parties and death or bodily injury to a third party.

Third-Party Fire & Theft Coverage: This covers only accidental damage to the third vehicle, or party as well as death or bodily injury to the third party.

 

3. AXA Mansard Car Insurance

AXA Mansard offers various motor insurance packages. Among their plans are: 

AutoFlex

This is a customizable and flexible motor policy that they offer to clients to help them save money on their motor insurance bonuses.

Auto Plus

This insurance plan covers flood and other extras.

AutoGo

With this plan, you can purchase Third Party auto insurance and receive your certificate immediately.

Third-party property damage, third-party bodily injury, theft, fire damage to the insured vehicle, accidental damage, free vehicle tracker, and so on are all covered by the three different car insurance plans.

 

4. Industrial and General Car Insurance (IGI)

IGI offers automobile insurance that includes the following coverages:

Third-party Only

This only covers unlimited legal liability to third parties for death or bodily injury, legal costs incurred in defending a damages action, liabilities arising from accidents on third-party property damage, and so on.

Third-party Fire and Theft

This car insurance policy includes third-party liability coverage as well as coverage for fire and theft.

Comprehensive

This policy covers accidental damage to the specified insured vehicle.

 

5. AIICO Car Insurance

AIICO Insurance covers a variety of automobiles, both private and commercial.

Motorcycles and tricycles are also covered under their vehicle insurance policy.

AIICO's auto insurance covers the following individuals:

Owners of Private Vehicles. 
Owners from multiple families.
Owners of Taxis, Buses, and Delivery Vehicles. 
Fleets of Commercial Vehicles. 

Types Of Car Insurance Policies In Nigeria

It is noteworthy to state that we have two types of car insurance policies in Nigeria.

They are Third-party auto insurance and Comprehensive auto insurance. 

Third-party Auto Insurance

This is Nigeria's most well-known insurance company.

Third-party auto insurance covers the bodily injuries and deaths caused by accidents.

It also covers the damages and loss of property of any third party involved in the accident.

You will not be compensated if you lose your car under this type of insurance policy.

Your insurance, on the other hand, will cover the cost of your treatment.

It will also cover the costs of any other person's property that were involved in the accident.

Comprehensive Auto Insurance

In Nigeria, this insurance policy is neither popular nor required. It is also distinct from third-party insurance.

Comprehensive auto insurance covers the cost of replacing your car if it is stolen or damaged.

The insurance company pays for third-party coverage, bodily harm, and legal liability for the death.