There are basically several policies. These can be
grouped into four categories, such as Private Motor
insurance, Commercial Vehicle insurance, and
Specialized Vehicle Types category.
You could say that your new car or truck is your responsibility, that you don’t need
anyone to take care of it for you. You’re going to have a nice time driving your car or
truck around town but do you ever think about what may happen after a negative
occurrence involving your car or truck?
“Why do I need motor insurance?” You may ask yourself. There are several reasons.
For example, the law requires that your newly purchased automobile be insured,
according to the Road Traffic Act, 1950.
Another reason is that it provides replacement cost of damage or theft of your car or
truck, if you have one. You may have seen a case of instant car replacement after an
accident. Such car owner was only able to get a replacement because of adequate
payments of auto insurance premium.
Some see auto insurance in Nigeria as a means of providing financial support for
themselves when they damage other people’s property, while others see auto
insurance as possible re-imbursement of litigation expenses.
Summary of auto insurance
Insurance companies in Nigeria often offer fully comprehensive, cost effective, motor
vehicle insurance that cover all risks related to owning and driving a vehicle. Motor
policies are all scalable, which means that you can structure your cover to best suit
your own unique requirements.
There are basically several policies. These can be grouped into four categories, such
as Private Motor insurance, Commercial Vehicle insurance, and Specialized Vehicle
So what group of people in our society need to serious consider motor vehicle
Insurance companies in Nigeria often consider customers in the following categories:
• Private Vehicle Owners
• Multiple Family Owners
• Okada Riders
• Taxi Owners
• Bus Owners
• Delivery vehicles
• Commercial fleets
But there are some exclusions to be considered and these could be:
• Any accident, loss, damage and/or liability caused, sustained or incurred
outside the geographical area.
• Any claim arising out of any contractual liability
• Whilst any motor car in respect of or in connection with which insurance is
granted under the policy is:
1. Being used otherwise than in accordance with the limitations as to use; or
2. Being driven by any person other than a licensed driver
• Any accident, loss or damage to any property whatsoever or any loss or
expense whatsoever resulting or arising there from or any consequential loss.
• Any Liability of whatsoever nature directly or indirectly caused by or
contributed to by or arising from ionizing radiation or contamination by radioactivity
from any nuclear fuel or from any nuclear waste from the combustion or Nuclear fuel.
• All war risks are exempted
The preceding shows just how important it is to get motor vehicle insurance in
Nigeria. If you fully consider the benefits, you wouldn’t hesitate to get one today.