In Nigeria, car dealers do always recommend their customers to get a car insurance policy. Let me quickly say here that your car dealer is very correct to have recommended you to get a car insurance policy for your new car or second-handed car. The reason for doing that can never be overemphasized.
However, today, it is very common for many car owners to not get insurance policies directly from the car dealer because there are more affordable and greater options if you get one from an actual car insurance company.
But the question now is; must you get an insurance policy for your car as a car owner in Nigeria? The answer to this question is yes. You have to. Apart from the benefits, according to the Nigerian Insurance Act 2003, it is mandatory for every car owner to have a third party car insurance policy in Nigeria.
Third party car or motor insurance is a form of insurance which provides protection/cover for any damage, injury or even death caused by your own car on third parties. And according to research, a lot Aside from this insurance policy, there is also another form of insurance policy which is known as comprehensive. This insurance policy unlike the third party form of insurance, provides protection for you, your car and the third parties. So, having a comprehensive insurance policy gives you an unfair advantage over people that have their car covered by third party insurance policy.
Having outlined that, it is now let for you to choose the type of insurance policy which you wish to get your car insured with.
In summary, there is a marked difference between third party and comprehensive form of insurance policy. To add to what we already outlined above, the comprehensive insurance policy provides coverage for your vehicle in incidents such as theft, accidents, fire, as well as the third-party insurance policy. But, a third party car insurance policy in Nigeria only provides coverage for the damages you or your driver may have caused on another car or cars while driving your insured vehicle.
So, the bottom line is this, as a car owner, though the comprehensive form of insurance is a bit expensive compared to the third party counterpart, it is always advisable for you to choose the comprehensive insurance policy if you can afford it.
Note: If you’re going to get your car insured, ensure you do that with a company that is fully registered. Doing will, in turn, give you the peace of mind you would need or deserve.