If you’re new in this subject, let me quickly intimate you here that in Nigeria it is compulsory to buy an insurance policy for your vehicle in order to stay protected all the time and keep you on the right side of the law.
Read: Car insurance | How to Quickly Buy Insurance Online For Car
First of all it is important to know that car insurance policies are not designed to force you into some legal complications rather they are specialized protection covers designed for your vehicles. In case you face any accident while travelling on road an insurance company will stand with you to cover all the losses as well as medical contingencies.
In some cases employees make use of company vehicles for personal and business purposes so it becomes essential to buy some Commercial vehicle insurance cover so that you can stay safer always. Determining which policy suits you better actually depends upon type of services you expect from your vehicle and how efficient your driver is. There are various factors that play important roles while finalizing Commercial vehicle insurance online or offline.
Common commercial vehicle covers: Given below are some of the most common commercial vehicle covers.
Comprehensive cover: It covers accidental damage, fire, theft, injury to other person as well as hijack issues. This policy is considered to be highly beneficial for Commercial vehicle insurance in Nigeria.
Third party theft and fire cover: This type of policy provides protection against fire; hijack, theft as well as injury to a third party/person but it do not cover accidental damage to your own vehicle.
Third party Cover only: It covers the loss of life or property to other person but damage of your vehicle is not covered. Generally people opt for this kind of insurance to complete the documentation and settle for lesser premiums.
All these Commercial vehicle insurance policies are available with various online and offline dealers and one can choose any of them depending on need and budget. When you buy some insurance policy you subscribe to financial support from the insurance company at any time of critical road accidents… It is good to choose a policy cover that can serve you better for life. If you move your vehicle outside Nigeria then you can go for some ‘out of Nigeria’ insurance policy covers.
Insurance policies offer you financial aid at the time of an accident but it depends on type of cover you bought eventually. To avail these benefits at the right time you need to pay your premium from judiciously because this money comes right from your premium and if you have not paid all funds on time it may lead to some hurdles at the time of need. In fact there is a popular ‘no premium no cover’ policy among insurance companies in Nigeria and beyond.
There are lots of companies that provide Commercial vehicle insurance; you can check their quotations online and compare their services. Once you find one that suits your need better contact the service provider and get complete details about the terms and conditions. Understand that this is not a formality rather it is your responsibility and will pay you in the long run.