Motor Vehicle Insurance

Motor vehicle insurance, also known as auto insurance or car insurance, is a type of insurance coverage that provides financial protection for vehicles against physical damage and liability resulting from accidents, theft, or other incidents. Just as in many countries, it is mandatory to have current insurance in place before a motor vehicle can legally operate on Nigerian roads. There are basically three ( 3) forms of Motor vehicle insurance  and they are :

1. Comprehensive Coverage : It covers accident/collision to the insured vehicle and the 3rd party vehicle, it also covers , fire, total loss, theft and third party liability. It is the fullest cover of the motor vehicle insurance.
2. Third Party , Fire and Theft  ( TPFT) Coverage: This does not cover accident or collision . It covers 3rd party liability , fire damage and theft.
3. Third Party Only: This is the minimum cover mandated for every vehicle on Nigerian roads. It is legal. It covers only the 3rd party liability.

Besides these 3 above, some insurance companies sell some middle-of the-ground coverage, such as “enhanced 3rd party” ; “enhanced TPFT” . Please get in touch with us should you need any of this.

Motor Vehicle insurance can be bought for any kind or type of vehicles as listed below.  :

• Private Motor ( Cars, Sport Utility Vehicles)
• Commercial Vehicle ( Own Goods) ( Pick-Ups)
• Commercial Vehicle ( Staff Bus)
• Commercial Vehicle ( Trucks/General Carthage)
• Commercial Vehicle ( Special Type)
• Motor Trade ( Road/Premises Risks)
• Motor Cycle ( Power Bike & Official Ride)

Kindly note that there are premium variations for the above categories based on usage , policyholder’s driving history, age, location, type of vehicle, and coverage options chosen.