In today’s blog post, we’ll be looking at the list of the top 10 car insurance companies in Nigeria as of 2023. But before then, what is the meaning of car insurance?
Car insurance is a type of insurance that provides financial protection against physical damage or injury resulting from traffic accidents and against liability that could also arise from these incidents.
In exchange for paying a premium, car insurance companies offer coverage for damages and injuries caused by the insured driver to others or to their own vehicle.
However, there are various types of car insurance coverage that drivers can purchase, such as liability coverage, which is mandatory in most states, collision coverage, comprehensive coverage, personal injury protection (PIP), and uninsured/underinsured motorist coverage.
The amount of coverage and the premium paid by the driver depending on several factors, such as the driver’s age, driving history, location, and the type of car insured.
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Top 10 Car Insurance Companies In Nigeria In 2023
Out of the many available insurance companies in Nigeria, I have detailed the best of them in this article. The list of top 10 car insurance companies in Nigeria 2023.
1. Leadway Assurance Company Limited
Leadway Assurance Company Limited tops the list of top 10 insurance companies in Nigeria. It is a leading insurance company in Nigeria with a wide range of insurance products including and not limited to car insurance.
The company offers comprehensive coverage for cars and has a quick claims process.
Benefits Of Leadway Insurance Company
Some of the benefits of Leadway insurance company are the following:
- Accidental damages to the vehicle will be fixed
- Leadway covers damages to other properties up to three million naira.
- Leadway insurance covers accidental total and permanent disability to a limit of one million naira.
- Also, leadway will cover accidental medical expenses etc.
2. AIICO Insurance Plc
AIICO is an insurance company that offers a range of insurance products, including car insurance.
The company offers third-party liability coverage, comprehensive coverage, and personal accident cover.
Why Choose AIICO Insurance PLC?
Some of the reasons that could make you choose AIICO Insurance PLC are the following:
- AIICO claimed to be one of the top leading industry players with more than 50 years of heritage in prompt claims payment.
- AIICO products are tailored for Nigerian customers with great coverage.
- Their products not only save you money but some are even tax-exempt.
For more information, please check to visit their Official website here.
3. AXA Mansard Insurance Plc
The 3rd on the list of top 10 car insurance companies in Nigeria today is AXA Mansard Insurance PLC.
AXA Mansard Insurance is also one of the top leading providers of car insurance in Nigeria.
The company also offers comprehensive and third-party liability coverage, as well as personal accident coverage just like the AIICO insurance company mentioned earlier.
Top benefits you would enjoy using AXA Mansard insurance company
Some benefits you would enjoy using AXA Mansard are the following:
- Enjoy Life
- Risk coverage
- Peace of mind
- Living benefits
- Living healthy etc.
4. Continental Reinsurance Plc
Continental Reinsurance offers a comprehensive car insurance policy that covers both third-party liability and damage to your own car.
The company also provides 24-hour roadside assistance.
Continental Reinsurance has been existing for the past 30 years, they claimed to have developed an extensive network across the African continent purposely to service their clients right.
Their mission is to provide credible reinsurance security and services to their clients as well as value to both stakeholders and shareholders.
5. Lasaco Assurance Plc
Lasaco is the 5th on the list of top 10 car insurance companies in Nigeria you might like to use to get your car insured.
Lasaco Assurance is one of the leading and best insurance companies in Nigeria with a range of insurance products, including car insurance, and is committed to being the Insurance and financial services company of choice in Nigeria, providing Products and Services of Superior Quality.
They also offer both comprehensive and third-party liability coverage.
6. Mutual Benefits Assurance Plc
Mutual Benefits Assurance provides a range of insurance products, including car insurance. The company offers comprehensive coverage and third-party liability coverage.
If you really need a Nigeria insurance company you would enjoy, “Mutual Benefits Assurance PLC is an insurance company I can recommend.
Mutual Benefits Assurance PLC takes care of clients’ damaged vehicles as a result of fire and theft or attempted theft.
The advantages of mutual Benefits Assurance PLC are not limited to that, please refer to the company’s official website here.
7. NEM Insurance PLC
NEM Insurance motor insurance is specifically designed to protect the car insured from loss and or damages.
The company provides insurance cover on a broader range of automobiles for various categories, these include commercial vehicles, private cars, Motor trade vehicles, etc.
To partner with NEM Insurance company, kindly visit their official website here.
8. Prestige Assurance Plc
As the name implies, Prestige Assurance PLC is a prestigious and one of the top 10 car insurance companies in Nigeria that provides a range of insurance products, including car insurance.
Motor insurance tends to be important because it provides financial protection against any physical damages or bodily injury as a result of a collision.
9. Royal Exchange Plc
Royal Exchange is an insurance company like those mentioned above that provides a comprehensive car insurance policy that covers both third-party liability and damage to your own car.
With this company, you can get 24-hour roadside assistance whenever it is needed.
If this is the insurance company you’d prefer, please visit their official website here.
10. Wapic Insurance Plc
Wapic Insurance will be the last on the list of top 10 car insurance companies in Nigeria in this article.
They provide various kinds of insurance products, including car insurance.
The company provides comprehensive coverage and third-party liability coverage.
However, it’s advisable to do thorough research and compare different policies before choosing the right car insurance policy for you, this may be the right insurance for you and could be any of those listed earlier.
Frequently Asked Questions On Top 10 Car insurance companies in Nigeria
Here are some frequently asked questions about the top 10 car insurance companies in Nigeria:
What types of car insurance coverage are available in Nigeria?
The types of car insurance coverage available in Nigeria include third-party liability coverage, comprehensive coverage, personal injury protection (PIP), and uninsured/underinsured motorist coverage.
How do I choose the right car insurance policy for me?
To choose the right car insurance policy for you, you should consider factors such as the level of coverage you need, the premium you can afford, and the reputation and reliability of the insurance company.
How can I purchase car insurance in Nigeria in 2023?
You can purchase car insurance in Nigeria by contacting the insurance company directly, using an insurance broker, or through online platforms provided by the insurance companies.
How do I file a car insurance claim in Nigeria?
To file a car insurance claim in Nigeria, you should contact your insurance company as soon as possible after the incident.
You will need to provide details of the incident, including the date, time, location, and a description of what happened.
How long does it take to process a car insurance claim in Nigeria?
The length of time it takes to process a car insurance claim in Nigeria depends on the insurance company and the specific circumstances of the claim but in general, it can take several days to several weeks for a claim to be processed and paid out.