When it is time to take out car insurance , either because you are not happy with the current one or because you have just bought a car, you must make a detailed analysis of the prices and coverage of each one to find the one that best suits you.
There is no single good car insurance. Depending on your personal characteristics, you may be more interested in a company and some coverages or others. For example, someone who uses the car to travel around the world or who spends many hours a day commuting for work will be interested in having more coverage than another person who only uses the car on weekends for short trips.
So, what should I take into account to take out car insurance and get it right? Next, we are going to analyze the main points that you should consider.
Compare various options
It seems like a fairly obvious advice when hiring car insurance in Nigeria, but many times due to laziness or lack of time we stick with the first option without knowing what other insurers can offer. It is also very common to stay with an already known option even though there are other companies that can offer a better service.
What coverage does each car insurance offer?
Sometimes the cheapest option is expensive. Depending on how often you use the car, the kind of trips you make, if you leave it in the garage or on the street, if it is a new car or it is already a few years old… You may be interested in some types of coverage or others.
You can take out a more basic car insurance in Nigeria that only covers damage to third parties , an insurance that also protects against damage such as theft or fire (extended third parties), or comprehensive insurance that covers even damage to the vehicle.
Beware of insurance renewal dates
If you currently have car insurance in Nigeria and want to cancel it to switch to another insurer, you must take into account the renewal dates. Car insurance has an annual duration and cancellation must be communicated in advance.
If you want to cancel your insurance, you must inform the insurer at least one month before the contract ends.
For its part, the insurer is obliged to inform you of possible changes in the conditions of the insurance and the price two months in advance, so that you have time to take action on the matter if there is any change that does not convince you.
Contract more than one insurance in the same bank or insurer
If you also have life insurance, home insurance or any other insurance, hiring them all at the same bank or insurer will allow you to reduce costs, as well as simplify management and save time.
Take into account the market value of the car
Do you know what the market value of a car is ? The market value is the value of a vehicle at the time before an accident occurs and without considering wear and tear or mileage.
Depending on the make and model of the car, its version and age, the market value may be higher or lower.
Why should we take into account the market value when hiring car insurance? Because insurers take this value into account when calculating compensation in the event of a vehicle accident.
Not all companies calculate market value in the same way or offer the same compensation. Generally, the tables of the employer’s association of vehicle sellers are used to calculate the value of each car. But some companies can offer an improved market value, with a certain percentage extra on the market value.
Look for an insurer that allows you to split the monthly payment of your auto insurance instead of making a single annual payment. It is an ease to take into account to take out insurance if your personal finances suffer the month in which you are charged on receipt.
Pay attention to the fine print
Have you already decided? Do you already know where to take out car insurance in Nigeria? Waiting! Before signing, check the small print of the contract, the general conditions and the particular conditions of your insurance. Here you can hide conditions of the policy that you had not taken into account.
The car coverage may be limited to a certain amount, have exclusions and limitations or have surcharges and penalties in the event of an accident during the term of the contract. These aspects can make an apparently cheap car insurance end up being expensive.
Now that we have reviewed all these tips for hiring car insurance in Nigeria, we only have one last recommendation left: if you have any questions or concepts that you do not understand, ask and do not stay with the doubt.