5 Must-Have Add-ons for Your Car Insurance in Nigeria
What are the top 5 must-have add-ons for your car insurance in Nigeria?
This is the question that a lot of people do ask regarding insurance and which one to get.
Finding the right car insurance policy that provides adequate coverage at an affordable rate can be tricky.
While basic third-party motor insurance is mandatory in Nigeria, relying solely on the basic legal minimum may leave you vulnerable in the event of an accident or vehicle damage.
This is where add-ons come in – they allow you to customize your policy to suit your specific needs and priorities.
5 MUST-HAVE ADD-ONS FOR YOUR CAR INSURANCE IN NIGERIA
In this article, we discuss 5 highly recommended add-ons that you should consider when purchasing car insurance in Nigeria:
PERSONAL ACCIDENT COVER
This provides compensation for loss of income, medical expenses, or death resulting from an accident while driving the insured vehicle.
Personal accident cover is not automatically included in basic motor insurance packages in Nigeria.
Adding this provides financial protection for you and your passengers in case of injury or death. The costs vary based on the sum insured.
With increasing risks on Nigerian roads, personal accident cover is a must-have add-on.
It covers your medical bills and provides income replacement if you cannot work due to an accident.
This add-on also extends to passengers in your car.
THIRD PARTY BODILY INJURY
While third-party coverage is mandatory, the basic legal minimum only covers property damage.
It does not cover injury or death claims from third parties involved in an accident you caused.
Adding third-party bodily injury cover protects you against the high costs of compensation demands in such scenarios.
This add-on covers your liability towards third party injury and death claims up to the limit you select.
Though it increases your premium, it provides immense financial relief if you cause an accident resulting in severe injuries or death for third parties.
The minimum recommended limit is ₦1 million.
WINDSCREEN/GLASS DAMAGE
Broken or damaged windscreens are one of the most common claims for car insurance.
Replacing them is expensive, often between ₦50,000 to ₦100,000.
With a windscreen damage addon, these replacement costs are covered (up to the limit you select).
This add-on also covers damage to windows and sunroofs without affecting your No Claim Discount.
Without it, you’ll have to bear the high replacement costs of glass damage.
For a few thousand Naira per year, this add-on provides great value.
VEHICLE THEFT
While motor insurance covers vehicle theft, basic policies usually only provide third-party cover.
This means you only get compensation for the third party liability portion, while the actual value of your stolen vehicle is not covered.
Adding vehicle theft cover protects you from major financial loss in case your car is stolen.
Your insurer will pay out the agreed value of your car (Insured’s Declared Value), less depreciation. This add-on brings immense peace of mind for just 1-2% of your sum insured.
ROADSIDE ASSISTANCE
This provides emergency help if your car breaks down or is involved in an accident.
It covers services like towing, battery jump start, flat tire change, fuel delivery if you run out, etc.
Some policies also cover lockout services if you inadvertently lock your keys inside the car.
Roadside assistance can be a lifesaver in emergency situations.
Being stranded on the road due to a breakdown or accident can be dangerous in Nigeria.
This add-on ensures you get timely help from professionals.
For just ₦5,000 – ₦10,000 per year, this add-on provides great utility and value.
FREQUENTLY ASKED QUESTIONS ON 5 MUST-HAVE ADD-ONS FOR CAR INSURANCE IN NIGERIA
Do you have questions regarding car insurance add-ons? Here are some frequently asked questions about add-ons for car insurance in Nigeria.
ARE ADD-ONS MANDATORY FOR CAR INSURANCE POLICIES IN NIGERIA?
No, add-ons are optional and not mandatory. But they provide additional benefits that are not covered in basic third-party motor insurance. Having relevant add-ons is highly recommended.
HOW MUCH DO ADD-ONS INCREASE THE CAR INSURANCE PREMIUM?
Add-ons increase premium by 10-30% depending on covers and claim limits selected. But the extra protection and financial relief provided makes them well worth the additional cost.
WHAT ARE THE PROS AND CONS OF HAVING ADD-ONS?
Pros are they customize coverage as per specific needs, fill gaps of basic insurance, and provide extra protection and convenience. Cons are they increase the insurance premium, and some may have limits on claims amounts.
WHICH ADD-ONS PROVIDE THE MOST VALUE FOR MONEY?
Personal accident cover, third party injury protection, and roadside assistance provide very good value given the protection and convenience they provide. Windscreen and vehicle theft add-ons also give good value.
CONCLUSION
The basic motor insurance mandated by law provides only limited protection. Adding the right add-ons ensures you get comprehensive coverage tailored to your specific needs.
Personal accident cover, third party injury protection, windscreen damage cover, vehicle theft, and roadside assistance are some of the must-have add-ons you should consider when buying car insurance in Nigeria.
For a relatively small additional premium, these add-ons can provide immense financial relief in case of accidents, damage, theft or breakdown emergencies.
They fill the gaps in basic motor insurance and allow you to customize your policy as per your priorities.
Discuss with your insurance provider to determine the right add-ons and optimal limits as per your budget and needs.
This will ensure you get the best value from your car insurance premium while maintaining adequate protection against common risks.
Investing a little extra in the right add-ons goes a long way in getting peace of mind on Nigerian roads.
