Comparison of Travel Insurance Plans in Nigeria (2024)

Are you a Nigerian planning to japa in 2024? Whether it’s for business or pleasure, having the right travel insurance is important. This cover can protect yourself from unexpected emergencies, trip cancellations, lost luggage, and other costly mishaps that can arise while globetrotting.

Also, with so many providers and plans available in the Nigerian market, it can be overwhelming to determine which one offers the best coverage for your specific needs and travel style.

This comprehensive guide aims to simplify the process by comparing the top travel insurance options for 2024, breaking down their key features, coverage limits, and pricing. These information will help you make an informed decision before embarking on your next exciting adventure.

TRAVEL INSURANCE PLANS IN NIGERIA: FINDING THE RIGHT COVERAGE IN 2024

As Nigerians want to travel outside the country, travel insurance is becoming an essential purchase before any international trip.

Whether you’re heading to Dubai for business or the United States for a work settlement, having the right travel insurance can protect you from unexpected emergencies, trip cancellations, lost luggage, and other costly mishaps.

With so many providers and plans available in the Nigerian market, it can be confusing to determine which one is best for your needs.

In the following paragraphs, we’ll break down the top travel insurance options for 2024 to help you make an informed decision.

AXA MANSARD TRAVEL SURE

AXA Mansard is a renowned name in the Nigerian insurance industry, and their Travel Sure plan is a comprehensive option for frequent travelers. This plan covers trip cancellation, trip interruption, medical emergencies, baggage loss or delay, personal liability, and more.

One standout feature is the unlimited medical coverage, which can be a lifesaver in case of a severe illness or injury abroad.

Pros:

• Unlimited medical coverage
• Covers a wide range of situations
• 24/7 emergency assistance hotline
• Option to add adventure sports coverage

Cons:

• Premium rates can be higher than some competitors
• Certain pre-existing conditions may not be covered

LEADWAY TRAVEL ASSURANCE

Leadway is another reputable insurer in Nigeria, and their Travel Assurance plan is a popular choice for its balance of coverage and affordability. This plan includes trip cancellation/interruption, medical emergencies, baggage loss or delay, and personal liability protection.

While the medical coverage limit is lower than some other plans, it can be a cost-effective option for shorter trips or those with a tighter budget.

Pros:

• Affordable premiums
• Cover for common travel risks
• Option to purchase top-up coverage for higher medical limits

Cons:

• Medical coverage limit may be too low for some travelers
• Fewer covered situations compared to more comprehensive plans

AIICO TRAVEL BUDDY

AIICO’s Travel Buddy plan is a solid mid-range option that offers a good mix of benefits at a reasonable price point. This plan covers trip cancellation/interruption, medical emergencies, baggage loss or delay, personal liability, and more.

One unique feature is the coverage for financial insolvency of travel suppliers, which can protect you if your airline or tour operator goes bankrupt.

Pros:

• Coverage for travel supplier insolvency
• Competitive pricing for the benefits offered
• Option to add rental car collision coverage

Cons:

• Medical coverage limit may not be sufficient for some travelers
• Fewer covered situations compared to more comprehensive plans

SOVEREIGN TRUST TRAVEL SAFE

Sovereign Trust’s Travel Safe plan is a budget-friendly option for those looking for basic coverage at an affordable price. This plan includes trip cancellation/interruption, medical emergencies, baggage loss or delay, and personal liability protection.

While the coverage limits are lower than more expensive plans, it can be a viable choice for shorter trips or those willing to take on a bit more risk.

Pros:

• Low-cost premiums
• Covers essential travel risks
• Option to purchase additional coverage for higher limits

Cons:

• Lower coverage limits for medical emergencies and other situations
• Fewer covered situations compared to more comprehensive plans

COMPARING THE TOP PROVIDERS OF TRAVEL INSURANCE PLANS IN NIGERIA

To help you visualize the differences between these top travel insurance providers in Nigeria, here’s a quick comparison of their key features and coverage limits:

Provider	Medical Coverage	Trip Cancellation	Baggage Loss/Delay	Personal Liability	Premium Range
AXA Mansard Travel Sure	Unlimited	Up to ₦3 million	Up to ₦500,000	Up to ₦10 million	₦50,000 – ₦200,000
Leadway Travel Assurance	Up to ₦5 million	Up to ₦2 million	Up to ₦300,000	Up to ₦5 million	₦30,000 – ₦100,000
AIICO Travel Buddy	Up to ₦10 million	Up to ₦2.5 million	Up to ₦400,000	Up to ₦7.5 million	₦40,000 – ₦150,000
Sovereign Trust Travel Safe	Up to ₦2.5 million	Up to ₦1 million	Up to ₦200,000	Up to ₦2.5 million	₦20,000 – ₦80,000

HOW TO CHOOSE THE RIGHT TRAVEL INSURANCE PLAN

When selecting a travel insurance plan, it’s crucial to consider your travel style, destination, and personal risk tolerance.

If you’re embarking on an adventure-filled trip with activities like skiing or scuba diving, you’ll want a plan that covers those pursuits. For longer trips or those to remote destinations with limited medical facilities, a higher medical coverage limit may be necessary.

Additionally, factor in the cost of the trip itself – the more expensive the trip, the higher the potential financial loss if you need to cancel or interrupt it. In such cases, a plan with robust trip cancellation/interruption coverage could be worth the higher premium.

Don’t forget to read the fine print and understand any exclusions or limitations in the policy. Pre-existing medical conditions, high-risk activities, and certain destinations may be excluded or require additional coverage.

Lastly, consider your budget and balance the cost of the insurance premium against the potential risks and expenses you’re protecting against. While no one wants to experience a travel emergency, having the right insurance can provide peace of mind and financial protection when the unexpected occurs.

CONCLUSION

As you plan your next adventure, take the time to research and compare travel insurance options in Nigeria. With the right plan in place, you can focus on creating unforgettable memories without worrying about the “what ifs” along the way.