How to Renew Your Car Insurance in Nigeria (2024)

Are you one of those that often ask the question of, ‘how to renew car insurance in Nigeria’?

Renewing your car insurance in Nigeria is an important aspect of vehicle ownership. With growing traffic and risk of accidents on Nigerian roads, having a valid car insurance policy protects you financially in case of unforeseen incidents.

As your current car insurance approaches expiration, you must renew it on time to enjoy continued coverage. Read on to learn the step-by-step process of renewing your car insurance in Nigeria in 2024.



Here are detailed steps on how to renew your car insurance in the country.


Ideally, you should start the car insurance renewal process at least 30 days before your current policy expires. This gives you sufficient time to compare various providers, negotiate better deals if required, and avoid any lapses in coverage due to last-minute delays.

Most insurance companies in Nigeria send renewal notices one month in advance as a reminder. However, don’t just rely on their reminders. Mark the expiration date in your calendar and set reminders as the date approaches.


The first step is to compare updated car insurance quotes from at least 3-4 leading providers in Nigeria. Premiums and policy terms change over time, so don’t just renew with your existing insurer without comparing the market first.

Get online quotes from companies like Leadway, AIICO, AXA Mansard, Coronation Insurance etc. Compare the quotes in terms of coverage offered, premiums, policy limits, add-ons like car tracking device benefits, excess amounts etc. This will help you find the most well-rounded policy at the most affordable pricing.

Along with online comparison, you can also engage the services of insurance brokers. Brokers have tie-ups with multiple insurance companies and can get you more personalized service, in addition to finding you the best deal. The broker’s commission is paid by the insurance provider directly, so it does not impact your pricing.


Before hitting the renew button, assess if your coverage continues to meet your needs adequately. Certain life events may require reviewing your insurance needs from scratch rather than simply renewing your existing policy.

For instance, if you have moved cities, changed jobs, added another vehicle to your fleet, upgraded vehicles, had accidents/claims in the preceding year etc., reassess your insurance needs completely before renewing blindly.

Maybe you need to enhance liability limits now if earning better. Or reduce premium outgo by opting for basic third-party coverage if faced with financial constraints. Ensure you are neither over-insured not under-insured, but have optimum coverage suited to current realities.


Provide updated personal information to your insurance provider before renewing the policy. This includes your correct contact information, driving license details, vehicle registration papers, outstanding loan paperwork if financed, prior claim settlement proofs etc.

Furnishing such information accurately helps insurers correctly assess risks and provide quotes accordingly. Submitting false or incomplete data can result in problems later if you need to make a claim. Be transparent upfront to enjoy hassle-free coverage later.


One smart way to reduce your car insurance premium outgo is to renew the policy well in advance rather than waiting till the last day. In Nigeria, insurers provide attractive discounts of up to 15% if you renew your car insurance with more than 2 weeks still left on your current policy.

This incentivizes early renewal and enables the insurer to better manage their policy renewals. As a customer, you get to save premium costs significantly by planning ahead and renewing early rather than renewing late.

So make it a habit of renewing at least 15 days prior to enjoy cheaper premiums while keeping your vehicle insured continuously.


After making the renewal payment online or offline, the insurance company will send your updated policy documents by email or courier. Carefully check the policy wordings, terms and conditions, exclusions etc. To ensure everything is in order as discussed.

Also verify policy details like:

  • Your personal details are correctly mentioned
  • Vehicle details match your actual vehicle
  • Coverage, riders, limits and premium charged match what you had selected
  • Commencement and end dates of coverage are as needed

In case of any discrepancies later, you can contest them based on documentation received. So thoroughly check documents the moment you receive them before policy commencement.


If you had claim-free years on your previous car insurance policies, a certain No Claim Bonus (NCB) would have accrued in your name. Upon renewal, insurers allow you to transfer this bonus to the new policy to offer discounts on own damage premiums.

In Nigeria most insurers offer NCB of up to 50% to incentivize and reward claim-free driving. Ensure you fill up and submit the relevant NCB Transfer forms to carry forward this discount to your renewal policy and further minimize premiums for the next year as well.


Once you’ve decided to renew with your existing insurer or switch to a new company, it’s time to finalize payment for the new policy term.

Check that payment details like bank account, credit card or debit card is updated in their systems to process your premium installment without issues.

Most insurers allow spreading payments across several months, so take advantage of installments if that better suits your budget. Be sure to avoid any lapse between your old and new policy term which would cause a coverage gap.

Print or download your new electronic insurance certificate and updated policy documents for your records.


The cost to renew car insurance in Nigeria can vary widely depending on your location, vehicle make and model, driving history, coverage options and insurance company.

However, based on the market today, drivers can expect average premium increases around 5-10% annually entering 2024. So if your car insurance was ₦100,000 for the 2023 policy term, plan for it to potentially rise to ₦105,000 – ₦110,000 at renewal time next year.

It’s wise to budget around ₦5,000 – 15,000 above your current rate for 2024 car insurance renewals depending on your individual risk profile.


I believe you can now stand fully updated to effortlessly renew car insurance policies in Nigeria for 2024.

Follow these steps for smooth end-to-end completion while maximizing savings using available discounts.

Stay adequately covered by renewing on time always!

Mfonobong Daniel

I am Daniel, a professional financial blogger, an insurance agent and financial adviser. Join me as I unravel and breakdown the mysteries behind insurance policies in Nigeria.

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