Car theft is a major problem that bothers almost every city in Nigeria. Lagos State reports major incidents of car thefts. According to reports, over 1,427 vehicles have been reported stolen in Nigeria. Even the Federal Government, President Muhammadu Buhari declared that Nigeria is the hub of stolen vehicles which are later re-sold in another African country. Especially in Lagos State, there is an incident of 10 car thefts on a daily basis. And most of the cars that are stolen are not recovered, which causes a huge loss to the car owners.
Information You Need To Know Before Getting A Car Insurance
Many Nigerians are afraid of buying car insurance as they consider it to be an unnecessary expense. However, insurance is actually compulsory by law and serves as invaluable protection much like any other insurance. It also gives you peace of mind because auto insurance lessens the worry that theft or an accident could ruin you financially.
Insurance is designed to put you back into the same position you were in before the loss or damage occurred. This is done either financially, where you receive an amount equivalent to the cost of the asset, or the asset itself is replaced or repaired.
When deciding whether to take insurance or not, consider this: if your car was damaged beyond repair, could you afford to replace it? If not, then here’s what you need to know when buying car insurance.
- Conduct Research: Googling Nigerian car insurance will help you learn more about the various vehicle insurance companies. For a comprehensive overview of the registered companies check the National Insurance Commission at naicom.gov.ng., which is the website for the regulatory agency for insurance companies in Nigeria – (NAICOM).
- Choose The Best Fit For You: After you have done your research, you will have to determine which insurance company best serves your needs. Some of the factors that you should consider are:
- How much cover do you require?
- Which insurance company offers the best returns over the long run?
- Is the company reputable and what is its track record like?
- Is there a money back option for you when you don’t claim?
- Are you able to combine options, such as car and bike insurance?
- Do you get a discount if you take vehicle, home and buildings insurance?
- Are they able to provide vehicle tracking and telematics and discounts on premiums?
Suitable Type Of Car Insurance In case Of Any Future Car Theft
The best would be comprehensive insurance. As the name suggests, comprehensive insurance covers all risks related to owning and driving a vehicle. However, this policy is not compulsory, but it is a good option if you have a new car or a car you are still paying for. This policy includes covers loss or damage to insured vehicles resulting from:
- A collision
- Accidental damage
There is also legal liability for:
- Injury to yourself or passengers
- Damage to the third parties’ property
How To File A Claim Under Comprehensive Insurance (Car Theft Insurance)
- The first step to take after an incident when you have comprehensive insurance is to contact your insurer. Your insurance company would in turn contact the insurance company of the third party involved.
- You have a right to claim from the other driver’s insurer for any injuries that your own policy does not cover. Do so if need be without hesitation. These payments are called unsecured losses.
- Keep physical evidence and records of all your losses.
- You should get a form from your insurer that you would use to write to the other driver and their insurance company. Inform your insurance company of physical evidence and give the full details of the incidence.
- Present any valuable witness to the incident and send their statement to your insurance company.
- Sit back, relax and watch your insurance company carry it from there on. They would contact you if they need your assistance in any way.
Best Car Insurance Companies That Will Cover Your Car Theft
First of all, you need to take note of the type of insurance that takes care of a stolen car which is comprehensive auto insurance. This insurance policy is neither popular nor mandatory in Nigeria. Also, it is a bit different from third-party insurance. With comprehensive auto insurance, the insurance takes care of the cost of your car when it is stolen or damaged. Basically, the insurance company covers costs for third-party coverage, body damages as well as legal liability for the death.
Now, on to insurance companies that provide comprehensive auto insurance. They include;
- AXA MANSARD CAR INSURANCE: Axa Mansard provides different packages of motor insurance. Their plans include:
- AutoFlex: This is a customisable and flexible motor policy that they provide to help clients make big savings on their motor insurance premiums
- Auto Plus: This insurance plan covers for flood and other extras. It includes
- AutoGo: With this plan, you can buy your Third Party motor insurance and get your certificate instantly.
The three different car insurance plans cover third-party property damage, third-party bodily injury, theft, fire damage to the insured vehicle, accidental damage, free vehicle tracker, and many more.
- AIICO CAR INSURANCE: AIICO Insurance covers different types of automobiles both for private and commercial uses. Their vehicle insurance package also caters for motorcycles and tricycles. AIICO’s auto insurance covers the following category of people:
- Private Vehicle Owners.
- Multiple Family Owners.
- Taxi Owners.
- Bus Owners.
- Delivery Vehicles.
- Commercial Fleets.
- LEADWAY CAR INSURANCE: Leadway’s comprehensive motor insurance provides benefits against loss or damage to your insured car as a result of an accident or a mechanical damage/breakdown.
- INDUSTRIAL AND GENERAL CAR INSURANCE (IGI): IGI provides motor vehicle insurance that covers the following:
- Third-Party Only: This only provides cover for unlimited indemnity for legal liability to third parties for death or bodily injury, legal costs incurred in defending an action for damages, liabilities that arise from accidents on third-party property damage, and so on.
- Third-Party Fire & Theft: This car insurance policy provides the third-party only cover along with cover for the risks of fire and theft.
- Comprehensive: This policy provides cover for accidental damage to the specifically insured vehicle.
- CUSTODIAN AND ALLIED CAR INSURANCE: Custodian Motor Insurance Policy covers your car, truck, trailer, or motorcycles based on the motor insurance type you choose.
Their vehicle insurance policies include:
- Comprehensive Insurance Cover: This covers accidental damages, fire, and theft, accidental damage to the property of the third-party, death or bodily injury to the third-party.
- Third-Party Fire & Theft Insurance Cover: This covers accidental damage to only the third-party’s vehicle, death or bodily injury to the third-party.
How Much Insurance Will Insurance Companies Help You With After A Car Theft?
The insurance company will compensate an amount equal to your stolen car’s monetary value in case it is not recovered. Only those who have a comprehensive car insurance policy can get coverage in this type of situation. Without a comprehensive car insurance policy, your insurer will not pay anything.
The next question to ask is: how will you go about the insurance? You would need to inform both the police and the insurance company. One of their representatives will take you through the process. In order to lodge a claim, the stolen cover needs to be insured under the comprehensive car insurance policy, which includes accidental cover, third party insurance, theft or fire cover and also risks arising due to natural disasters.
Also, it could be cancelled if the surveyor finds out that you had left your car windows open, or it was not properly locked while parking the car. If you buy a used car and have not transferred it to your name in the insurance documents, the policy will be invalidated and any claim filed in this regard will be rejected.
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