As a vehicle owner in Nigeria, you have the option to choose between third party motor insurance cover and comprehensive motor insurance cover. If you opt for the comprehensive cover, you should know that a basic comprehensive motor insurance policy covers; third party insurance; fire damage to your vehicle; theft of your vehicle; collision or overturning damage to your vehicle; medical expenses incurred on you or your family members arising from injury sustained from accident to your motor vehicle subject to the limit specified by your insurer; towing expenses incurred on your motor vehicle following accident and up to the limit specified by your insurer.

Premium

Annual premium for comprehensive cover is between 10 -12.5 percent of the value of your motor vehicle.

Compensation

Compensation under comprehensive policy to you is on fault or no-fault basis.

Some insurance companies charge below the market rate of five percent of value.

Vehicles may be loaded with extra amount because of their extra-hazardous nature.

The basic comprehensive cover excludes the risk of riot, strike, civil commotion and flood but you may secure these by paying a little extra premium.

Additional benefits that may interest you on your motor vehicle

You may modify the cover to:

Third party, fire and accident or; third party theft and accident with annual premium at 75 per cent of the market rate on basic comprehensive