Some people I know say, with absolute confidence, that it would never happen to them, for some ridiculous reasons.
Long story short, you'd never know when you will be involved in an accident, whether you're the one causing it in the first place or not, so an insurance is a must. Records from the commission of Road safety shows that more than 10 thousands cases reported dead, with roughly half of it from indirect contact with other cars. If the number doesn't scare you just yet, look at the following reasons why should by at least the cheapest type of insurance
1. Double cost
First off, insurance is a must for any motorist in Nigeria. Needless to say, you will have to pay a fine if your condition is exposed. Secondly, and god forbid, if anything happens to you and your car, alongside the cost to fix or even replace your car, you still have the pay the aforementioned cost of not having an insurance.
Sometimes an accident will leave a deep hole in your pocket
What's more, you could be taken advantage of by the person on the other side. Let's say you're not a confrontational type, and the person on the other side is really loud-mouth and aggressive, they could talk you into paying way higher than you're supposed to. With insurance, the insurance's adjuster will come to the scene and inspect the situation and give a more proper number. So with insurance, your mistake is not only priced correctly but is partly paid for by the insurance company. To this point, I don't think you have any reasons not to put a small amount of money down to save you hundreds or millions of Nairas in the future.
2. The possibility of bankruptcy
In the event of an accident, the amount of money you have to compensate for the loss couldn't be measured by normal calculations, simply because there are too many factors involved. For example, how badly damaged is your car? Is there anyone injured? Can you fix the car or do you have to get rid of it completely? No matter what kind of scenario could happen, a reimbursement from the insurance that you bought might actually save your life. So better go out and buy one right now if you don't possess one yet.
3. Other incidents
Okay, assuming you've never encountered or be involved in an accident, and it's extremely unlikely that it would happen in the future, what about theft, vandalism or natural disaster? The fact is you cannot tell for sure. So again, our advice is similar to the above reason. go out and equipped your vehicle with an insurance for any unwanted cost that might bankrupt you.