We Nigerians have a prescription of car insurance. We tend to disfavor it even when it is required by the law and provides us with many benefits, with the only downside that we have to pay an initial amount of money.
Now just close your eyes for a minute and think about all the issues that we and our vehicles have to face and how much it would cost. For example, some drunk drivers hit your car on the side, resulting in you being in the hospital for months and your car being wrecked to the point of unrecognizable. Not to mention those days at the hospital put the burden of making money to your spouse and relative. The list goes on. And there's one thing I can guarantee you, the cost of a single item on the list could be several times higher than the initial investment into the insurance.
Of course, you might argue that nothing could possibly happen, given your exceptionally good driving manner and your impressive skills and attention to the road. But how many of us are the ones who actively seek accidents? No one. When we're on the receiving end of the accidents, there's nothing we can do, really, than to protect ourselves in the first place.
Do not wait until everything is settled, lying in bed with your "solid" arguments inside and a broken leg below. If you're not yet convinced or you need something to talk back to your friends who are against car insurance, here are six of them!
1. The law says so
In Nigeria, it is actually illegal if you drive around town without a car insurance certificate. You can only drive without one when you're having a serious injury and/or running away from danger, which also translates to: you must have an insurance. If you want to look up the information by yourself, it's regulated under the name third-party insurance act.
Don't wait until an officer pull you over, ask for the car insurance and you have nothing to show
2. It's worth the money
Following your house, a car is probably the next most expensive thing that you'll ever buy (we assumed that 99% of our readers are not millionaires or wealthy bikers), so you might want to do everything you can to protect it.
What's more, while our most valuable asset, the house, is sedentary and can only be worn out and damages through the effect of the weather, your car can move, which exposes it to many more threats, especially on the crowded roads of Nigeria filled with impulsive drivers, everything can happen.
So put down a marginal amount of money to save you possible millions later.
Don't try to save a few insurance bucks and waste millions Naira on legal or repair cost later
That's the insurance for your machine, an insurance for yourself is necessary too. A broken leg, or worse, an injury to the internal organ can cost a fortune, so don't be hesitant, buy a combo of health insurance together with the vehicle insurance to be extra certain.
Let's take it to a step further. In case you're involved in an accident that's not clear where the responsibility lies, you could be obliged to go to the court. In the meantime, when the case is still undecided, you could actually become poor having to pay legal fees. At worst, you could lose your money and your vehicle gets confiscated. Now you're broke, having no means of transport and facing jail time. Not really a good scenario, isn't it?
>>> Also read: Why you need a car insurance in Nigeria, and how to buy one
3. It saves you from bankruptcy
One not-so-fun fact for you, one single accident can sometimes drive you to bankruptcy. It's true and it did happen. The cost you would have to pay in that situation is the money to repair or replace huge chunks of the vehicles, a little bit more for medical treatment and finally the aforementioned huge legal fee for the court and lawyer. All of those combined can really destroy a person's life if he or she is not very well-off.
4. It covers a host of other misfortunes
Your car might be a little safer when it's not on the road, but still, threats are lurking everywhere. For example, you may find the garage door wide open one day and your loved 4-wheeled friend has gone. In other cases, it could be seriously damaged and/or struck by lightning, storm etc. The good news is that the insurance companies will pay for that too.
Not only accident, but you could also be reimbursed if you fail victim to vandalism as well
And, if your car is totally fine but some of your belongings inside go missing, there's a kind of car insurance for that too. Just ask for a value estimation options where the insurance representative will evaluate the price of your belongings. Of course, you have to pay some extra, according to the price of the goods.
5. It offers car rental reimbursement
In the event that you're involved in a road accident and, say, you're on the way to a very important conference, and you need another means of transport right away, how will you find one? The answer is the rental car or any kind of car sharing service. If you've bought an insurance for this type of incident, the insurance company will be happy to pay for the fee of that ride or even the fee to rent a car and drive it out of the accident site.
This is particularly useful as you don't have to waste your valuable time waiting for the car to be fixed and still make it to your important meeting.
6. It's good for your mental health
When you're on the road with all the proper papers in your car, you'd feel more confident running at a high speed on the highway or talking to police officers who request to see your insurance. What's more, it gives you a peace of mind and a sound night sleep, knowing that your car is fully covered no matter what might occur.
You could sleep like this if your car is fully covered by insurance
Below are some of the most trustworthy and well-known insurance companies in Nigeria, see if you can choose one for yourself!
- Leadway Assurance PLC.
- Old Mutual Nigeria.
- AIICO Insurance PLC.
- Zenith Insurance PLC.
- Cornerstone Insurance etc.