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Car Insurance Rates in Nigeria

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Car Insurance Rates in Nigeria

May 2022, by getting Insurance Today.
Who is aware of how much car insurance is in Nigeria? What are the insurance costs in Nigeria?
These were not questions that could be considered rhetorical. If you had known that, you wouldn’t be causing a stir on Google with it. As if it’s some unwritten rule, nearly every insurance website I’ve looked at to learn more about this type of information has never laid the prices. Instead, they encourage the user to “Get a quote.”

 

Car Insurance Rates in Nigeria

The quote represents the most recent and final price for selling a commodity or security.
However, there are other methods to get the data we require. From reliable online sources, The following are the most current car insurance rates in Nigeria as of writing.
In this post, we’ll use a Toyota Camry 2009 of about N2.5m as the standard to determine these prices.

 

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Costs for Car Insurance in Nigeria and the companies that provide these rates (2022)
The insurance rates for cars for some of the best insurance firms in Nigeria are as follows:
AXA Mansard Car Insurance Rates

 

AXA Mansard offers three main car insurance plans: Auto Plus, Auto Vintage, and Auto Classic. With the Toyota Camry as a benchmark, the annual cost of insurance amounts to about N150,000 (Auto Plus) as well as 112,500 (Auto Vintage) and N78,750 (Auto Classic).

Cornerstone Car Insurance Rates
It also has an insurance plan, which totals 4, precisely, Auto Bronze, Auto Silver, Auto Gold, and Auto Platinum. The annual cost of insurance is the sum of N62,500 (Auto Bronze) (Auto Bronze), 75,000 (Auto Silver), and N87.500 (Auto Gold), and the sum of N100,000. (Auto Platinum).

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IGI Nigeria Car Insurance Rates

Each year, the insurance we pay on our Toyota Camry amounts to N125,000.
Law Union & Rock Car Insurance Rates
With their standard program, Law Union & Rock Insurance Plc will be paying an annual premium of N125,000 to cover your Toyota. If you’re looking to add additional coverage, you can choose the Comprehensive Plus, and Standard plans allow you for N150,000 and N162,500 annually, respectively.

 

LeadWay Car Insurance Rates

The insurance rates for cars from Leadway Assurance go as follows. Thus, The basic full motor insurance policy goes for N100,000 for our Toyota. Their Comprehensive Standard and plans offer additional benefits for an annual price of N137,500 and N156.250, respectively.

 

Mutual Benefits Car Insurance Rates

On their official website, you can find an insurance calculator that will give you an estimate. According to the calculator, the annual cost of comprehensive insurance is N112,500 to cover the Toyota Camry.

 

Niger Car Insurance Rates

Based on the insurance Quotes website, Top check. Basic comprehensive insurance coverage is available for N100,000 per year. In addition, for additional benefits, the standard insurance costs N112,500 while the comprehensive plus is N137,500.

 

Old Mutual Car Insurance Rates

Annual insurance is N125,000 for basic insurance. Comprehensive standard insurance is priced at N150,000, and the premium is N162,5000.
Bottomline

A car insurance cost will be determined by the level of coverage offered and the condition of your car. It is contingent on what you want it to cover, and you may get insurance that is more than the minimum that Nigeria’s government requires.
Are you in need of need a loan? Kindly check out this site that lets you evaluate loans from various lenders in just a few minutes. This will aid you in making the right choice for your needs.

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