4 ways to get affordable car insurance in Nigeria

Most countries require a minimal level of liability coverage for every motorist. For Nigeria, the minimum is a third-party motor insurance. Though motor insurance has its great benefits, it does come with its own costs. As such, motorists try to find car insurance coverage that will fit their lifestyle, budget, and needs.

To calculate premiums, most insurance companies use the same factors and some of those factors are incredibly important to understand when looking for quality affordable car insurance

Here are 4 ways to get an affordable car insurance:

1. Comparison shopping - Car insurance rates vary considerably from company to company for the exact same coverage levels. Get quotes from at least three insurers and compare. But don't shop based on price alone: Look at the company's reputation and its customer satisfaction ratings.
2. Drop collision and/or comprehensive coverage on old cars - If your car is written-off in an accident, you receive the actual cash value of the car. For older cars, it may not make financial sense to pay premiums over many years to maintain collision and comprehensive motor insurance.
3. Maintain a good claims history: Insurance companies usually favour clients who maintain great claims standing. You are more likely to get a discount from your insurer if your claims history is a great one.
4. Flexible car insurance plans: These days, insurance plans allow you to pay on a monthly, quarterly, or half-year basis. Hence, you can afford to pay for a specific period, thus reducing your insurance premium. You can also choose to pay for specific damages using flexible car insurance plans.

While it is important to save money on your motor insurance, it is also important to prioritize the quality of service you will be receiving from your insurer and if the insurer will pay claims promptly. If you are shopping for car insurance, read why you should insure your car with AXA Mansard