How Much is A Comprehensive Car Insurance?
If you’re looking to buy car insurance or you are just assessing the options of your current car insurance policy – you should consider comprehensive insurance coverage.
Learn what comprehensive insurance helps protect, cost, and how it is different from other car insurance coverage.
What is Comprehensive Car Insurance?
Comprehensive insurance is a policy coverage that helps replace or repair your car as a result of theft, fire, vandalism, accidental damage or collision. The cover could also include legal liability arising from death, property damage or bodily injury to a third party.
All stemming from the use of the insured’s vehicle. If you own your vehicle, it’s a voluntary coverage on your car insurance policy.
However, if you lease your car or it is under a higher purchase arrangement, you may have to hold comprehensive car insurance.
Cost of Getting Comprehensive Car Insurance
Comprehensive car insurance covers every risk pertaining to driving or owning a vehicle. For this reason, it is perceived as one of the most expensive insurance policies.
However, the cost of this insurance on a particular vehicle is largely dependent on the cost of the vehicle
In Nigeria, to buy a comprehensive insurance policy, most insurance companies charge between 3% – 7% of the total value of your vehicle yearly. The value placed on the car is the cost of buying the car. Some insurance policy offers additional services like car tracking devices at a price. This is only available to a comprehensive car insurance policyholder.
Upon complete purchase of your comprehensive car insurance policy, you will be issued a certificate of insurance. This confirms your eligibility to report a claim in the event of any unforeseen circumstance on the vehicle.
Conclusion
Many might fall into the temptation of devaluing their vehicle in order to beat the cost of premium charged on the vehicle. People do this because they don’t know why they need car insurance.
Not only is this a wrong insurance practice, but you risk the chance of making any claim on the vehicle in the future invalid when the unexpected happens.
Also, given the cost of car insurance in Nigeria, endeavour to check regularly if your car insurance is active.