In any country, private vehicle ownership involves a bunch of financial obligations. Anyone can take a wild guess and presume that insurance is among the top expenses.
Carsurance.net did some digging and found out that insurance is actually the third-largest monthly cost of an average driver in the United States, next only to credit and petrol.
In Nigeria, anyone in the know will say that car insurance premiums are less of a burden. A large number of the country’s motorist population roams the streets without any cover whatsoever. To put things into perspective, only 2.5 million registered vehicles are adequately insured. The other 14 million cars have no insurance.
most of the driver do not care about car insurance, in some cases thee drivers have no idea on what is car insurance and the benefits it has on the long run.
The status quo has to change for the better. It is time to introduce the merits of being insured to more Nigerian motorists. First, let us debunk the common misconceptions about car insurance.
Car Insurance Is Optional
The Motor Vehicles Act made it illegal to drive a private vehicle without an “act only” insurance policy, at the very least. This cover is designed to pay for any financial responsibility due to a third-party death, bodily injury, or third-party property damage.
Car Insurance Is Inclusive
Not a single insurance policy can provide absolute protection against all expenses related to road accidents. If you have “act only” cover, you may also need to buy comprehensive insurance to be able to file a claim for non-collision damage to your vehicle.
Car Insurance Is a Waste of Money
It might be inconvenient to pay for car insurance regularly, but wait until you get into an accident and be forced to face the music. Being uninsured could send you to jail, and you could even lose your assets, such as your house, in case you lose a liability lawsuit.
Insurance premiums can eat into your monthly budget, especially if you are young. But you owe it to pedestrians, cyclists, and other drivers to do your share to make Nigerian roads much safer for all.