Looking to buy insurance in Nigeria and looking for what you can afford? This post extensively discusses the most affordable Insurance companies in Nigeria.
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Most Affordable Insurance Companies in Nigeria – An Introduction
Uncertainty is an inevitable aspect of life. But this doesn’t mean you must accept all that life throws at you. Thanks to insurance companies, even if you can’t control unforeseen events, you can manage them by getting the necessary financial support you need anytime.
Insurance companies in Nigeria provide a wide range of coverage from car, home to health insurance. For instance, if you insure your car or buy a car insurance policy, you may be protected against loss when your vehicle is stolen or has an accident.
In addition, the insurance company will provide a complete replacement for the car upon satisfying certain conditions.
Unfortunately, the technicalities and rules governing insurance make it cumbersome and tricky. As a result, there are so many misconceptions about insurance in Nigeria. If you want to buy any insurance plan in Nigeria, the first thing you may worry about is the cost of coverage. But not to worry, this guide will do justice to that. Read to the end to discover the most affordable insurance companies in Nigeria.
Most Affordable Car Insurance Companies in Nigeria
Although most insurance companies provide more than one type of coverage. But these insurance companies are known for providing coverage for vehicles.
AXA Mansard Car Insurance
They offer different plans for auto insurance. These plans are customizable to individual needs and vehicle types.
AutoFlex: This highly flexible motor insurance policy aims to help clients save big on their car insurance premiums.
AutoPlus: this plan offers third-party motor insurance and issues a certificate instantly.
These three car insurance plans cover third-party body injury, property damage, accident damage, and fire damage and comes with a free vehicle tracker.
LeadWay Car Insurance
Their car insurance coverage mainly protects against vehicle breakdown, mechanical damage, fire, or road accident loss. In addition, one of the great offers by LeadWay Assurance is the provision of adequate coverage for medical expenses for both the insured and other passengers in the vehicle due to a road accident.
However, before you buy any car insurance policy from the company, it’s best to know their terms and conditions. In addition, it would help if you asked questions concerning their claim policy and the processes.
AIICO Car Insurance
AIICO Insurance offers various auto insurance plans for commercial and private vehicles. These vehicles include:
- Taxi owners
- Delivery vehicles
- Bus owners
- Commercial fleet
- Multiple family owners
AIICO insurance offers a variety of plans for businesses and individuals. And they boast of providing the best and most affordable auto insurance coverage, customized to individual needs and tax-exempt.
Zenith Auto Insurance
Zenith Insurance is owned by the Nigerian banking giant, Zenith Bank. It offers car insurance among other affordable and comprehensive insurance policies.
Zenith Auto Insurance protects you against accidental loss or damage to your vehicle while driven by you or someone you authorized. It also compensates third parties who were harmed through the use of your vehicle. The auto insurance policies at Zenith Insurance come as comprehensive insurance and third-party insurance. Both are affordable and require only a little check from Zenith Insurance for you to redeem your claim.
Most Affordable Home Insurance Companies in Nigeria
Buying or building a house is a significant achievement in Nigeria. But that doesn’t mean you aren’t vulnerable to unexpected events like fire outbreaks. The least you can do is protect yourself financially from risks related to your house and the property. Here is the list of the most affordable insurance companies in Nigeria that offer partial or complete coverage to insure your home against certain risks.
Heirs Insurance
One of their most specific home insurance products is the Home Protect. The insurance plan is designed for homeowners to protect against the high cost of rebuilding or repairing a house after fire damage and other mishaps. The program also caters for the expense of replacing the damaged properties inside the house due to the loss.
Other home insurance products include:
Homeowner insurance: this insurance plan costs N25,000 yearly. And it’s best if you want to ensure a building whose worth isn’t up to 25 million. The cover claims lost personal items, gadgets, and laptops up to 1 million Naira. It also provided full coverage for replacing a damaged house in a fire outbreak.
Homeowner Plus: it is suitable for homes valued above 25 million Naira. The benefits are the same with the homeowner insurance with the exception of the premium costs which depend on the value of the building.
Related: How Much Does it Cost to Get Health Insurance in Nigeria?
Allianz Home Insurance
This is one of the insurance companies in Nigeria that offer affordable insurance plans that give you maximum peace of mind on the occurrence of certain events.
Their home insurance plans cover damages to your house or the properties that result from fire outbreaks, burglary or theft, and natural disasters.
LeadWay Home Insurance
LeadWay home insurance policy covers the homeowner, the home, and the properties inside it. One of the distinguishing features of these plans is that they are available to both the homeowner and the tenants in the house.
However, their plans do not provide coverage for specific properties in the home. These include wristwatches, laptops, and jewelry.
Here are some of the benefits of Leadway home insurance:
- The primary and silver plans offer cumulative benefits of up to 5 million Naira and 10 million Naira, respectively.
- The funeral expense of the homeowner in the event of death during a fire outbreak in the building.
- Public liability coverage on any plan.
Zenith Home Insurance
Zenith home insurance policy is designed for homeowners, tenants, or other building occupants. For homeowners, they could enjoy coverage for both the building and its content. While tenants could only enjoy coverage for their properties inside the building. Their coverage extends over a wide range of risks that may make a building vulnerable to damage. The homeowner can buy a zenith home insurance policy whether or not they reside in the building.
However, before buying any zenith home insurance plans, it’s best to learn about their terms and conditions.
Most Affordable Health Insurance Companies in Nigeria
Many health insurance companies in Nigeria make it easier for individuals and staff of corporate organizations to access healthcare whenever they need it. The companies below offer affordable plans that are perfect for average and low-income earners in Nigeria.
Hygeia HMO
The HMO provides easy access to medical care for employees of organizations and individuals or their families.
Aside from offering affordable health insurance plans, they provide enough information about each plan to help you make an informed judgment before choosing any for your health care needs. On their network, you will find healthcare professionals from primary healthcare providers to general practitioners that provide a wide range of medical services.
Each plan comes with sub-plans that make it easy to find the one that is best customized for your healthcare needs.
Reliance HMO
Whether you need health insurance for your child, other family members, or aged parents, Reliance HMO has an affordable health insurance plan for everyone. In addition, their plan covers a wide range of hospitals, and you do not need to call the HMO’s office before going to your chosen hospital.
They also offer a wide range of health care insurance plans, including the elderly, pregnant women, the disabled, small business, and corporate plans.
Metro Flexi
This insurance company provides easy-to-access and affordable health insurance plans for everyone. The plans are designed to help meet your primary healthcare needs in any circumstance.
Their health insurance plans are one of the lowest in the industry. Their basic plan goes for as low as N1,500 per month.
The benefits of the basic plan include:
- GP consultation
- Upper and lower respiratory tract infection
- Indigestion
- Worm infestation
- Minor eye ailments
- Urinary tract infections
- Counseling and health education
However, there are exceptions to the kind of coverage you may get with the basic plan.
The plan does not cover medical expenses incurred from ambulance services, evacuation, speech disorders, radiological services, etc.
If you wish to get coverage for a wide range of medical conditions, you may subscribe to other plans offered by the company that guarantees full coverage.
Final Thought on the Most Affordable Insurance Companies in Nigeria
Whether you are an individual or a company looking for the most affordable insurance companies in Nigeria, these insurance companies are your best bet. They offer a wide range of plans you can quickly pay for as out-of-pocket expenses.
