6 Must-Have Insurance Policies for Every Nigerian Family
Introduction
Insurance is a crucial financial tool that can provide peace of mind and protect your family from unexpected events. In Nigeria, where unforeseen circumstances can arise, having the right insurance coverage is essential. This article will explore six must-have insurance policies for every Nigerian family, ensuring your financial security and well-being.
Health insurance is an essential policy that pays for medical expenses such as doctor's visits, hospitalization, surgeries, and medications. As healthcare costs continue to rise, having health insurance can help avoid financial strain in the event of illness or injury. It's important to seek out comprehensive plans that include coverage for both inpatient and outpatient care.
- Auto Insurance
Auto insurance is a requirement in Nigeria, providing coverage for vehicle damages and liability in accidents involving other vehicles or pedestrians
Two types of Auto Insurance in Nigeria
Comprehensive auto insurance is a type of car insurance that provides coverage for damage to your vehicle caused by factors other than accidents, such as theft, vandalism, natural disasters, and collision with animals. While not mandatory in Nigeria, it can offer significant financial protection in case of unexpected events.
- What is covered under Comprehensive Auto Insurance:
- Theft: If your vehicle is stolen and not recovered.
- Vandalism: Damage caused by malicious acts, such as broken windows or scratched paint.
- Natural disasters: Damage resulting from events like fire, floods, earthquakes, or hailstorms.
- Other perils: Some policies may also cover damage caused by glass breakage, falling objects, or riots.
- Why do I need auto insurance?
- Security Covers cost of repair of your damaged car Litigation Cost
- Covers litigation cost arising from third party property damage or bodily injury
- eace of mind > You can drive your vehicle without worries of accidental damage to your car or a liability to third party
Third party Car Insurance protects you from the damage to other people, vehicles, and properties in the event of an accident whilst using your vehicle. When the situation occurs, there is no need to worry. These unforeseen expenses are catered for, bringing you peace of mind.