Everything You Need to Know About Comprehensive Motor Insurance 

One of the best protections to give your vehicle is buying a Comprehensive Motor Insurance policy. Vehicle owners who ply the Nigerian roads know the risk involved in driving amidst an array of angry motorists. Even when you observe the road safety rules, others do not.

Now, imagine you just bought a new tear rubber car costing you a fortune. Then, while driving home to celebrate with friends and family, a danfo driver with a rickety bus smashes the rear of your brand new vehicle. What will you do? Get mad and fight with the driver or simply pull your hair to bemoan your ill luck? Well, perhaps a smart driver with an insured vehicle will simply check the level of damage on his car and call his insurer right away. But such can only happen when your vehicle is insured with comprehensive motor insurance.

What is Comprehensive Motor Insurance?

Comprehensive Motor Insurance is a full auto insurance plan that provides coverage for a wide range of risks and events that can damage your vehicle. It features three types of coverage which usually cost 5% of the vehicle’s value. Such as:

1. Own-Damage Insurance

This category of the comprehensive motor insurance plan offers extensive protection to the insured vehicle for coverage against theft, natural disasters and accidents. It also provides compensation for loss of personal effect which comes with a limit based on the auto plan of choice.

2. Third-Party Liability Insurance

This aspect of the plan safeguards the car owner from legal liability arising from collision with a third party. For example, if an insured vehicle with this coverage causes an accident where a third party was injured or dies, the insurance company will pay the third-party/beneficiary for the loss. However, its important to note that a third-party can only get compensation up to a certain limit. 

3. Medical Expenses

As a key coverage of the Comprehensive Car Insurance policy, this provides refunds to the driver for medical expenses resulting from accidental injuries. 

Benefits and Features of Comprehensive Motor Insurance

• Comprehensive car insurance protects your vehicle against accidental damage regardless of who is at fault.

• If your vehicle gets damaged due to malicious acts, riots, civil commotion and vandalism, you can request claims from the insurance company. 

• It covers damage to third party vehicles up to a limit of N1,000,000 and damage to third party property up to a limit of N3, 000,000.

• With comprehensive auto insurance, your mind is at rest knowing that you won’t pay for any expensive repair work when involved in a collision. 

• In the event of natural disasters, the full car insurance policy covers your vehicle against disasters such as floods and storms.

• It provides unlimited (but reasonable) liability for death/bodily injury to third parties.

• Refund for medical expenses and personal effects with limits.

• Lastly, it gives financial protection which helps you avoid costly repairs or replacement of your vehicle in the event of damage or theft.

What is Not Covered by Comprehensive Motor Insurance

• When driving the car without a valid driver’s license.

• If the accident occurred because of intoxication with drugs or drunk driving, the driver will not be liable for claims.

• If the damages happened because of war or bombings, the vehicle will not be covered under a full car insurance plan.

4 Things You Need to Buy a Comprehensive Motor Insurance Plan

• Chassis Number
• Engine Number
• Vehicle Registration Number
• Photograph of the Insured Vehicle

You can find these on your vehicle license document which you’ll need to upload on your account along with the photograph of the insured vehicle after purchase.

How to Purchase Cornerstone Comprehensive Motor Insurance

To buy our comprehensive motor insurance policy, you will need to:

• Visit our website HERE and click on Motor Insurance. Then, select Comprehensive Motor Insurance in the listed vehicle products.

• Complete the basic online form and pay conveniently with either a debit card or a bank transfer into any of our bank accounts. 

• Download the soft copy of the comprehensive motor insurance certificate and policy document upon successful payment, which will be sent to your email.

To learn more about our offerings:  

Visit: cornerstone.com.ng | Call: 07086216957 | or Email: brand@cornerstone.com.ng

Read: Why Insurance Should Be Your Greatest Investment: The Lessons from Hauwa’s Ordeal