How much does insurance cost?

It will interest you to know that buying an insurance policy does not cost so much. On the flip side, it could cost you a lot if you don’t have one. As you will learn in this article, you don’t have to break the bank to buy an insurance policy.

Basically, it costs you nothing to protect the things you care about against unforeseen circumstances. Tomorrow is not guaranteed to be risk-free, so it’s best you secure yourself against unforeseen circumstances.

In monetary cost, you pay a token to insure your property. The amount you pay to buy an insurance policy is called a Premium. Claim Settlement is the compensation you receive when there is a loss to insured property. We will be using these two terms through this explainer.

Premium payment is dependent on the policy you buy i.e., once a year, monthly, etc. Let us use motor insurance as an example:

Motor Insurance: There are two categories of motor insurance namely: Third-Party & Comprehensive.

  • Premium for a Third-Party Motor Insurance is N5,000 annually, regardless of the value of the vehicle. This covers only other people’s property accidentally damaged by your vehicle.
  • On the contrary, Premium for Comprehensive Motor Insurance is calculated by the value of the vehicle. Comprehensive as the name suggests covers both the insured vehicle and third-party.
  • At Cornerstone, our premiums are pocket-friendly. You can get Comprehensive Insurance for as low as 2% of the value of the vehicle. For instance, if your car costs N1,000,000, you will pay just N20,000 once in a year to cover the car against accidents for 12 months. We have a bespoke range of Comprehensive Motor Insurance.
  • With just 2%, you are insured against:
    • Theft
    • Fire
    • Third-Party Property Damage Up To N1,000,000
    • Third-Party Bodily Injury/Death Up To N60,000,000


What about traveling – both local and international – there is Travel Insurance that covers you against death, loss of luggage, medical expenses, and/or permanent disability as a result accident. This too does not cost an arm and a leg. See for yourself HERE

Have you heard about Term Assurance otherwise called Life Insurance, it’s usually taken up by breadwinners of the family; in case life happens. His/her dependents will receive a claim settlement to ensure they carry on with their lives.

Protect yourself, your family, and your properties; let us discuss how to kickstart your journey to a stress-free life.

Learn about our product offering:

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