Insurance PHB made me go through hell. Hope they crash and burn.

They paid me 10% of what they were meant to pay me and it was after 5 months of chasing them up and down after i had fixed my car. Cannot stand them.

Insurance companies do pay claims and you need to get a broker to explain all the fine print to you.

However IGI does not pay claims and they are like a large ministry. The company is messed up when it comes to paying claims. The place is run like a family business. I have fought them to a standstill in the past

In the event of an accident;

Thank God for your life
get the car to the garage and do not attempt to effect repairs without taking pictures
Report in writing to the insurance company or the agent
Take pictures including the plate number of the vehicle and ensure dent or breakage is clear.
Fill the insurance claims form and submit to the insurance coy ensure you get an acknoledgement copy
if they do not send the engineers to inspect the car in 3 to 4 days write them and tell them you will commence repairs in the light of their apathy
After the inspection, let them negotiate directly with your garage
They will give you a go ahead to commence repairs
Hopefull you will get paid within one month



Re: Nigerian Auto Insurers: Do They Ever
In addition to this i think you also need to read the policy document given to you to familiarize yourself with the wordings of the policy. There is a serious need for a public enlightenment to educate the insuring public about the policies they buy and the terms and conditions. My e-mail is oluwalegeorge@yahoo.com.Send me a mail if you have any issues concerning insurance and let me give you professional guidance.. It is free of charge please.

HOTWATER: I most confess. I have never beem surprised in my life like the day i got my check from Consolidated Hallmark . i had hit a car on third Mainland bridge and i just had third party insurance . i was amazing the the Insurance company behaved professionally and settled the Guy i hit his car . The amount the paid to the guy is about 2000% of the Premuim i paid . I am really grateful to that Company

Bros na you I dey find since na, abeg come hit my car please anywhere you like bonnet, side. So what road do you normally go through?

But on a serious note, I normally do not read the fine print on most things I sign, who has the time, an insurance policy would however be the exception.

Please does someone know anything about STACO INSURANCE??

ARE THEY PAYING?

i have been thoroughly enlightened. i no lie.

if i knew half of what i know now,i would have acted differently when i bashed a G class from behind all through no fault of moi.

i blow grammar tire that day., chei ignorance no good.

silvasurfa: Most of us are excusably skeptical of insurance companies especially when it comes to payments for justifiable claims. At the beginning of the relationship, the insurance company will usually project itself as a company that pays claims promptly for most classes of risk eg theft, damage (3rd party or comprehensive), fire etc as long the as the premium payments are regular and up-to-date. However, from anecdotal evidence, it appears that whenever claims are presented, the insurance companies employ all kinds of professional (and sometimes unprofessional) strategies to avoid paying - including recourse to the famed 'fine print' in the contract papers.

A former colleague crashed his Toyota Avensis awhile back and went through hell with the insurance company despite the fact that his mother was a high court judge at the time. It took the combined efforts of his mum's connections and other overt threats to get the insurance company to replace the totalled vehicle.

I am constrained to start this thread because I am interested in buying a new car and considering the deteriorating security situation of the country, I want to be absolutely confident that any Auto Insurance Company I deal with will pay or replace my vehicle promptly in the event of a theft without too much diversionary tactics or stories.
.e.
Kindly share your stories so we can learn. At the end of the day, my scepticism just might be unfounded. Also, I would appreciate it greatly if you could recommend any good auto insurance company that has a good track record for payment of claims.

Thanks.

We use an insurance broker and he manages everything for us and gets the money out. It takes a while @ times but it does and its so coool!

As the law says,the least type of insurance a car owner should have is a 3rd party,but cos our people don't care where they get there 3rd party insurance from whenever they go get their plate number,its assumed na fake(police make i pass).the 3rd party covers you to a max limit of N1m,but take note your own car will not be covered but the 3rd party's car or property is covered to a limit of N1,000,000.00 but take note that u pay 10% of the value of the claim 1st.you can get your original 3rd party for as low as N5000.00 for saloon cars and more for other cars.
On comprehensive both your car and 3rd party is covered 5% value of car.,then we have the 3rd party fire and theft 2.5% of the value of the car.
Once you have a claim, dont't try to fix it without the knowledge or notifying your insurance company.
Then lastly i recommend one gets a an insurance broker for all his/her insurance needs, then as the insured try to read your insurance policy cos when claim arises that will be the law binding you and the insurance company.

oiseworld: try royal exchange, they've been around for long. They are also well established with branches across the federation. I believe they'll pay.

Na so people take dey fail exams. See question, see answer.
Are they asking about belief and faith in future occurence here or about real life PAST experience

HOTWATER: I most confess. I have never beem surprised in my life like the day i got my check from Consolidated Hallmark . i had hit a car on third Mainland bridge and i just had third party insurance . i was amazing the the Insurance company behaved professionally and settled the Guy i hit his car . The amount the paid to the guy is about 2000% of the Premuim i paid . I am really grateful to that Company

are you stewpi d

A broker is an intermediary who helps you access and manage your claims as they come> They take their time to study the clauses and warranties in your motor policy document which most people hardly study.You have to understand your policy document which shows your terms and condition.

Most Insurance companies terms and conditions often includes some dangerous and favourable warranties and clauses which are usually mostly favourable to the company alone..you should understand that you need a broker that could interpret the clauses and warranties, it is a free market where you can bargain on rate and many discounts as your broker stand a chance to getting the best coy and the best standard rate at any time on any policy.

Lack of premium payment as at the time of claim is the mainly reason some often reject some genuine claims,while some accept base on mutual relationship of the broker.

Therefore to get the best service a broker is needed and will not charge any money from you aside his 12.5% commission from the insurance coy.

Open your eyes wide and look out for UnityKapital Assurance Plc. our claims settlement is second to none in nigeria that is why she's been tagged "tested & trusted". With branches spread across the country she Operates with state of the art softwares that make service delivery efficient and effective. You'll be glad you did + your questions been answered so you need not look any further. for more info you can inbox me: iidris@unitykapital.com

Dis Guy:

just for car insurance? haba

yes. i know a guy who has been fighting with insurance over broken side mirror.
insurance just dey slam the guy grammar up and down. he ended up seeking a lawyer friend even if for free counsel.

Insurance now has integrity. @ least 1 of d strengths of Mutual Benefits Assurance Plc is d prompt payment of legit claims.

Pls try Anchor Insurance @ Lekki Phase 1, been working with them for some time now & they are trying in terms of Claims Settlement. Just call or visit their office & you will get all that you desire!

manny4life:

1.8% of both cars? Are you serious or just joking? Assuming that the estimated book value of your car is $50,000 and you have a 1.8% annual premium, so you're convincing us that you're paying $900 annually for both cars, BRAND NEW? I mean regardless of the fact that it's brand new, maybe you're an excellent driver, you drive avg miles on he car, etc

Keep in mind that I used $50,000 for both cars, what this means is that, the higher the value of the car, obviously the higher the premium.



I mean, there are parts to claims, depending on what you're insured for. I think 5% is modest for standard cars, for more expensive cars, you simply DON'T insure them; that's so much risk and companies apply discretion. I mean if you purchased the Minimum Liability Coverage and you're expecting full payout, like seriously? Who does that?

Besides, from the way I understand insurance works in general, it works by a pool system. If 10,000 people are insured for a whole year with an annual premium of say $600, insurance companies expect to pay claims based on different outcomes. Probably, their risk analyst might say 2 out 5 persons might seek claims, and each claims is grouped into a class. I mean, it's impossible for insurance to pay 100% claims to ALL it's clients and it's not based on what you contributed but based on a shared coverage.

Both cars actually average about $80K new, without going into more details...they are both Japanese cars...Premium is paid every 6 month...just paid premium for the remainder half of this year this week and it was about $692.00...note that this premium covers two drivers and two vehicles...and it is a comprehensive coverage. there are lots of things you can do to lower ur coverage..e.g. if you are a good driver and do not put forth claims that much..go with a higher deductible e.g. $1k...if you are employed and have a company health insurance coverage...elect for your company insurance to be primary to cover all medical claims that involves insured driver and the insurance company will be the secondary....ask to see what discount the companies have...u might be surprise the kind of discount that is obtainable..eg I get discount just for having a paypal account..another discount for paying the 6 month premium in full and various discounts....some little security features, some even standard that comes with the vehicle attracts discounts..but you have to mention it to the insurance company by the time you add these up.

Believe me, 5% even for standard car is very high...again...it might be because of the risk environment obtainable in Nigeria....but this risk factor should not be blank...it should vary from area to area..individual to individual...ie it should be customizable to each individual situation & environ.

tosenbaba: As the law says,the least type of insurance a car owner should have is a 3rd party,but cos our people don't care where they get there 3rd party insurance from whenever they go get their plate number,its assumed na fake(police make i pass).the 3rd party covers you to a max limit of N1m,but take note your own car will not be covered but the 3rd party's car or property is covered to a limit of N1,000,000.00 but take note that u pay 10% of the value of the claim 1st.you can get your original 3rd party for as low as N5000.00 for saloon cars and more for other cars.
On comprehensive both your car and 3rd party is covered 5% value of car.,then we have the <b>3rd party fire and theft</b> 2.5% of the value of the car.
Once you have a claim, dont't try to fix it without the knowledge or notifying your insurance company.
Then lastly i recommend one gets a an insurance broker for all his/her insurance needs, then as the insured try to read your insurance policy cos when claim arises that will be the law binding you and the insurance company.

What do u mean by '3rd party fire & theft'? Is that a coverage in case you steal or burnt down a 3rd party's car.... or is this additional coverage for ur car in case of fire or theft? If the later is the case, what is the comprehensive covering? methink comprehensive should cover fire and theft as well.

If u want to be assured and insured go for ROYAL EXCHANGE PLC

Try AIICO Insurance, very efficient and they pay promptly too.

The aforementioned insurances are still far behind LEADWAY INSURANCE when talking of claim paid at due time.
Try LEADWAY today and you will never regret it.