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Useful Guide to Complete Vehicle Insurance
Car insurance is one crucial area under the compulsory insurance cover. It is therefore expedient that both car owners and road users get acquainted with some of the tips that can help in protecting themselves and getting best value for their money. Please note that your car insurance rates are based on a few factors you can’t readily change. These are your sex, age, marital status and where you live and your credit scores, what you drive, how well you drive and how much coverage you buy. Before going into the details, let us first review the basics. One vital area in discussing car insurance is liability insurance. It is a form of insurance that pays for injuries and property damage caused by a crash if an insurance adjuster determines you were at fault. It does not cover your injuries or those of other people on your policy, or damage to your vehicle. You are personally liable for claims that exceed your coverage, so buy even more if you can, and consider an umbrella policy.
The Uninsured or underinsured motorist protection, covers injuries to the occupants of your car and property damage, depending on the insurance cover of the other party. For instance, does the other driver has insurance? if yes, how much?. Collision insurance pays for damage to your vehicle in an accident. If your car is totaled, you’ll get what the insurer considers the pre-crash market value of your car. Comprehensive insurance covers theft of your vehicle and non-collision damage to your car, as well as animal collisions. You may be eligible for lower rates if your vehicle has anti-theft and tracking devices. Medical or personal-injury protection provides coverage for you and your passengers, regardless of who is at fault. You may not need this insurance if you have good health insurance. Consider gap insurance if you owe more on your car than it’s worth.
Reduce your rates. The companies you select and the coverage you buy can greatly reduce your rates. Shop around, call companies and consult an agent through the registered insurance companies under the banner of the Nigeria Insurers Association (NIA) or agents and brokers. Rates vary greatly depending on a company’s operating expenses, history of claims and formulas for setting premiums. Check a company’s financial status and consumer record. The last thing you need is to go cheap and then find it’s all but impossible to file a claim In such case increase your deductibles on comprehensive and collision coverage to an amount you can cover out of pocket. Consider dropping both if you own your vehicle outright and the combined annual cost for that coverage is more than 10% of what you would get if you car were affected.. Ask your insurer about all available special discounts. If you’re switching insurance companies, do it in writing. Your credit scores will suffer if you’re canceled for non payment. Control yourself Your behavior on and off the road has a bearing on your rates. Pay all bills on time. Your premiums are based in part on your credit scores or an insurance risk score based on your credit reports. Remember that no insurance is valid if premiums are not paid. The slogan of ‘No premium, No cover is very valid.’ Drive defensively, and avoid distractions such as text messaging or talking on a cell phone. One speeding ticket may not raise your rates, but an accident you caused probably would — generally by 40% of the company’s base .Don’t drink and drive .Don’t lend out your car. If your friend wrecks it, your rates will go up. If your uninsured friend wrecks your car, you’ll be liable for claims exceeding your policy. One other thing is that the type of vehicle you drive affects your rates. For instance, if you must drive a sports car, check the cost of insuring that car before you buy it. You’ll pay higher premiums for a vehicle with higher collision-damage costs or that’s attractive to thieves .High-tech items are more expensive to replace after a crash. The deal on discounts factors such as age, how much you drive, where you live and, sometimes, what you do for a living affect insurance premiums. You can take some steps to get a better rate. If you get married, you’ll get a discount and benefit from combining policies People 55 and older get a discount for taking a driving class and adding your newly licensed teenager to your policy will increase your premiums 50% to 200%. One way to reduce costs is to buy a beater and list your child as the driver. Teen drivers can get discounts for driver’s courses or good grades.
You may get a discount if your child attends school away from home.
If you’ve been in a collision, tell your insurance company for your own protection, even if injuries are not readily apparent. Informing the company doesn’t mean that one is filing a claim.
If you disagree with the value assigned to your vehicle, provide quotes from local dealers and proof that your vehicle was well-maintained. Still unsatisfied? Your options are mediation, arbitration and, finally, a lawsuit.
If the driver at fault in a crash is uninsured, consider "stacking" or collecting on all of your policies that have uninsured/underinsured motorist coverage to fully cover the damage, unless the law prohibits it.
Body shops may be tempted to cut corners to meet insurance companies’ pricing requirements.
If you cause an accident, does your policy require you to pay the difference between generic and original-equipment or manufacturer parts? If someone else caused the accident, request original-equipment parts for your repairs.
These are some of the useful guides to car insurance which prospective customers should note,
Nigeria’s startup ecosystem received a fresh injection of momentum as top emerging ventures secured funding and investor attention at the iHatch National Demo Day, where Interface Africa clinched the highest prize of $15,000.
The 4th cohort of the NITDA–JICA-backed accelerator brought together founders, policymakers, and venture stakeholders in Abuja, showcasing innovations ranging from clean-energy financing and digital food marketplaces to next-gen fintech tools.
The startups went rounds of running through state-level selections and regional competition. iHatch was established in 2021 as a strategic partnership to create an enabling environment for young Nigerians to develop and scale their innovative solutions.
The iHatch National Demo Day (4th Cohort), is an initiative by NITDA and JICA which provides a clear pathway for homegrown talent to contribute significantly to economic diversification and digital transformation.
After rigorous selection processes, the top founders converged to pitch their innovations, recognised the standout performers, which are:
Interface Africa with $15,000, the firm is driving Nigeria’s clean energy transition by enabling structured and affordable solar financing.
Ahioma with $12,000, the firm enhances food accessibility with a digital marketplace connecting consumers directly to trusted vendors.
Linia Finance with $10,000, the firm is helping Nigerians take control of their finances with tools for budgeting, tracking, and smart money planning.
Chapta got a laptop reward. They delivering an offline-capable school application ensuring consistent, accessible learning for students everywhere.
Softdrop also got a laptop reward, they solve logistics challenges through a modern delivery platform designed for speed, convenience, and efficiency.
Fidelity Bank Plc, a leading financial institution, will host a free virtual training on the Nigeria Tax Act 2025 (NTA) as part of its commitment to helping small businesses prepare for the upcoming legislation.
Fidelity Bank
The masterclass is scheduled for 10:00 AM (Nigerian time) on Friday, 12 December 2025. It will provide participants with clear insights into changes in the tax framework, the impact on income and business operations, and practical steps to avoid penalties in 2026.
Attendees will also learn strategies to stay ahead in an evolving regulatory environment.
The Nigerian government enacted major tax reforms on 26 June 2025 when President Bola Ahmed Tinubu signed four tax bills into law.
These Acts will take effect on 1 January 2026 and represent a significant overhaul of the country’s tax system.
The reforms aim to modernize and harmonize Nigeria’s tax framework, improve revenue generation, broaden the tax base, and create clearer rules for individuals, businesses, and government agencies.
“Our decision to host this masterclass reflects our commitment to empowering businesses with the right information ahead of the commencement of the new tax regime.
“Information is money and a well-informed business owner is already steps ahead in the race to success.
“This is why we are bringing experts to provide accurate details and demystify the tax act,” said Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc.
Interested participants can register via https://bit.ly/2026TaxLawMasterclass .
PalmPay, Nigeria’s leading digital banking platform, has renewed its commitment to deepening financial inclusion across the country. At the CeBIH Annual Conference 2025, themed “Reimagining Financial Inclusion through Cultural Shifts in Consumer Credit,” PalmPay’s Managing Director, Chika Nwosu, urged industry players to deepen financial inclusion by embracing community-aligned solutions and customer-centric innovations that can better serve Nigeria’s underserved and unbanked populations.
Speaking during a panel session titled “Social Inclusion, A Veritable Tool for Financial Inclusion,” Chika Nwosu joined other industry leaders to share insights on strengthening participation among women, rural dwellers, low-income earners, and other financially excluded groups.
Chika Nwosu highlighted PalmPay’s commitment to inclusive finance through its 500,000-strong agent network, which enables seamless cash-in/cash-out services for unbanked users across Nigeria. He also emphasised the importance of PalmPay’s USSD platform, 861#, which allows users with basic phones or limited internet access to perform essential financial transactions.
“Financial inclusion goes beyond access; it must be equitable and tailored to real-life needs,” Chika Nwosu said. He shared how PalmPay leverages behavioural insights to design impactful services, including affordable health insurance, reliable bill payments, merchant solutions, and automated savings features that support financial discipline among users.
The session further examined the role of grassroots agents and community touchpoints in driving last-mile adoption. Chika Nwosu noted that PalmPay’s widespread community presence continues to build trust and encourage excluded populations to embrace digital financial tools.
The session was moderated by Ronke Kuye of the CeBIH Advisory Council and featured representatives from E-Doc Online, SmartCash Payment Service Bank, SANEF, and EFINA.
PalmPay reaffirmed its commitment to driving accessible, secure, and inclusive financial services for all Nigerians. PalmPay is a leading digital banking platform driving financial inclusion and economic empowerment in underserved emerging markets. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay empowers individuals and businesses with tools to manage and grow their money.
PalmPay offers a comprehensive range of products, including mobile payments, savings, and micro-insurance via its app and mobile money agent network.
Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to over 35 million app users. PalmPay has operations in Nigeria, Ghana, Tanzania, and Bangladesh.
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