When many Nigerians hear “insurance,” the first reaction is: “It’s too expensive.”
But is it really?
The truth is — insurance in Nigeria is more affordable than most people think. What’s expensive is paying out-of-pocket when accidents, theft, or unexpected loss happen.
So, let’s break it down clearly.
• How much insurance costs in Nigeria?
• The average price of motor and life insurance?
• What determines insurance premiums?
• How to choose affordable insurance coverage?
• Why is insurance no longer a luxury?
If you have ever asked, “How much does insurance cost in Nigeria?” — this guide is for you.
Motor insurance is mandatory in Nigeria — and surprisingly affordable.
• Third-Party Motor Insurance: From ₦15,000 per year
• Flexi Comprehensive Plans: From ₦25,000 per year
That’s about ₦41 per day for basic protection.
Comprehensive coverage protects both your car and third parties, giving you peace of mind against theft, fire, and accident damage.
Life insurance is no longer for the wealthy.
• Plans like our Term Life start from as low as ₦1,000 per month
• Provides financial support to your family
• It can include savings and long-term benefits
For the price of a few small weekly expenses, you can protect your family’s future.
What Determines Insurance Cost?
Insurance premiums depend on:
• Type of cover – More protection means slightly higher premiums.
• Value of the asset – A ₦3m car costs less to insure than a ₦15m car.
• Duration of policy – Insurance can run monthly, quarterly, or yearly. Annual plans often provide better value.
• Risk profile – Location, age, usage, or driving history.
Insurance is not one-size-fits-all. It’s tailored to your lifestyle and budget.
Is Insurance Worth It in Nigeria?
Let’s compare:
• Minor accident repair: ₦300,000 – ₦800,000
• Car theft: Full replacement cost
• Loss of income earner: Long-term financial strain
• Now compare that to:
• ₦15,000 per year
• ₦1,000 per month
Insurance is not an expense. It’s financial protection.
Now compare that to:
• ₦15,000 per year
• ₦1,000 per month
• Insurance is not an expense. It’s financial protection.
So, how much does insurance cost in Nigeria?
Less than you think. With the right plan, insurance is affordable for everyday Nigerians — whether you’re protecting your car, your family, or your business.
The real risk isn’t the premium. It’s being unprotected.
