3 Reasons Why You Need Comprehensive Motor Insurance

Imagine you just bought a car and, after all the fees to clear it from customs, someone tells you to buy comprehensive motor insurance. You are probably wondering why. This brings up questions like: what is comprehensive motor insurance? Why do I need it? What should I consider before buying one? By the end of the article, you will have answers to all these questions.

What is comprehensive motor insurance?

Comprehensive motor insurance is a type of insurance that covers the cost of repairing and replacing vehicle components after an accident. It also covers other expenses, such as medical bills and property damage. It may also cover lost wages if your car is not drivable after an accident.

It provides you with complete protection against the cost of repairs, losses, and damage to your vehicle caused by a covered event such as an accident.

Why do you need comprehensive motor insurance?

The main benefit of comprehensive motor insurance is that it can cover damage from vandalism or malicious damage, where the cost of repairing your car could be high. Here are some other reasons why you need it.

An increase in the number of accidents

The increase in population, the decreasing road network, and increasing traffic density have led to an increase in accidents, especially when it comes to vehicles. This can be seen from the fact that there are more accidents involving motor vehicles, cars, and trucks. According to a Statista report, the number of road traffic casualties in Nigeria increased by 11% over the fourth quarter of 2021. 

The reason for this is a result of many factors, such as:

• An increase in population and a reduction in the road network
• An increase in traffic density;
• Increase in accidents involving motor vehicles.

The cost of a vehicle's repair after a collision.

The cost of repairing a vehicle after an accident can be very expensive. For example, if you have purchased a new car and it gets into an accident, then you will need to pay for all the repairs needed to get your vehicle fixed. If you only have basic insurance coverage on your vehicle and it gets damaged in an accident, then insurance companies will not cover these costs. In some cases, they may even refuse to pay out because they think that your insurer has taken care of everything already!

This means that paying out-of-pocket for repairs could be much higher than what you paid for the car itself. This means that there is little incentive not only for drivers but also for insurers who want as many customers as possible to use their services. When you purchase comprehensive motor insurance policies, you can expect to save more money in the long run!

What does comprehensive motor insurance cover?

Comprehensive motor insurance provides you with the following benefits:

• It will cover you for any damage to your car.
• It will also cover you for any injuries sustained by you or your passengers.
• It will cover you for any damage to other people's property.
• It will cover you for any damage to other people's vehicles.

Things to consider when buying comprehensive motor insurance cover include:

Below are some of the most important things to consider when buying comprehensive motor insurance cover:

• Make sure you understand your policy's limits.
• Determine the cost of comprehensive auto insurance coverage, including any deductible or excess. This can be a big part of the premium cost and should not be overlooked if you want to get the best price possible for your needs.
• The car's age can have a big impact on your premium. If you have a new or second-hand car, you should make sure you compare quotes that include the age of your vehicle.
• The value of your vehicle will be taken into account when setting your premium. A new car with low mileage would be worth less than an older one with higher mileage. It is important to remember that this is only an estimate based on the market price of the model and year and can vary significantly from one insurer to another.

Conclusion

We hope this article has given you some insight into the importance of a comprehensive motor insurance policy. If you are considering buying one, get a free quote or contact us on any of our social media platforms.