Categories of Vehicles Under Insurance

• Motor Trade Vehicles

  These are owned by organizations involved in repairs, services and sales of vehicle and are often.

• Commercial Vehicles (General Cartage)

  These vehicles are used to carry other people's goods in exchange for reward or hire.

• Commercial Vehicles (Own Goods)

  Goods owned by the insured are carried in such vehicles.

• Private Cars

  These vehicles are used for private purposes which maybe for social or domestic.

• Motorcycles

  These vehicles are used for commercial, domestic or social purposes and are described as two-wheeled auto-bicycles.

How to get Private Car Insurance

The following steps must be taken

• Complete and sign personally a proposal form
• Submit a copy of the current vehicle license
• Ensure that the minimum value for any vehicle to be covered is N400,000

Detail any Previous claims and insurance for them to be considered

Motorcycle Underwriting

Comprehensive and Third Party only covers and comments made under private car underwriting will be considered alongside proposals from corporate bodies who have other businesses with us

Motor Trade Policy

After the completion and signing of the proposal form, this policy may apply. Previous insurance and claims history should be effectively used in the assessment of the proposal on motor trade. Parties prefer Premises Risks cover to Road Risks Cover. Since this policy is not for all parties, it is only used for valued connections.

This insurance covers several areas such as the following:

Fleet Policies

Companies could have up to ten vehicles and may want to insure the entire fleet under a single ownership. We can offer a discount of up to thirty percent under a single policy.

Plurality Discount

A discount of ten percent is available on private cars while a discount of five percent is granted for commercial vehicles. This applies more than one car is insured under one policy.

No Claim Discount (Private Motor)

We can minimize the renewal premium where there is no claim being made or arising under the policy during the insured period It applies as follows:

Period of Insurance	Reduction
The previous year	20%
The previous 2 years	25%
The previous 3 years	331D3%
The previous 4 years	40%
The previous 5 years	50%

A bonus at the renewal date will be allowed at 20% or 25% respectively in the event that 40% or 50% bonus has been earned and not more than one claim is made or pending in the following years

Commercial Vehicle - No Claims Discount

The No Claims Discount which attracts 15% throughout the duration of the policy shall be applied as if a separate policy had been issued in respect of each vehicle where there is more than one motor car described on the schedule.

Policy Transfer

The period during which the interest was in the transferor shall not accrue to the transferees benefit. In the event that the company consents to a Policy transfer.

Optional Benefits (Private Motor)

• Loss of use
• Strike, Riots and Civil Commotion
• Personal Accident