Traveling without getting your travel insured is like exposing yourself to danger. Why not protect yourself in case of unexpected?
Do you still feel worried that is travel insurance really important, especially for Nigerians? If yes, worry no more. In this article, I will enlighten you about the importance, and negative effects of not getting travel insurance in Nigeria, and a list of trusted insurance companies.
What Does Insurance Mean?
Insurance is a legal agreement between the insurer and the insured whereby the insured risk part of his finances as protection against loss and the insurer (insurance company) promises to compensate the insured whenever he/she loses something.
Losses might come in different ways such as car damage, theft, etc. The money paid by the insured to the insurance company is called the premium.
Common Types Of Insurance
- Life Insurance
- Health Insurance
- Automobile Insurance
- Travel Insurance
- Retirement Plans
- Child’s Plan For Education
- Fire Insurance
- Burglary Insurance
This type of insurance policy is also called Life assurance whereby when the insured is gone, all his financial assets being held by the insurance company will be transferred to the beneficiary whose name appeared in the agreement book.
This type of insurance policy is advisable and good to go for.
This type of insurance policy occurs or happens to work with the health condition of the insured.
In this case, if the insured is sick in the hospital or facing any medical problem, the insurance company will have to pay the bills as long as the agreement between the two parties is still on.
It is much advisable to subscribe to this insurance policy.
In terms of automobile insurance, it is different and you have to own a car for you to be eligible for this plan.
For example, If your vehicle defaults to any problem or gets involved in an accident, the insurance company has no other job than to compensate you.
How do they compensate you for this policy?
They will repair the vehicle if it defaults to any problem or in terms of accident. Either the insurance company gets you a new car or pays you part of the money used to purchase it.
Travel insurance is really important while some people will disagree with me, Safety before anything else.
This package is being offered by different insurance companies to give you the assurance that, as you travel by whatever means of transportation you might be using either by Air, road, or water if any unexpected casualty comes up the insurer doesn’t need to worry about losing because you have already secured insurance and everything the individual lost will be recovered.
Why is insurance really important? Checkout 5 importance below:
- It gives you confidence and assurance that all losses will be retrieved
- Promote economic growth
- Financial Stability
- Helps in terms of medical support
Companies That Offer Travel Insurance In Nigeria
- AIICO Insurance
- Leadway Insurance
- AXA Mansard Insurance
- African Alliance
- Nem Insurance
- Consolidated Hallmark Insurance
- Mutual Benefit Insurance
- Allianz Insurance
- Cornerstone Insurance
- Coronation Insurance
Choosing an insurance company to help recover your losses will really change a lot and will reduce the cost of what you will be spending to recover from 100% to 30%.
Do you find this article helpful, kindly share it with your friends and let them also know about travel insurance in Nigeria.