How Competition In The Insurance Industry Is Good For You

On Sunday after church, I went to my car and saw a flyer on my windscreen. It was from Old Mutual insurance about a promo for comprehensive car insurance. This signaled a competition in the insurance industry.

They are offering a 2.5% comprehensive motor insurance rate and up to N30,000.00 in fuel voucher. We have discussed why comprehensive insurance is a must have. So, this can only be a welcome development.

I don’t know much about Old Mutual insurance and I don’t use them either, I am writing about it to let you know that the car insurance sector is becoming a very competitive industry.

When there is competition in the insurance industry, the customers are the winners. However, I would advise that you do your research before you join any insurance company. While competitive rates are good, and free petrol will be welcomed anytime, having insurance with a company you can trust is imperative.

You don’t want an insurance company that will give you the runaround when an accident happens or make it very difficult for you to make a claim. However, you can use the promo rates to haggle with your insurance company.

Also, don’t just go for an insurance company because it is well known, references are important. The insurance company I use has been good to me and I found out about them through a friend.

Please look before you leap, but it is very important to have comprehensive insurance if you drive in Nigeria. This is particularly true for those that drive in Lagos!

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