Don’t Get Scammed, Know How To Verify Your Car Insurance Policy

In Nigeria, having vehicle insurance coverage is required, but many car owners are unaware of the difference between a legitimate and phoney policy. Everyone should know the importance of car insurance and how it can help protect you, a third party
and your car in cases of an accident occurring. It helps to mitigate losses. What usually occurs for you to get a car insurance policy is quite simple.

All you have to do is the adequate research either online or through consultation with the necessary personnel, to see which insurance company is the best for you. After that initial process, the next step is to view the company’s insurance packages and the amount you will be required to pay monthly (premium). You will also need to ensure that you clearly understand the procedure before all is signed and completed. This is where most people get it wrong and end up getting scammed or defrauded.

Have you ever experienced problems with your auto insurance? Buying auto insurance only to discover it to be fake? Although it’s disappointing, some automobile drivers in this nation experience it frequently. The insurance firms couldn’t be verified, and some people still haven’t checked the insurance coverage on their automobiles. If you haven’t checked to see if your insurance coverage is legitimate, it can become an issue. That is why there is a need to curb the arising problem. That is where NIID

What Is NIID And How Does It Work

The Nigerian Insurers Association started and owns the initiative known as the Nigerian Insurance Industry Database (NIID). It is an insurance database that lists every legitimate car covered by Nigerian insurance providers. The NIID is designed to ensure that the insurance sector and the economy as a whole comply with the highest standards. They want to safeguard the interests of all the nation’s insurers.

Additionally, just like in other nations, insurance services are sometimes pricey, and obtaining a legitimate one has never been simple. Every automobile owner and user in Nigeria is required to get vehicle insurance. Therefore, it is a requirement that all drivers have auto insurance. Furthermore, it is especially crucial that the paperwork be supplied by a legitimate insurer. Sadly, though, a number of insurers now issue falsified insurance paperwork due to the strict regulations put on drivers. Even to the extent that drivers of cars are unaware that the insurance they bought is completely false.

NIID enters the picture in this situation. Reviewing it on NIID is the only method to ensure the validity of the automobile insurance you purchased. Since it is an autonomous organization, fraudulent insurance firms cannot in any way influence it. If a car’s record is missing from their database, it is considered that the vehicle was not insured. The NIID list is consulted by the police in the case of an automobile accident before making a decision. Any car not on the list may be confiscated, and the driver may be fined. It seems sensible that no one loves receiving a phoney document; in addition, if your car isn’t registered in NIID, your car insurance permit is probably illegitimate.

Steps On How To Verify Your Insurance Policy

There is, however, good news. To find out the status of your auto insurance, you may really check it yourself online. On the NIID site, it just takes a few minutes to verify the validity of the vehicle insurance policy that was provided to you.

Decide on the auto insurance coverage you wish to review. There are two options: single and fleet.

• Choose how you want to carry out the search, either with your policy number or your car’s registration number. Any option you decide to use, you enter the number in the search box provided and click on search.
• Your vehicle’s insurance status will be displayed. It’s shown with a red underline under the search button.

The details that will be displayed are the car brand, model, colour, and the insurer’s name.

In addition, the expiration date of the document will be shown. Every insurance policy is customized to the needs of the customer. Additionally, insurance providers provide a variety of insurance options for drivers. To minimize unforeseen costs, motorists must research these services before signing up for any.

You may get details about this online or through a corporate contact. You must have an account with the insurer and sign in with it in order to review the Summary of Benefits and Coverage (SBC) provided by the insurance provider online. Then, to review the insurance plan’s offerings, look for a link to it online. Make an effort to determine whether an insurance business is reputable and real before you purchase any insurance services from them. A comprehensive list is available from the National Insurance Commission (NAICOM).

Frequently Asked Questions

Conclusion

There are several insurance providers, and NAICOM is charged with the duty of granting licenses to insurance providers in Nigeria. Nevertheless, a number of insurance businesses continue to operate illegally, making it likely for a car driver to fall victim to these illegal insurers.

The worst-case scenario is when a driver using phoney insurance paperwork is in an accident; in that case, they are not covered and may face jail time or a fine. Damages may also be paid out of pocket by them. Therefore, before signing a contract with any insurance provider, it is necessary to confirm their legitimacy.