One area many of us are not educated enough about in Nigeria is the issue of insurance and how important it is for a person to have their things insured. In today’s world, just about anything can be insured. Businesses, properties, and even lives can be insured. This is all because no one knows tomorrow and a single accident or mistake can prove to be the end of something that took decades to build.
Many of us just go about our businesses, we do our thing without regard to the dangers of the unknown. We know very well that anything can happen and in the blink of an eye, we could end up losing everything we have worked hard to accumulate. But still, the idea of insurance never still comes to mind. At the very least, it doesn’t come to mind for the majority of us.
The majority of people who have insurance are car owners. Here in Nigeria, it’s a requirement for your car to be insured before you can drive it on our roads. Missing that particular document can be a very big issue between you and the police, or whoever it is that pulls you over. So, as a result, many people have insurance on their cars, but when last did you make good on it?
The last time your vehicle became faulty, did you fix it from your own pocket or did the insurance company fix it up for you? If the car gets into an accident and gets burnt beyond recognition, will your insurance company replace it for you? After all, that’s why you pay them every month to insure your vehicle. It shouldn’t be just so you can avoid the cops on the road.
Apart from owners of vehicles, another set of people who make use of insurance a lot are government workers and even employees of some notable companies. Personally, I know that the Lagos State Government has a sort of health insurance for government school teachers, where they can go to any government hospital to get health care at a really subsidized rate. Many times, they can even get health care for free, depending on their issues. Not just that, the insurance also covers their children (minors only) who can also get free or subsidized health care from any government hospital in their vicinity.
For companies, they can partner up with hospitals and insurance companies to create a good plan for their employees. But it’s mostly health insurance, every other one will have to be done by the individual. This is important because it means that no matter what, as long as you’re in their employ, if you fall sick, you can always go to a hospital and know that you’ll be attended to. That’s the power of insurance.
A lot goes into insuring, and many times the companies have to run investigations to make sure that you’re not trying to scam them. But if it all checks out, then you’re good to go. They’ll replace it all. And if it’s something that can’t be replaced, like say a life, they’ll pay back in money.
So, why are you yet to get insured? I know that it might be expensive, but you really need to consider it. And then, some companies might try to play a smart one by trying to avoid compensating your loss, especially for those who have insured their cars. I’m telling you; no gree for anybody! As long as it falls under the terms stipulated in the contract, they have to either pay for the damages or replace it altogether. You’ve paid for it!
I really hope that we’ll become more learned when it comes to things like insurance. Let’s do it because of the benefits it poses, not just because the cops would stop us if we don’t. And let’s make sure that no matter what, we collect our due from these companies. Not collecting your compensation from them is like a retiree choosing not to collect their pension.
You should, you’ve earned it!
My business is even what I’m planning to insure right now
Car insurance is common but I’m shocked to hear that your car needs to be insured before you can drive it on the road
Or am I mistaken?
No, you're not. The idea is if you're always thinking of how much you'll spend to fix your car, you'll get distracted while driving and get into an accident. Endangering not just your life, but that of other road users. Hence, the reason it's a requirement.
You have discussed a very important issues many Nigerians are ignorant about. I didn't place value on insurance until an incident happened to my boss.
He was driving when som thugs who were rioting attacked his vehicle and damaged it. I asked when he would fix the vehicle and he said it's none of his business.
I was surprised and he said nothing until the insurance company showed up days after to do the needful. Insurance is a fantastic initiative and I hope many Nigeria understand and tap into the privileges attached.
As in ehn... as long as you've met all their conditions, they'll definitely fix it for you. No matter the cost. That's what makes it such a great venture.
I think in poor country rich people go for insurance when it should not be like that. Most of channel people are careless and think insurance as the waste of money. I think at least health insurance is very important for everyone.
Yeah... I know a lot of people who also believe that getting insurance is a waste of money. They just have no idea how risky it is.