The term insurance has been a topic of controversy among many yet the concept is quite easy and straightforward. Simply put, Insurance is the reasonable transfer of the risk of a loss from one entity to another in exchange for money. The entity transferring the risk is called the Insured, whilst the entity accepting the risk in exchange for money is called the Insurer or Insurance Company. Money in this context is usually referred to as the premium.

The truth is that having insurance to protect your financial interest in the event of unforeseen losses is equivalent to peace of mind. For instance, if you are a car owner in Lagos, the probability of someone hitting your car or vice-versa is pretty high. The thought that one day this will eventually happen is enough to erase one’s peace of mind. This is where insurance comes in.

With comprehensive motor insurance, one can be rest assured of a respite when the eventuality happens. This is the widest form of motor insurance cover. The comprehensive motor policy will reimburse you for loss/damage to both your vehicle and those of third parties.

Although the law of the land with respect to the Motor insurance Act of 1950 requires that every vehicle owner has the minimum motor Insurance cover called Third Party, this cover protects the third party only (as the name implies) whilst you being the owner of the vehicle is left in the cold. If you are excluded from benefiting from your insurance, that is not complete peace of mind thus a comprehensive cover is always encouraged.

In this part of the world, the majority are indifferent about Insurance at the same time some have lost faith in it as a result of one bad experience or another especially at the time of claim.

It will interest you to know that Insurance in Nigeria has evolved remarkably and it has become imperative that we change our misconceptions and use it as a backbone to protect our properties, loved ones, health etc.

From experience, we have learnt that most people especially those who understand the importance of Insurance are often discouraged by the misconception that insurance is not for the common man and thus will be too expensive for them.

Amazingly, Insurance is actually quite cheap and affordable. Being a pool of risk, many people with like exposures contribute ratably to this pool which is then used to settle those who suffer losses within the insurance period.

Here is where it gets even more interesting, did you know that you get better rates, terms and conditions when you contact professional Insurance brokers like Addosser Insurance Brokers to help place your risk?

Insurance provides so many covers tailored to cater for each individual needs. The importance of Insurance cannot be overemphasized; we need insurance in every aspect of our lives. If you love something, insure it!