As part of its unwavering commitment to making insurance more accessible and promoting compliance with regulatory requirements, Mutual Benefits Assurance Plc is proud to reaffirm its dedication to providing comprehensive and affordable motor insurance coverage for all Nigerians.
Motor insurance serves as a vital financial safety net for vehicle owners, offering protection against unforeseen risks and liabilities. In Nigeria, the available types of motor insurance include Comprehensive, Third-Party Fire and Theft, and Third-Party Only coverage.
Comprehensive Motor Insurance provides the highest level of protection. It covers damage to the policyholder’s vehicle, third-party liabilities, theft, fire, and accidental damage—making it the ideal choice for individuals and businesses seeking extensive coverage.
Third-Party Fire and Theft Insurance covers third-party liabilities as well as the insured vehicle against fire and theft. Meanwhile, Third-Party Only Insurance, which is compulsory under Nigerian law, protects the policyholder against liabilities to third parties, including bodily injury, death, and property damage. This policy ensures that road users remain financially responsible for incidents involving other people or their property.
The benefits of motor insurance are numerous. First, it offers financial protection, shielding policyholders from unexpected costs arising from accidents, repairs, or legal liabilities. Second, maintaining a valid insurance policy ensures compliance with Nigerian law. Whether opting for Third-Party, Third-Party Fire and Theft, or Comprehensive coverage, insured vehicle owners can drive with confidence and peace of mind.
Mutual Benefits Assurance Plc is known for its fast claims settlement and exceptional customer service, which consistently delight its policyholders.
“Ensuring that every Nigerian has access to reliable and affordable motor insurance is not just our mission—it’s our responsibility,” said Femi Asenuga, MD/CEO of Mutual Benefits Assurance Plc.
“The recent enforcement drive by the National Insurance Commission (NAICOM), in partnership with the Nigeria Police Force, highlights the importance of compliance and road safety. We are committed to making our processes simple and accessible because we believe everyone deserves the security that comes with proper insurance coverage.”
As part of efforts to enhance transparency and reduce the circulation of fake insurance certificates, law enforcement agencies now verify the authenticity of motor insurance policies through the Nigerian Insurance Industry Database (NIID).
Joseph Oladokun, Executive Director, Technical, added: “As a leading insurer in Nigeria, we are committed to enhancing customer experience through seamless digital solutions. Our e-commerce platform allows customers to purchase policies, report claims, and access support services with ease.
Additionally, our dedicated MUTUAL CARE Line ensures prompt assistance for all policyholders. With offices nationwide, customers can also visit any of our locations for personalized guidance and service.”
Mutual Benefits continues to lead in innovation and customer satisfaction. With a rich legacy of excellence, the company delivers cutting-edge insurance services tailored to the needs of individuals and businesses alike. In a recent report, the company disclosed that it paid over ₦34 billion in claims across various insurance categories—both Life and Non-Life—underscoring its steadfast commitment to policyholders.
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