If you engage in a business which lets you travel frequently, or you love to travel regularly, then you might want to stick around till the end of this post as I’ll be telling you why you need travel insurance in Nigeria, and how to go about having one.
Travel insurance provides cover for uncertainties that may arise when traveling, either locally or internationally. The means of transport in focus here is mostly air transport. It’s a good way to guard against risks that may occur in your journeys.
The risks involved may include trip cancellation, stolen or lost luggage, delay in flight, health conditions, and many more. A lot is being put into consideration when calculating whatever amount you should pay as premium: medical condition, destination country, the value of goods on board are some of those.
However, certain conditions are excluded and this could prevent securing a travel plan in Nigeria. These conditions are not covered by most travel insurance firms, in which case you’ll be responsible for your safety in such events.
They include endemics, pandemics, war, riot, volcano eruptions, terrorism, etc. Some countries are also considered a risk, and therefore not covered, your travel insurance firm may provide you with this information.
Talking of travel insurance firms, let’s see how we can secure good travel insurance in Nigeria for our next journey.
Requirements to Get Travel Insurance in Nigeria
Before being granted a travel insurance certificate, you’d be required to provide most or all of these;
1. Proof of Employment/Income/Studentship
One of the prerequisites considered before obtaining travel insurance in Nigeria is documented proof of employment or income. This could be from your monthly job, business, or side hustle. Also, students who wish to own a certificate will be required to provide a document(s) as proof of studentship.
2. Travel Visa
This is the most common requirement in the list and it’s being requested by all insurance firms. The Schengen Visa in Nigeria for instance automatically qualifies you for a travel insurance plan, as most countries in the region would most likely deny you access to their shores without a “good” travel insurance plan.
So, do make sure you have your travel visa, and probably your ticket details before applying.
3. Personal/Health Information
You would have to provide certain personal information which may also include the duration of stay or visit, biometrics (if requested), etc. Certain health-related questions will need to be answered in preparation for any event of a medical emergency.
4. Health Insurance Plan
Isn’t it stressful to have a certain insurance plan before getting a different type? I guess it is but deemed necessary for trips to certain countries in the world, especially for a longer duration. This isn’t always required, but your insurance company would ask you to get one if you intend to travel to any country with this requirement.
5. Proof of Accommodation
You don’t want to be seen loitering the streets of a foreign country. This is why most insurance companies will ask for proof of accommodation or plan to get one upon arrival. This could be a home, a rented apartment, or a hotel. In an event where you don’t supply any of these, you might want to get a friend over there to help in this regard.
Here is how to get started;
How to Get Travel Insurance in Nigeria
Here’s how you can acquire a travel insurance plan in Nigeria in a few easy steps.
1. Secure a travel Visa
The first step to getting any travel plan is by getting a visa. This shows you’re already getting prepared for a journey. Your travel insurance will only last you for a specific journey, or list of journeys if your insurance firm offers such.
Your Visa should be in respect to your destination of interest, be it local or international. But getting a Visa isn’t smash and grab, it isn’t as easy as most people think. A lot of factors are considered before handing you a Visa especially for international trips.
But a good way to salvage the situation is by utilizing the services of a travel agency. This could go a long way in easing the stress required to secure one.
2. Choose a Reputable Insurance Company
This is very important to ensure you get the best services. As important as it could be, it could also be difficult as you get to see most of these firms with ADs on your face all the time. But there are quite some reputable options to choose from.
To save you the stress, I’ll quickly recommend a few:
Top Travel Insurance Firms in Nigeria
- AIICO Insurance
- AXA Mansard
- Leadway Assurance
- Cornerstone Insurance
- Mutual Benefits Insurance
- Zenith Insurance.
These are some of my best options out there. You could still consult with your travel agent to get more options
3. Fill Out the Application Form Which Should look like this:
- Personal Data: This section of the form will require your personal information. Your names, date of birth, gender, occupation, marital status, nationality, and passport number.
- Next of Kin Information
- Destination details and duration
- Contact information
- Other additional information: This could be health-related questions.
With these few steps, you could secure a travel insurance certificate for your next journey in Nigeria. But we have different types of health insurance plans, so which one should you choose? Check here for a guide
Types of Travel Insurance in Nigeria
We have three types of travel insurance in Nigeria for your different kinds of trips. They are;
1. Local Travel Insurance
This is quite new and isn’t recognized and provided by most insurance companies. As the name implies, it covers all risks involved when traveling within the country.
Local travel insurance goes beyond flight trips to journeys by any other means of human transportation in the country. So, you can rest assured that your next road trip is covered, in case you get to incur losses or damages.
Sadly, only a small number of firms offer this at the moment and this could lead to a highly-priced insurance plan.
2. Schengen Travel Insurance
Schengen is the most popular type of travel insurance of the available plans in Nigeria and quite rightly so. It covers you for trips to most European countries – Schengen countries. This is composed of 26 member states from the European Union.
This is compulsory if you would be traveling to any of the countries in this region. As you get your Schengen Visa, you’d be prompted to get this form of the insurance certificate. Due to its popular nature, it is quite easy to secure one.
It has a medical cover, alongside other uncertainties that could arise from your journey. But this doesn’t affect your existing health plan, as it is more of an emergency in case of an accident.
3. International Travel Insurance Plan
Another type of insurance plan available in Nigeria is an international plan. This plan covers trips to destinations to the rest of the world, but not the Schengen countries. You could travel to any American, Asian, African, or Middle East country with this plan.
All risks involved in the journey to any of the countries in these regions covered by your insurance plan are taken care of. A major drawback is the lack of a body that ensures standards are respected. As such, what you might get as compensation may vary depending on your insurer, destination, and more.
How Much is Travel Insurance in Nigeria?
We’ve seen the different types of travel insurance offered in the country, and you may want to go ahead and purchase one for yourself. It could be quite stressful getting to know these plans as a newbie which is why I’ll be giving you an insight on what to expect.
This will help you in effectively planning out your budget before getting out there to purchase one. Kindly note that the figures below are not the actual figures and could change at any moment, these are estimates from various travel insurance firms in the country.
Here is the cost of travel insurance in Nigeria;
Cost of The Schengen Plan
As I mentioned earlier, this type of insurance applies to all European countries in the Schengen region, which is about 26 countries. Here you have some of the popular European nations on the list, so be rest assured that you’ll be covered when visiting any of these nations.
The good thing about the Schengen plan is the standard which is maintained by all insurance firms, both within and outside the shores of Nigeria. One of those standards is a payment of up to €30,000 for emergency medical expenses.
For the Schengen travel insurance pricing in Nigeria, individuals who wish to visit any of the countries in this plan would have to pay between N2,500 to N4,000 for a single day trip. Families with a size of 2 – 6 people could get a good travel insurance plan ranging from N4,500 to N6,000 for a single day trip. For companies who offer “Multi Trips” plans, there could be a corresponding arithmetical increase in price, as the number of trips increases.
Cost of the International Plan
The international travel insurance plan in Nigeria applies to all countries around the world, excluding the Schengen countries. It could be the Ghanaian brothers in West Africa, China in Asia, or even the United States in North America.
A major concern though is instability in pricing for nations covered by this plan. The pricing is usually determined by the proximity of the destination country to your resident country. So in essence, the longer the destination, the more expensive it’ll be. They may be few exclusions to this, as other factors are also considered.
Moving on, here is what you should expect as the actual pricing of the international insurance plan in Nigeria; an individual traveling to any of the African nations should expect to pay between N3,000 – N6,000 for a single day trip. Traveling to most Asian countries like China, Japan, Korea would also cost you between N3,000 – N6,000. Trips to the United States and other neighboring countries go for N4,000 – N6,000.
Basically, here’s a snippet of what you should expect from both plans;
Cost of Insurance Plan in Nigeria: Schengen Vs International
These travel insurance plans (Schengen and International), could come in handy in any event of medical emergencies, delayed departure, canceled trips, emergency evacuation, and lost luggage. So you may want to get one before heading for your next trip.
So, if you’ve read this blog post so far and you think getting an insurance plan might not really be necessary, here are few things you need to know;
Why you need a Travel Insurance Plan in Nigeria
The question is, why do you even need a travel insurance plan, is it even necessary. Well, here are some good reasons to acquire one;
1. Take care of Medical Emergencies
If you happen to find you need medical support in a foreign country, a travel insurance plan could come in handy. Little wonder it is called “travel health insurance” in certain places.
2. Cushion Additional Expenses
Getting to spend beyond our budget due to certain factors may be a frustrating experience, but with a good travel plan, you can cushion the effect this has on your pocket.
3. Lost Luggage? No Problem!
Unfortunate events which we may find our luggage with valuable items missing isn’t one of the best ways to enjoy a trip. But sometimes, these things are inevitable no matter how careful we tend to be. Which is why you shouldn’t hesitate to get a good travel insurance plan on your next journey.
4. Alternate Means of Transport
In any event, where you may need to be transported via other means for certain reasons, a good plan will surely take care of this. Having this would make your trip worthwhile.
CONCLUSION – Getting Travel Insurance in Nigeria
We looked at the various reasons why you need a good travel insurance plan in Nigeria, and some of the best places to get one. This is going to save you a lot whenever you travel…
Don’t forget that it is important to have your health insurance certificate ready, and other requirements mentioned above. If you’re confused, you can ask a question and I will help you reach out to a reputable insurance agency for the best assistance.
So be sure to get travel insurance for your next journey!