Compare like-for-like cover
A premium is the price of cover, not a complete description of it. Before comparing two quotes, identify the same insured risk, policy period and cover type. A lower premium may come with a lower limit, a higher excess or exclusions that matter to the particular risk.
Use our comparison worksheet to record each quoted premium, payment frequency, cover limit and excess. Monthly premiums are multiplied by twelve for a simple annual comparison. This does not assume a monthly-payment offer and an annual-payment offer have identical policy terms.
Read the wording alongside the numbers
Record exclusions and special conditions in your own notes. A cover limit may apply per event, per person or across the whole period. An excess may be fixed, percentage-based or subject to a minimum. Only a fixed excess entered by you is displayed in the worksheet.
- What risks and people or property are covered
- The period of cover and renewal conditions
- Limits, sub-limits, excesses and waiting periods
- Exclusions, security requirements and disclosure obligations
- Claims process and required evidence
Check the insurer and policy
Check the insurer's licence and the policy's validity using the National Insurance Commission's official resources. A brand name or a quote alone does not prove the policy is valid. Keep the policy schedule, wording and payment evidence together.
LagosXchange does not sell insurance, act as an insurance broker or select a best policy. The worksheet puts your inputs beside each other without ranking them. It cannot determine whether a claim will be paid. Confirm uncertain terms with the insurer or a properly licensed adviser.
Sources & further checking
General information, not financial advice. Calculators use stated assumptions; confirm current terms with the source or provider.