Top Travel Insurance Companies In Nigeria 2024

Travel insurance is a policy that protects against financial hazards related with travel. It covers minor risks like luggage loss and aircraft delays, as well as large risks like medical problems and trip cancellation.

Companies in the travel industry frequently provide the option of purchasing travel insurance packages based on your budget. Travel agencies can help in this situation. Travel insurance is offered by a variety of insurance companies, including Allianz and Aiico.

Before we get into why you should get travel insurance, let’s go over exactly what it covers.

What Does Travel Insurance Cover?

1. Cancelled trip

Cancelled trips are one of the most essential reasons to have travel insurance with your ticket.

However, the reasons for cancellation must be justified, and these include health issues, weather circumstances, the bankruptcy of the travel agency, and illness or death in the family.

2. Lost, stolen, or delayed baggage

Personal effects and luggage loss is a common travel problem. However, if you have adequate travel insurance, the transport system has a responsibility to cover the fee as long as the fault is on their part.

Personal travel insurance also covers luggage delay by providing money to purchase essential items before your delayed bags arrive, as well as delay, which covers additional expenses made as a result of the delay, such as hotel rooms or meals.

3. Medical Coverage

Medical coverage is divided into two types of plans. The first is short-term and covers vacations ranging from five days to a year, depending on the insurance plan selected.

The second is for long excursions lasting six months to a year. This particular advantage of an insurance plan is beneficial for medical crises, from assisting you in finding health facilities to covering medical costs.

4. Flight Accident or Accidental Death Coverage

Flight accidents and accidental death insurance cover incidents that occur on flights operated by a licensed commercial airline. If these accidents cause serious injury, incapacity, or death to the traveller, the policy will pay the benefit to the beneficiaries.

Exemptions apply to deaths caused by illness or drug overdose.

Other advantages of purchasing a plan include access to a 24-hour hotline service and an accidental damage dismissal (in the event of an accident with a leased car).

Why Should You Purchase Travel Insurance?

As enjoyable as a trip may sound, it requires a commitment of both time and money. If things do not go as planned, remember that the policies give a way for you to recover your money. However, this will depend on the plan you chose.

Most people disregard it, either because they see no reason for it or because the trip is expensive. However, purchasing travel insurance is an excellent idea because it protects you from unexpected events.

What You Should Consider Before Getting Travel Insurance

There are some considerations that need to be factored into your decision before approaching any of the travel insurance companies in Nigeria. It’s essential to get the best type of cover for your needs. You might want to consider the following:

• Your choice of destination: Different countries, different rules. where you’re travelling to is important. For example, if you’re travelling to the USA for the first time, you might be needing an extra medical cover
• Age – your next birthday: Generally, the older you are the more the cost of insurance. Your cover will cost more if you’re over 65 because of health risks. Some insurance companies offer special policies for older travellers.
• Travel frequency: If you travel very often in a calendar year, it may be better to choose an annual travel policy instead of single-trip policies
• Your purpose of travelling: You might need to buy some add-ons to your travel policy. This is if you will be taking part in some dangerous activities such as mountain climbing or skiing.

List of Travel Insurance Companies in Nigeria

The top travel insurance companies in Nigeria include

1. AIICO Travel Insurance

Basically, AIICO Insurance offers a travel insurance plan in partnership with AIG South Africa. The plan covers the following:

• Emergency medical expenses
• Repatriation on medical reasons
• Evacuation
• Lastly, repatriation of mortal remains (corpse)

In addition, this travel insurance plan is for corporate organizations, individuals, and HNIs.

2. AXA Mansard Travel Insurance

AXA Mansard Insurance for travels is designed to provide cover for risks associated with travelling. They provide covers for:

• Loss of property
• Flight delays
• Medical expenses arising from illness or accident
• Lastly, emergency medical evacuation

3. LeadWay Travel Insurance

LEADWAY is a travel insurance company that provides coverage for medical, financial, and other damages sustained while traveling outside of your place of residence. Essentially, their policy protects all vacation and business travelers in the event of an accident, illness, or baggage loss.

4. Mutual Benefit Travel Insurance

Mutual Benefit Insurance also offers a travel insurance plan that covers accidental death, medical bills, and returning charges for individuals traveling internationally.

Bottomline

Travel insurance is very useful when traveling with assets or to safeguard your family and loved ones from the consequences of your untimely death. Essentially, while many people believe it is a waste of money, it is undoubtedly effective in the correct conditions.