Heirs Insurance Group has launched a new low-cost insurance product that provides comprehensive motor insurance benefits for a fraction of the cost.

According to a statement from the group, the low-cost insurance product, Flexi Comprehensive Motor Insurance, is its way of boosting insurance penetration in Nigeria.

Three main types of auto insurance, including third-party insurance that protects you only from damages and losses caused to a third party but not your own, comprehensive Insurance that covers both the loss and damage to third parties and to you and your vehicle as well, and collision insurance that offers coverage for accidents or damages that happen to your vehicle as a result of a collision with another vehicle or object such as a tree, pole, etc.—basically, something that is your fault.

Speaking on the new motor insurance plan, Chief Marketing Officer, Heirs Insurance Group, Ifesinachi Okpagu, said, “We have prioritised accessibility and affordability of our products to empower people to make the right choice. The Flexi Comprehensive Motor insurance offers much more for less, and third-party motor insurance gives you the basics. No matter the decision, we want to empower people with the choices that fit their immediate needs.”

The firm revealed that the low-cost insurance plan blends affordability with robust benefits to protect customers from the steep costs associated with road accidents. The plan covers repair expenses in a motor accident for the third party and the policyholder’s vehicle, as well as medical bills, in the event of injuries.

Both the Flexi Comprehensive and the Third-party motor insurance products can be purchased on Heirs Insurance Group’s website, its mobile app, and USSD (for Third-party motor only), and at any of its physical locations nationwide.

Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents.