Heirs Insurance Group has unveiled a new affordable insurance product that provides comprehensive motor insurance benefits at a significantly reduced cost.

In a statement, the group announced that this low-cost insurance product, named Flexi Comprehensive Motor Insurance, aims to increase insurance penetration in Nigeria.

Auto insurance is generally categorized into three main types: third-party insurance, which protects against damages and losses caused to a third party but not your own; comprehensive insurance, which covers both the loss and damage to third parties and your vehicle; and collision insurance, which provides coverage for accidents or damages to your vehicle resulting from a collision with another vehicle or object.

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Chief Marketing Officer of Heirs Insurance Group, Ifesinachi Okpagu, commented on the new motor insurance plan, stating, “We have prioritized 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 company highlighted that the low-cost insurance plan combines affordability with extensive benefits to protect customers from the high 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 are available for purchase on Heirs Insurance Group’s website, mobile app, USSD (for Third-party motor only), and at any of its physical locations nationwide.

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