6 Reasons Why You Really Need To Consider Coronation Insurance in Nigeria

Filed in Business Idea by on July 4, 2022 0 Comments

Everyone knows the old saying: ‘All things must pass. However, when it comes to a Coronation, that saying takes on a completely different meaning.
And while the primary purpose of a Coronation is to help bring together members of the same community and strengthen relationships between them, not everyone looks at this as something that’s inevitable – because most people know that one day, their beloved Queen will pass on and leave this world.
However, since we don’t know when that day will come nor how long Her Majesty has left with us here on earth, it leaves those who love her with some very tricky questions. If you’re someone who has been spending time with Her Majesty or has become close friends with her (or even perhaps you are the Queen herself!), there are very important reasons why you really need to consider Coronation insurance.

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6 Reasons Why You Really Need To Consider Coronation Insurance

Coronation insurance: BusinessHAB.com

If you have a car, then you will know that it is not cheap to insure. Finding the right insurance deal for your vehicle can be difficult, and the quotes you get will depend on numerous factors such as your driving record, the type of car you drive, your age and where you live. We all know how expensive cars are and how much money we’ll need just to keep it on the road for a year. But what about if something goes wrong with your car and it cannot be fixed? If that nightmare scenario happens, would you be able to pay for a new one? If so, how much? If you do not have an answer to any of these questions now, then read on to find out why you really need to consider coronation insurance if you own a car.

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What is Coronation Insurance?

Coronation insurance is a type of car insurance that covers you for the cost of your vehicle if it cannot be repaired or if it is written off. It is important to understand that coronation insurance does not cover you for any other damages associated with your vehicle. The most common types of car insurance are third-party car insurance, third party, fire and theft, fully comprehensive, and coronation insurance. Coronation insurance is also sometimes referred to as ‘residual’ or ‘crash’ insurance. This is an insurance policy that the owner of a car has, to protect them in the event of the car being a write-off due to a serious accident. If your car has been destroyed to such an extent that it cannot be repaired and is written off, This will step in to cover the cost of a new car.

Why Is Coronation Insurance Important?

Obviously, as an insurance policy, coronation insurance is there to protect you financially in the event of a serious car accident. The policy will cover the cost of a new car if your vehicle is a write-off and cannot be repaired. It is especially important if you have a classic car that is very expensive to replace. Also, if you are leasing a car, your insurance company may not cover the cost of a new car in the event of an accident. Coronation insurance also covers you if your car is stolen and cannot be recovered. For example, if you have your car parked on the street, and it gets stolen, your coronation insurance will cover the cost of a new one.

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What Is Covered By Coronation Insurance?

It covers you for the cost of a new vehicle if your car is a write off. It also covers you in certain circumstances such as car theft, car fire and breakdown You can also get liability insurance with coronation insurance which covers you if you are responsible for injuring someone or damaging their property. It will also cover you if you are in an accident that is not your fault. So, if another driver hits you, and your car is written off, it will cover the cost of a new one. If you have personal injury insurance, you will get compensation for any medical expenses or loss of earnings that you incur as a result of the accident.

Why Is The Cost Of Coronation Insurance So High?

Coronation insurance is more expensive than your other car insurance policies because it is designed to cover you for a huge expense. The cost of your car is the main reason why coronation insurance is so much more expensive than other types of car insurance. These can be very expensive because there is no set amount that you will receive if you make a claim. In fact, coronation insurance policies do not even give you a fixed amount of cover. Instead, they will pay you the current market value for a new car. This can be more than the cost of your car if it is a few years old. Your premium is calculated based on the age and make of your car, your driving record, your age and where you live. Therefore, coronation insurance is more expensive if you own an expensive car or if you have a poor driving record.

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Types Of Coronation Insurance To Consider

There are two types of coronation insurance to consider – ‘broad-form’ and ‘narrow-form’. Broad-form coronation insurance is the most common type and covers you for damage to your vehicle, mechanical breakdown and car theft. Narrow-form only covers you for damage to your vehicle. It is not a mandatory type of car insurance in the U.K., but it is a great financial investment if you own an expensive car. It will cost you more to insure your vehicle, but it will protect you financially if something bad happens.

Final Words

If you have an expensive car, or you feel like you cannot afford to repair your vehicle in the event of an accident, then it is a fantastic investment. It will cover the cost of a new car if your vehicle is a write-off and cannot be repaired. This is more expensive than other types of car insurance, but it is a great financial investment for those who own expensive cars. If you have an expensive car, or you feel like you cannot afford to repair your vehicle after an accident, then coronation insurance is a fantastic investment.

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