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Why Do You Need to Have an Adequate Car Insurance Coverage?

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Why Do You Need to Have an Adequate Car Insurance Coverage?


Nowadays, when you buy a car, you must also carry adequate insurance. You may be wondering why do you have to cover the extra cost of the insurance. Actually, the premium is affordable and you can get discount when you buy it online. It is common for people to get into accident every once in a while. Therefore, it is best to always equip yourself with adequate insurance coverage just to be on the safe side.

Driving a car without car insurance is illegal. If you get caught, you may get a hefty fine. The premium of your car insurance policy must meet the minimum requirement of your state. Every state has different insurance requirements. Most of the states require you to have liability insurance. Some states like New York and Florida require drivers to have a personal injury protection.

Having an adequate car insurance can protect your finance in case you encounter an accident. If your car collide with someone else’s car and you are at fault, you will have to pay an expensive damage fees. The damage fees will cover the other party’s car’s damages along with the hospitalization or medical fees of the driver or passengers.

The damage fees often reach up to a few thousands dollars. You will be broke if you use the money from your savings to pay the damage fees. If you don’t pay for the damages, the other party may sue you in the court. If you have an insurance policy, you just have to file a claim and they will reimburse the damage fees.

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You may want to consider getting a comprehensive/collision car insurance as it not only protect the damages of the other party’s car but also the damage you suffer as a result of the accident. Many people who drive on the highway don’t carry enough car insurance. For this reason, if someone collide with your car and run away, you will at least can claim the damage fees from your insurance company.

Comprehensive/collision coverage provides coverage when you accidentally hit an animal that is crossing the road. It covers damages on the broken windshield, hail damage, fire damage or collision that happen as a result of a storm. Your comprehensive insurance will also reimburse the compensation on a stolen vehicle that has gone missing for over 1 month.

It gives you coverage over any type of vandalism performed on your car, for example, someone uses a key to scrap the paint off your car. It offers coverage when your car is damaged due to high flooding water caused by a hurricane. It is your comprehensive coverage that will pay for the damages when your car is being smashed by a fallen tree.

The comprehensive coverage will protect your vehicle when it is parked in place. Your home insurance will not provide coverage when the garage collapse or other physical damages happen when it is parked.

When purchasing car insurance, you have to choose a deductible. The deductible is the amount that you have to pay upfront when you want to claim a compensation. Higher deductible reduce your annual premium cost but lower deductible can increase your annual premium cost.

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Top 5 mortgage banks in Nigeria

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Top 5 mortgage banks in Nigeria


There are a number of mortgage banks in Nigeria capable of offering save loans to clients and business individuals. A mortgage bank is an institution that provides loans to either private individuals or corporate organizations to enable them buy a house or real estate. The purpose of this is to assist those who are incapable of paying for a building on their own.

Without further ado, below are some of the best mortgage banks in Nigeria.

FBN Mortgages

One of the best banks from which you can secure a loan to buy a house is the First Bank of Nigeria Mortgages or simply FBN Mortgages Ltd. By nature, is a Primary Mortgage Institution meaning that you can access the bank directly. FBN Mortgages delivers the mortgage bank services and offers that are unmatched by any other mortgage bank in the country and in that, the bank exemplifies the nature of its parental bank, the First Bank of Nigeria in the sphere of delivery of financial services in the finance industry.

First Bank of Nigeria Mortgages is a mortgage bank that is committed to the delivery of a vast reaching series of mortgage and financing for housing and real estate. The bank offers its clients the best kind of aid as regards mortgages and aids them in making steps that are necessary to owning a home and development of real estate.

Platinum Mortgage Bank Ltd

Platinum Mortgage Bank Limited is another one of the top players in the world of mortgage and real estate financing in Nigeria. It also, like FBN Mortgages is a Primary Mortgage Bank. Platinum Mortgage Bank Ltd was incorporated in the year 1992 with the Corporate Affairs Commission (CAC) and given the power to offer loans, and services that relate to owning a house, and the bank was licenced by the Central Bank of Nigeria (CBN) and the Federal Mortgage Bank of Nigeria (FMBN) under the CBN Decree 24 of 1991 and FMBN Decree No. 53 of 1989 in that order, to provide services of mortgage banks in Nigeria.

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The Platinum Mortgage Bank Ltd used to be called Platinum Home Investment and Mortgage Limited and it had its headquarters in Lagos. Later the capital structure of the bank was modified, hence turning it into a Primary Mortgage Bank.

 Abbey Mortgage Bank Plc

Abbey Mortgage Bank Plc is the biggest, the most profitable, non-aligned, and highest ranking Primary Mortgage Institution in Nigeria. It also happens to be one of the seven national Primary Mortgage Institutions that are licensed by the Central Bank of Nigeria (CBN) as well as the Federal Mortgage Bank of Nigeria (FMBN). It furthermore is recognized as the Primary Mortgage Institution for the National Housing Funding (NHF) on lending facilities. The bank provides mortgage as well as investment products and services, guidance and advisory services to corporations and private individuals that will aid them in gaining finance for houses and real estate. More so, the bank provides funding and support in the delivery of mortgage and services related to housing.

Abbey Mortgage Bank Plc has products and services that are innovative, they also provide their customers with information regarding mortgages and they operate under professional management.

Imperial Homes Mortgage Bank Limited

Another on our list of mortgage banks in Nigeria is the Imperial Homes Mortgage Bank Limited. This mortgage bank like the others is licensed by the Central Bank of Nigeria to provide mortgage banking as well as housing and real estate services to interested parties. At first, the mortgage bank was incorporated in the year 1992 when it operated under a different name – Citizens Savings and Loans Limited and then in the year 1997, the name was changed to New Patriot Building Society Limited. As at August 2007, the company was acquired by Guaranty Trust Bank Plc as a subsidiary company that was owned by the bank and its name was changed to GTHomes Limited to show that it was now related to GTBank. It was in the month of January 2008 that Imperial Homes Mortgage Bank Limited started its operations as a mortgage institution.

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Federal Mortgage Bank of Nigeria (FMBN)

The Federal Mortgage Bank of Nigeria (FMBN) was founded in the year 1956 and back then when it was founded, it went by the name Nigerian Building Society (NBS), a business that is the result of a cooperation between the Commonwealth Development Corporation and the Federal and Eastern Governments of Nigeria. This mortgage bank is very resourceful in the area of providing, mobilizing and increasing of long-term funds and lending of huge mortgage services as well as broadening the services to all interested parties (corporate organizations and private individuals).

Federal Mortgage Bank of Nigeria offers a loan that is close to 90 percent the actual cost of the house and people or corporation who ask for those loans are to pay an interest of 6 percent on the loan they collected to the bank.

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Polaris Bank: Skye Bank Changes Name On Twitter And Facebook

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After The central bank of Nigeria (CBN) withdraws the license of Skye Bank plc. The bank twitter and facebook name has now been changed to polaris bank.

While their instagram name still remains skye bank. But i think they will also change it soon.

 

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Billionaire businessman Tony Elumelu throws party to celebrate his mother’s 90th birthday in style

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Over the weekend, Billionaire businessman Tony Elumelu threw his mother, Mrs Susan Elumelu a lavish party to celebrate her 90th birthday. The celebration began with a Thanksgiving Mass at the Church of Assumption, Lagos, and a reception in VI after.

Guests at the event included: Ooni of Ife, Oba Adeyeye Ogunwusi, Otunba Adekunle Ojora & Erelu Ojuolape Ojora,  Oba Rilwan Akiolu,  Chukwumalieze 1 of Onicha-Ugbo , Aliko Dangote, Femi Otedola, Tayo Ayeni,  Segun Awolowo, Mr. Jim Ovia. More photos below.

 

Billionaire businessman Tony Elumelu throws party to celebrate his mother

Billionaire businessman Tony Elumelu throws party to celebrate his mother

Billionaire businessman Tony Elumelu throws party to celebrate his motherBillionaire businessman Tony Elumelu throws party to celebrate his mother

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