Coronation boosts vehicle insurance with MotorMax

Coronation Insurance Plc has unveiled MotorMax, a new motor insurance product aimed at transforming Nigeria’s insurance landscape by offering motorists affordable access to enhanced vehicle protection beyond basic third-party coverage. For years, motor insurance adoption in Nigeria has largely been driven by compulsory third-party policies, leaving many vehicle owners without adequate protection for their own […]

Coronation Insurance Plc has unveiled MotorMax, a new motor insurance product aimed at transforming Nigeria’s insurance landscape by offering motorists affordable access to enhanced vehicle protection beyond basic third-party coverage.

For years, motor insurance adoption in Nigeria has largely been driven by compulsory third-party policies, leaving many vehicle owners without adequate protection for their own cars. MotorMax is designed to bridge this gap by providing flexible and cost-effective options that combine affordability with broader coverage.

The new product introduces a three-tier structure—Bronze, Silver, and Gold—tailored to meet the varying needs and financial capacities of Nigerian motorists, from everyday commuters to owners of higher-value vehicles.

At the entry level, the MotorMax Bronze plan is priced at N25,000 annually and offers vehicle repair coverage of up to N500,000. It also includes third-party vehicle damage cover of up to N3 million, unlimited liability for third-party injury or death (subject to reasonable limits), towing services up to N5,000, and emergency medical expense coverage of up to N10,000, with a 10 per cent policy excess.

The Silver plan, available for N45,000 per year, builds on this with expanded benefits. It provides vehicle repair coverage of up to N750,000, towing services of up to N15,000 within a state and N25,000 for inter-state travel, as well as emergency medical coverage of up to N15,000.

At the top tier, the MotorMax Gold plan delivers near-comprehensive protection at a significantly lower cost than traditional comprehensive insurance. Priced at N50,000 annually, it offers vehicle repair coverage of up to N1 million, third-party vehicle damage cover of up to N3 million, unlimited liability for third-party injury or death, towing services up to N15,000 within a state and N25,000 across states, and emergency medical coverage of up to N20,000, also with a 10 per cent policy excess.

MotorMax is specifically targeted at motorists currently relying on third-party insurance who seek broader protection without the high premiums associated with full comprehensive cover. By closing the gap between basic compliance and comprehensive insurance, the product is positioned to improve financial security for drivers and reduce out-of-pocket costs in the event of accidents.

Speaking on the launch, the Managing Director/Chief Executive Officer of Coronation Insurance Plc, Olamide Olajolo, said the initiative reflects the company’s commitment to delivering practical solutions tailored to the realities of Nigerian motorists.

“MotorMax represents our commitment to reimagining insurance for the everyday Nigerian. We understand that many motorists want more protection than third-party cover but are constrained by cost. With MotorMax, we are providing a practical, affordable solution that delivers meaningful coverage and peace of mind,” she said.

She added that the introduction of MotorMax is a significant step toward deepening insurance penetration in Nigeria by making quality coverage more accessible to a broader segment of the population.

The launch also aligns with the broader vision of the Coronation Group to develop innovative products that address real-life challenges across Africa. By raising the bar for motor insurance offerings, the company is positioning itself as a customer-focused innovator in the industry.

With its flexible structure, competitive pricing, and expanded benefits, MotorMax is expected to attract a wide range of customers seeking a balance between affordability and adequate coverage in Nigeria’s evolving insurance market.