What it is
Lagos Life Assurance (Phone → Assurance) offers weekly cover for your home, possessions, vehicle, health, business or investments. Travel insurance is offered when you book a trip between cities.
How to insure
- Open Phone → Assurance. Choose what you want to insure, then pick a tier. You pay for cover up to Saturday straight away.
- For travel cover, leave insurance ticked when booking your trip.
Rules & numbers
| Tier | Pays above the deductible | Deductible | Maximum per claim |
|---|---|---|---|
| Basic | 60% | 2% | 10% of the insured amount |
| Plus | 80% | 1% | 20% of the insured amount |
| Premier | 100% | 0.4% | 40% of the insured amount |
- Premiums cover the week ahead. Prices depend on your risk, including your area, security guard and property condition, as well as the city's weather and economic calendar. Buying cover the day before a storm warning means you pay the storm-week price.
- Premiums are due every Saturday at 9 AM with your rent. If you can't pay, your policy lapses. Premiums are not refunded.
- Incidents such as burglary, fire, flood, storms, theft, medical problems, business problems and car incidents are rare. They won't happen twice within 4 days or during the first days of your life.
- If your net worth is under ₦2m, one incident can cost you at most 5% of your net worth. Any amount you can't pay is let go.
- Phone-snatching theft can happen when you're out in town, but not at home, on a shift or on a trip.
- Travel insurance costs 6% of the fare for a flight (at least ₦5,000), 5% for your own jet, 0.5% for a chopper, 10% for a night bus, or 8% of the fuel cost when driving. Without cover, your bag can go missing, costing 30% of the fare. The chance of this ranges from 14% in economy to 5% on a jet. Travel insurance prevents this loss; it does not pay out.
Tips
- Choose a tier based on how much of a claim you want covered and how much you can pay yourself as the deductible.