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Added: Tuesday, 9 February, 2010, 15:18 GMT 15:18 UK

In response to Segun Owolabi and Stuart Wise in Lagos, insurance companies do pay out when claims arise. And I am not an agent. They also pay out relatively quickly too. Stop living in the past and holding on to long-held wrong notions. Things are looking up. Oh, and yes, comprehensive car insurance, at least in Nigeria, is worth it.

Abidemi Bello, Lagos, Nigeria

Added: Tuesday, 9 February, 2010, 15:08 GMT 15:08 UK

Insurance in Naija is a legalised robbery where the practitioners are only interested in getting premium without any obligation. Though the law is available for the insured to seek redress in court whenever there is accident or loss of property, only the influential ones are covered. It is better not to insure but for you to escape police harrasement, please just make the sacrifice and pay at least the minimum called third party .

Olaseni, Toronto

Added: Tuesday, 9 February, 2010, 14:54 GMT 14:54 UK

Vehicle insurance is a good idea; but unless the authorities enforce traffic regulations and speed limits, many will see the insurance as a license to irresponsible and reckless driving.

Sanousi Sesay, Alexandria, United States

Added: Tuesday, 9 February, 2010, 14:49 GMT 14:49 UK

Insurance in cameroon not just car insurance is a sham.I remember my dad running after an insurance company for close to 2 years jst to get part of the money that an insurance company had to pay him following my elder brother's arm fracture in primary school.That was sme 20 yrs ago .Can u imagine!Car insurance is even a more appauling story.Getting any compensation is close to" hoping against hope".The whole thing is a mafia 'cos u find companies which are nt even registered collecting money.

roland besong, douala- cameroon

Added: Tuesday, 9 February, 2010, 14:37 GMT 14:37 UK

Being an expat working in Africa for the last twenty years, insurance here in Nigeria is in place, but it is not worth the paper it is written on. No insurance companies pay out, and if you have an accident, then the two parties just sort out the cost between them.
Third party insurance is given out when you reg your car and it costs $ 30.
Insurance here is one big money making machine which just take monies from the people with providing coverage.

Stuart Wise, Lagos

Added: Tuesday, 9 February, 2010, 13:54 GMT 13:54 UK

If properly implemented, it could work in Africa but the insurance corporations have use it as a ploy to exploit the people thereby collecting high premiums and not paying out when needed.

Adekunle Adeniran, Dallas, TX

Added: Tuesday, 9 February, 2010, 13:30 GMT 13:30 UK

Most Insurance Company in my country are not remitting any forms of compensation to their customers, they are used to cheating those concerned when it is time for them to pay for damages, ultimately their concern is to make a lot of money from the client
Most people do not trust them, I had to do insurance on my car to wade off paying bribes to the Police who themselves are corrupt

Macaulay Akinbami, Lagos-Nigeria

Added: Tuesday, 9 February, 2010, 12:49 GMT 12:49 UK

In Kenya stability of insurance companies is the major issue. The government can establish & enforce a minimum requirements on capitalization for insurance companies. The regulator could issue semi annual reports on stability of insurance companies. Collapsed insurance companies should be able to transfer risk to the re insurer. Insurance court should defend the rights of a policy holder. Switching costs should be lowered. A database of registered driver history should determine insurance rates.

Caesar Macharia, Boston

Added: Tuesday, 9 February, 2010, 12:41 GMT 12:41 UK

One Chinedu said that insurance companies pay out in Nigeria, I am sure he must be an insurance agent looking for customers. It is an open secret that in Nigeria,you only insure your vehicle because the law demands it. While checking your vehicle papers (usually referred to as 'particulars') the insurance certificate is one of the things the hungry police officer is looking for. Whoever says that companies pay up a claim is day-dreaming. Let that person tell us the %age of claims settled yearly.

SEGUN OWOLABI, Manchester U.K.

Added: Tuesday, 9 February, 2010, 11:31 GMT 11:31 UK

Insurance companies need to work in a regulated environment. A working and trustworthy legislature (legal system) is therefore needed.

Where the framework is good, and the system is not abused and corrupt, the insurance service can be made to work correctly and fairly.

ex-pat in the netherlands

Added: Tuesday, 9 February, 2010, 11:30 GMT 11:30 UK

In Cameroon, u need an insurance just to avoid getting into trouble with hungry and corrupt Policemen and Gendarmes you meet on the hi way. The Insurers are in a big game of gamble.

TABE BESONG, ANTWERPEN

Added: Tuesday, 9 February, 2010, 11:17 GMT 11:17 UK

I drive a Honda Accord. Every November my license & insurance expire & I have to pay about $15 for license renewal & $8 for third party insurance (from touts who pose as insurance company agents at the registration centres - it costs about $40 elsewhere). Many are skeptical about insurance companies because when it comes to paying claims, the companies look for excuses. Those with new cars prefer to register with car tracking companies for safety from theft - which is the common source of loss.

Chukwuemeka Nwosu, Lagos, Nigeria

Added: Tuesday, 9 February, 2010, 10:34 GMT 10:34 UK

Car insurers' settle their claims in Nigeria. The problem is that cunsumers/clients are poorly informed, they do not understand the scope of protection offered by the various types of car insurance.

I think Africa needs to improve her dealings with insurance brokers, nothing can be better than professional advise.

Chinedu Anthony Onyewuenyi

Added: Tuesday, 9 February, 2010, 10:03 GMT 10:03 UK

By law, it is compulsory in Ghana to have vehicle Insurance, and there are two basic types. The Third Party and Comprehensive. While the first is a fixed sum of about $35, the second is anything between 5 - 10% of the value of the car. Over 98% of Ghanaian go for the third party insurance which covers next to nothing becos the police would give you grief if you are without one and its the cheapest. A friend had his packed car run into in Nov. 2009, and is still chasing the comprehensive payment

John Mensah, CAPE coast

Added: Tuesday, 9 February, 2010, 10:00 GMT 10:00 UK

motor vehicle insurance is very important and I always encourage vehicle insurance not only that but any kind of insurance is very very important. in my country a lot of car owners do insure their vehicles. the challenge only lies in looking for good insurance companies but again most of them are quite reliable too. however, there is no need to make motor vehicle insurance compulsory, some decisions are supposed to be priorities by individuals and not someone imposing you do do them

Mary Chungu, Lusaka, Zambia