Last updated: October 2026 · Benefits taken from each insurer’s published plan details
Quick answer: For most Nigerian car owners, Leadway Comprehensive Auto Insurance offers the best all-round value in 2026: no excess, free flood and riot cover, free tracking above ₦4m, and ₦5m third-party property cover for cars worth over ₦50m. AXA Mansard AutoClassic is the best choice if you want to pay in 3- or 6-month instalments. Every licensed insurer must charge at least 5% of your car’s value per year, so the real difference is in the benefits.
| Rank | Insurer & plan | Best for | Premium |
|---|---|---|---|
| 1 | Leadway Comprehensive Auto | Best overall benefits | 5% of car value |
| 2 | AXA Mansard AutoClassic | Flexible payment periods | 5% of car value |
| 3 | AIICO Private Motor Comprehensive | Big-insurer security | 5% of car value |
| 4 | Custodian Auto Insurance | Driving outside Nigeria | 5% of car value |
Because NAICOM’s circular NAICOM/DPR/CIR/46/2022 fixes the minimum comprehensive premium at 5% of the sum insured after all discounts, we didn’t rank on price. We compared what each plan gives you for that 5%:
We used benefits published by each insurer as of October 2026, and secondary summaries where an insurer does not publish full details online (noted below). We did not independently test claims speed, and LuxuryCars.ng has no commercial relationship with any of these insurers.
| Benefit | Leadway Comprehensive | AXA Mansard AutoClassic | AIICO Comprehensive | Custodian Auto |
|---|---|---|---|---|
| Premium | 5% | 5% | 5% | 5% |
| Third-party property damage | ₦3m (₦5m for cars above ₦50m) | Up to ₦3m | ₦3m* | Included |
| Third-party injury/death | Unlimited | Up to ₦60m | Included | Included |
| Accident, fire & theft | Yes | Yes | Yes | Yes |
| Flood | Free | Included | Check with insurer | Check with insurer |
| Strike, riot (SRCC) | Free | Included | Check with insurer | Check with insurer |
| Excess | Free (no excess) | Excess buy-back included | Check with insurer | Check with insurer |
| Towing | ₦40k–₦100k by car value | ₦35k intra-state / ₦50k inter-state | Check with insurer | Check with insurer |
| Tracking | Free above ₦4m sum insured | Optional | Free above ₦6m sum insured* | Check with insurer |
| Payment terms | Annual | 3, 6 or 12 months | Annual | Annual |
| Stand-out feature | Richest free extras | Payment flexibility, first responders | One of Nigeria’s largest insurers | Optional cover outside Nigeria |
*AIICO figures are from published comparison summaries; AIICO does not list full motor benefits on a public comparison page, so confirm directly before buying.
Leadway Assurance is one of Nigeria’s best-known motor insurers, and its comprehensive plan has the most generous published free benefits of any insurer we reviewed. Benefits scale with your car’s value:
| Car value | Below ₦5m | ₦5m–₦10m | ₦10m–₦50m | Above ₦50m |
|---|---|---|---|---|
| Rate | 5% | 5% | 5% | 5% |
| Third-party property damage | ₦3,000,000 | ₦3,000,000 | ₦3,000,000 | ₦5,000,000 |
| Third-party injury & death | Unlimited | Unlimited | Unlimited | Unlimited |
| Medical expenses (you/driver) | ₦50,000 | ₦50,000 | ₦75,000 | ₦100,000 |
| Passenger liability (per event) | ₦100,000 | ₦200,000 | ₦300,000 | ₦400,000 |
| Towing (intra/inter-state) | ₦40k / ₦60k | ₦40k / ₦60k | ₦60k / ₦80k | ₦70k / ₦100k |
| Authorised repair limit | ₦150,000 or 5% | ₦150,000 or 5% | ₦200,000 or 5% | ₦400,000 or 5% |
| Personal effects | Nil | ₦20,000 | ₦50,000 | ₦100,000 |
| Excess, flood, SRCC | Free on all bands | |||
| Tracking | Free above ₦4m sum insured | Free | ||
Source: Leadway motor plan comparison, checked October 2026.
Other Leadway motor plans: Third Party (₦15,000), Third Party Autobase (from ₦30,000, with limited own-damage cover) and Third Party Autobase Plus (₦80,000–₦400,000, which adds theft and fire cover). See how these compare in our cheapest car insurance guide.
Pros: no excess on comprehensive claims; flood and riot included free; free tracking; higher third-party cover for luxury cars; online purchase.
Cons: comprehensive premium is annual only; on cheaper cars, medical and personal-effects limits are modest.
Best for: anyone who wants the most included for the standard 5%, especially owners of cars worth ₦10m+ and anyone in a flood-prone area.
AXA Mansard Insurance is part of the global AXA Group. Its motor range includes four plans:
AXA Mansard’s biggest advantage is flexibility: you can buy comprehensive cover for 3 months, 6 months or a full year, which helps if paying ₦1m+ at once is difficult. It also offers first responders after accidents, 24/7 support, the MyAXA app, and the option to repair at an agency/dealership or an AXA network garage.
Making a claim: AXA Mansard asks for a repair estimate, photos of the damaged vehicle showing the plate number, and third-party details where applicable. You can start a claim on its website or contact the 0700AXAMANSARD line.
Pros: 3/6/12-month payment options; flood and SRCC included; strong brand; good digital tools.
Cons: lower towing and medical limits than Leadway on high-value cars; AutoFlex’s ₦1m third-party property limit is below the ₦3m standard.
Best for: drivers who want comprehensive cover but need to spread the cost.
AIICO Insurance Plc, founded in 1963, is one of Nigeria’s largest insurers; it topped Nigerian Exchange Group’s list of leading insurers by total premium for the 2024 financial year. Its Private Motor Comprehensive plan is priced at 5% of the car’s value, and published summaries list free tracker installation once the sum insured passes ₦6 million, along with medical cover and a ₦3m third-party property limit. AIICO also sells a range of enhanced third-party plans for owners who don’t need full cover.
Best for: owners of higher-value cars who want a very large, long-established insurer. Ask AIICO for the full benefit schedule (excess, flood, towing) before you buy.
Custodian & Allied Insurance offers comprehensive, third-party, and third-party fire & theft motor plans. Its comprehensive cover (5% of car value) stands out for an optional out-of-Nigeria extension for use in other West African countries, plus optional cover for specified accessories.
Note that under the Nigerian Insurance Industry Reform Act 2025, every Nigerian motor policy now automatically includes ECOWAS Brown Card cover, which deals with third-party liability abroad. Custodian’s extension matters if you want your own car covered while outside Nigeria.
Best for: people who regularly drive to Benin, Ghana or other ECOWAS countries.
Because all four insurers start at 5%, here is what you’d pay for cars listed on LuxuryCars.ng:
| Car | Price | Yearly premium at 5% | Leadway band |
|---|---|---|---|
| 2007 Lexus IS 350 (Tokunbo) | ₦8,840,000 | ₦442,000 | ₦5m–₦10m |
| 2005 Lexus RX 330 (Tokunbo) | ₦14,560,000 | ₦728,000 | ₦10m–₦50m |
| 2014 Lexus RX 350 (Tokunbo) | ₦29,120,000 | ₦1,456,000 | ₦10m–₦50m |
Financing your car? Add the premium to your monthly budget using our car loan calculator, since lenders normally require comprehensive cover.
On published benefits, Leadway’s Comprehensive Auto Insurance offers the most included for the standard 5% premium, with no excess, free flood and riot cover, and free tracking. AXA Mansard AutoClassic is the best alternative if you need to pay quarterly or half-yearly.
At least 5% of the car’s value per year, for example ₦500,000 for a ₦10 million car.
Leadway charges 5% of the car’s value for comprehensive cover on all value bands, according to its published plan comparison.
AXA Mansard offers 3-month, 6-month and 12-month comprehensive policies rather than monthly payments.
Yes, for most Tokunbo cars. A ₦15m–₦30m vehicle costs ₦750,000–₦1.5m a year to insure comprehensively, far less than the cost of repairing or replacing it after a serious accident, theft or flood.
Third-party (₦15,000/year) only pays for damage and injury you cause to others. Comprehensive also covers your own car against accident, fire and theft. See our third-party price guide and the full car insurance in Nigeria guide.
Sources: NAICOM circular NAICOM/DPR/CIR/46/2022; Leadway Assurance motor plan comparison; AXA Mansard motor insurance and AutoClassic pages (checked October 2026); published plan summaries for AIICO and Custodian; Nigerian Insurance Industry Reform Act 2025. Benefits and prices can change, so confirm with the insurer before buying. LuxuryCars.ng is not an insurer or broker; this is independent information, not financial advice.
LuxuryCars.ng is Nigeria’s premier classified marketplace dedicated exclusively to luxury, premium, and exotic automobiles. Built for premium buyers and elite sellers, our platform is not about volume—it’s about quality, credibility, and class.
