Coronation bridges third-party, comprehensive motor insurance gap

Coronation Insurance Plc has announced the launch of MotorMax, an innovative motor insurance policy designed to transform the Nigerian motor insurance landscape by moving motorists beyond basic third-party compliance to affordable, comprehensive vehicle protection.

For decades, motor insurance adoption in Nigeria has largely been limited to mandatory third-party coverage. MotorMax addresses this gap by offering motorists robust, accessible protection for their own vehicles, with plans starting from as low as N25,000, according to a statement on Thursday.

MotorMax introduces a flexible, tiered structure—Bronze, Silver, and Gold—tailored to meet the diverse needs and budgets of Nigerian drivers, from urban commuters to long-distance travellers and owners of high-value vehicles.

The MotorMax Bronze plan, according to the statement, serves as an entry-level upgrade from basic third-party insurance. Priced at N25,000 annually, it offers vehicle repair coverage of up to N500,000; third-party vehicle damage coverage of up to N3,000,000; unlimited (but reasonable) compensation for third-party injury or death; towing services up to N5,000; emergency medical expense coverage up to N10,000; and a 10% policy excess.

The MotorMax Silver plan, available at N45,000 annually, enhances protection with vehicle repair coverage up to ₦750,000, increased towing benefits of up to ₦15,000 (intra-state) and ₦25,000 (inter-state), and emergency medical coverage up to ₦15,000.

At the premium tier, MotorMax Gold offers motorists near-comprehensive benefits at a significantly lower cost than traditional comprehensive insurance. Priced at ₦50,000 annually, it includes vehicle repair coverage up to ₦1,000,000; third-party vehicle damage coverage up to ₦3,000,000; unlimited liability for third-party injury or death; towing services up to ₦15,000 (intra-state) and ₦25,000 (inter-state); emergency medical coverage up to ₦20,000; and a 10% policy excess.

MotorMax is specifically designed for motorists currently on third-party policies who seek enhanced protection without the financial burden of full comprehensive insurance. By bridging the gap between compliance and comprehensive cover, the product empowers drivers with greater peace of mind on every journey.

Speaking on the launch, the MD/CEO of Coronation Insurance Plc, Olamide Olajolo, said, “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. This is a significant step in deepening insurance penetration and ensuring more Nigerians are truly protected on the road.”

The launch of MotorMax underscores Coronation Group’s broader mission to deliver transformational solutions that address real-life challenges across Africa. By raising the standard for motor insurance offerings, Coronation Insurance continues to position itself as a customer-focused innovator in the industry.