Insurance experts have advised Nigerian policyholders to take full advantage of no-claims bonuses (NCB) and long-term renewal discounts—benefits many customers are either unaware of or fail to demand from their insurers.
According to industry professionals, insurance companies are required to reward clients who go through a policy year without filing any claim. These no-claims bonuses or no-claims discounts can significantly reduce the cost of renewing car, home, or general insurance policies.
Some insurers also offer additional discounts to customers who renew their policies consistently for five years or more, a practice aimed at rewarding loyalty and reducing customer churn.
Financial advisers further recommend that Nigerians work with licensed insurance brokers, who can negotiate better terms, push for hidden discounts, and ensure customers are not short-changed by insurers.
The renewed emphasis on consumer awareness comes at a time when many Nigerians are seeking ways to cut costs amid rising living expenses. Experts say maximising these insurance benefits could save policyholders thousands of naira annually
