Coronation Insurance introduces MotorMax to redefine motor insurance in Nigeria

Coronation Insurance Plc has introduced MotorMax, a motor insurance policy aimed at changing how motorists in Nigeria approach vehicle protection. The product is designed to move drivers beyond basic third-party requirements by offering broader coverage at a cost that remains within reach for many vehicle owners.

In Nigeria, motor insurance has for years been limited to compulsory third-party policies, leaving many drivers without protection for their own vehicles. MotorMax seeks to address this gap by providing an option that combines wider coverage with lower pricing, with entry plans starting from N25,000.

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 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 N750,000, increased towing benefits of up to N15,000 (intra-state) and N25,000 (inter-state), and emergency medical coverage up to N15,000.

At the premium tier, MotorMax Gold offers motorists near-comprehensive benefits at a significantly lower cost than traditional comprehensive insurance. Priced at N50,000 annually, it includes vehicle repair coverage up to N1,000,000; third-party vehicle damage coverage up to N3,000,000; unlimited liability for third-party injury or death; towing services up to N15,000 (intra-state) and N25,000 (inter-state); emergency medical coverage up to N20,000; 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, Olamide Olajolo, MD/CEO of Coronation Insurance Plc, 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.