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.
“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,” Olamide Olajolo, MD/CEO, Coronation Insurance Plc, said in a statement.
According to him, the new product is a significant step in deepening insurance penetration and ensuring more Nigerians are truly protected on the road.
“With MotorMax, we are providing a practical, affordable solution that delivers meaningful coverage and peace of mind,” Olajolo stated.
He added that by bridging the gap between compliance and comprehensive cover, the product empowers drivers with greater peace of mind on every journey.
According to him, the launch of MotorMax underscores Coronation Group’s broader mission to deliver transformational solutions that address real-life challenges across Africa.
By bridging the gap between compliance and comprehensive cover, the product empowers drivers with greater peace of mind on every journey.
Motor insurance adoption in Nigeria has largely been limited to mandatory third-party coverage.
According to Olajolo, MotorMax addresses the gap in third-party insurance by offering motorists robust, accessible protection for personal vehicles, with plans starting from N25,000.
He added that the new product 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.
According to Olajolo, 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.
It also offers unlimited compensation for third-party injury or death; towing services up to N5,000, emergency medical expense coverage up to N10,000, and a 10 percent policy excess.
Accordingly, the MotorMax Silver plan is available at N45,000 annually, and 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.
The gold standard also offers 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 percent policy excess.
According to Olajolo, MotorMax is specifically designed for motorists currently on third-party policies who seek enhanced protection without the financial burden of full comprehensive insurance.
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