Motor premium calculator
Drag and pick — your estimate updates in real time.
Indicative — final price comes from live carrier quotes.
What is a car insurance premium calculator?
A car insurance premium calculator is a free online tool that gives you an instant estimate of what it costs to insure your vehicle. By entering a few details — your car's value, age and engine size, plus your driving profile — it computes an indicative annual premium, so you can budget with confidence before you buy. On MIB, the same details then fetch real, side-by-side quotes from multiple licensed insurers.
How is car insurance premium calculated in Nigeria?
Motor premiums in Nigeria are driven mainly by your cover type and your vehicle's value, then adjusted for risk:
- Comprehensive cover is priced at roughly 5% of your vehicle's value (the sum insured).
- Third-party cover is a flat statutory rate — currently ₦15,000 for private vehicles.
- Vehicle age: newer, higher-value cars cost more to insure; older cars can attract loadings.
- Engine capacity: larger engines (above 2500cc) generally raise the premium.
- Driver profile: your age and years of driving experience affect the price.
- Claims history: a clean record can lower your premium at renewal.
How to use the MIB premium calculator
- 1Choose your cover type — Comprehensive or Third-party.
- 2Drag the slider to your vehicle's current market value.
- 3Pick your vehicle's age, engine capacity, your driving experience and age.
- 4See your estimated annual premium update instantly, with a per-factor breakdown.
- 5Tap “Get exact quotes” to compare live prices from our partners and buy in minutes.
Frequently asked questions
Is the estimate the final price I'll pay?
No — it's indicative. Your final premium comes from live carrier quotes based on your full vehicle and driver details at checkout.
What's the difference between comprehensive and third-party cover?
Third-party covers damage you cause to other people and property (the legal minimum). Comprehensive also covers your own vehicle against accident, theft, fire and more.
Does my car's age affect the premium?
Yes. Newer cars usually have a higher value and cost more to insure, while older cars may attract a loading because they carry more risk.
Can I pay my premium in installments?
Many of our partner insurers support flexible payment plans — you'll see the available options at checkout.