Only 21% of the 12 million vehicles registered on Nigerian roads have genuine motor insurance, as the rest either have fake certificates (most owners are unaware) or are not covered at all.
The report also states that a number of car owners who have genuine insurance policies also fail to renew them when they expire, a violation of the law in Nigeria, which requires every vehicle to be covered by insurance. All of these challenges stem from the fact that most of the transactions in the industry are still done manually and, often through agents, which further exacerbates the problems.
To close the gap, insurtechs such as Etap have emerged in the last few years in Nigeria, and across Africa, to ease the process of buying insurance and making claims. Etap claims that motor vehicle owners will be able to buy insurance in 90 seconds and complete claims in three minutes.
The startup is now on the road to expansion across the West African country following $ 1.5 million in pre-financing in a round led by Mobility 54, the venture capital arm of Toyota Tsusho and CFAO Group.
“We have great products and excellent value propositions. But we know that the products and the value proposition can be bigger and so we looked for partners we currently have. Our plan is to have the most preferred insurance products and to grow and scale it across Africa. I feel we are in a perfect position to achieve this, “Etap founder and CEO Ibraheem Babalola told TechCrunch.
Tangerine Insurance (also an Etap underwriter), Graph Ventures, Newmont and several other angel investors participated in the round.
The Etap expects motor vehicle owners to be able to buy insurance in 90 seconds and complete claims in three minutes. Image Credits: Etap
Babalola started building Etap last year frustrated by the complexities and delays involved in buying insurance. In his own words, he started making insurance purchases and making claims as easy as taking a picture – hence the name Etap.
“The idea itself is to be a frustrated customer; my insurance expires and I did not receive a renewal notice … I always had to call a man to help me renew. I thought there was a better way to do it, ”said Babalola, adding that policyholders will receive notifications when their coverage expires, and they can also opt for automatic renewal.
Babalola, who has experience in building and assisting financial services and proptech startups to grow, previously worked with an executive of a leading insurance company in Nigeria, which sparked his interest in the sector.
“Nigeria has one of the highest risk environments in the world and insurance penetration of less than 2% – that relationship is crazy because the higher the risk the higher the propensity to you want to protect yourself against events; but in Nigeria and the rest of Africa, this is not the case. That needs to change, “said Babalola.
He added, “To have all these experiences than to be on both sides; to be a customer and close to the operator, and experience in building startups; I thought it was important to rethink insurance – to rethink the offer, how people access it, the user experience – to make it more flexible, and transparency – by building trust and giving more valuable people. ”
The startup launched the beta version of its app in November last year, which allowed people to buy insurance according to their needs; per trip, per day, per month or per year. However, making the process easier and more flexible is not the only driving force behind the growth of Etap; the starter also shapes the price of its products according to the driver’s behavior. They also gamified products, as customers earn and redeem points based on their history.
“With our retail distribution, you get a profile based on a bunch of data points that put you in a risk class,” he said.
End-to-end startup services also include pre-loss inspection (done when recording) and post-accident reviews, all of which are based on images. To avoid fraudulent claims, the app comes with geolocation tags, timestamps and other features such as crash notification.
Mobility 54 project manager Yumi Takagi said, “Etap is addressing many challenges that have an impact on the car experience in Africa, and we are excited to support and work with them to deliver their innovation to more drivers across the continent. We believe that the Stage will play this important role and revolutionize the car insurance industry with their powerful technology. “
Not commonly known, but you can easily tell the place of production of a car by simply looking at the first letter or VIN number. If the first character is 1, 4, or 5, then the car was built in the United States.
Is Vin check up legit?
Contents
- 1 Is Vin check up legit?
- 2 How many times is a VIN number on a car?
- 3 What is the best VIN check site?
- 4 Can I get a free Carfax by VIN?
Is Vincheck.info a scam or a legitimate company? Answer: It is legitimate. See the article : Shreveport car insurance is up 25 percent this year, according to the study. I got my vehicle report for free!
Is vin check up reliable? There’s a reason why VinCheckup made it to the top of the list of publishers. The two variables that VinCheckup highlights are reliability and accuracy. Record type can be any, VinCheckup strives to offer you all the comprehensive and up-to-date data you can count on.
Is Vin check up as good as Carfax?
There is no doubt that Carfax is the most professional and far more reliable option of these two services. You will come across many free VIN decoder services online. Read also : Etap Nigeria has acquired 1.5 million uniforms to facilitate the purchase of car insurance. As tempting as free reports are, they are not your best option.
Which is better auto check or Carfax?
The most significant difference between AutoCheck and CarFax is that AutoCheck is much better at tracking auction cars, while CarFax is known to be unable to effectively track cars at auctions. This hurdle makes CarFax far less useful as many used cars have been auctioned off at some point in their history.
What is the most reliable VIN check?
Top 8 Wine Decoders (2021)
- CarVertical.
- Carfax.
- AutoDNA.
- VinDecoderz.
- EpicVIN.
- WINE Inspection.
- CarProof.
- VinFreeCheck.
Is there anything better than Carfax?
AutoCheck Provides More Value On Carfax AutoCheck® vehicle history reports provide information on reported accidents, odometer rollback, lemon vehicles, brand titles and more.
What is the best VIN check website?
Top 8 Wine Decoders (2021) On the same subject : Many Michigan drivers drop unlimited no-fault insurance – but rates slow down.
- CarVertical.
- Carfax.
- AutoDNA.
- VinDecoderz.
- EpicVIN.
- WINE Inspection.
- CarProof.
- VinFreeCheck.
Are there any real free VIN checks?
NICB’s VINCheck is a free search service provided to the public to help determine if a vehicle may have a record of an insurance theft claim, and has not been recovered, or has ever been reported as a vehicle. Rescue from participating NICB member insurance companies.
What is the best free VIN check site?
You can get a free VIN check at the National Insurance Crime Bureau (NICB), VehicleHistory.com or iSeeCars.com/VIN. Just enter your car’s digits and these sites will do the VIN search and give you information about the vehicle. But you should use more than one of these sites to get the full picture.
Is it safe to check VIN online?
That being said, it is perfectly safe to give your VIN. It’s in (essentially) clear view, like your license plate. We at Instamotor argue in favor of sharing your VIN when trying to sell your car, so that a buyer can look at the story and know what they are getting into.
How many times is a VIN number on a car?
VIN is a unique 17-character code of letters and numbers for a given vehicle. Like fingerprints, a VIN is a unique identifier throughout the life of a vehicle: No two cars have the same VIN. However, vehicles manufactured before 1981 may have VINs ranging in length from 11 to 17 characters.
How many seats on a car is the VIN number? The VIN can often be found in the lower left corner of the dashboard, in front of the steering wheel. You can read the number by looking through the windscreen at the driver’s side of the vehicle. The VIN can also be seen in a number of other places: In front of the engine block.
How long is the VIN number on every vehicle?
A vehicle identification number, or VIN, is a unique 17-digit code for each vehicle.
Can a VIN be 19 digits?
VIN numbers can include any number from 0 to 9 and any letter of the alphabet from A to Z, except I, O and Q. VIN standards exclude these letters in order to prevent the possibility of confusion with one and zero.
How long are VIN numbers on cars?
A VIN is made up of 17 characters (numbers and capital letters) that act as a unique identifier for the vehicle. VIN shows the unique features, specifications and manufacturer of the car. The VIN can be used to track callbacks, registrations, warranty claims, theft and insurance coverage.
Are VINs always 17 digits?
Since 1981, VIN numbers have always been composed of 17 digits consisting of numbers and letters. These figures are listed on a small label, usually located on the driver’s side of the dashboard, visible when viewed from the windshield from the outside.
Hidden or Confidential VIN The VIN has been stamped on various metal objects on the vehicle, including the frame, body, engine, transmission and other locations. The VIN on the frame or body has become known as the Hidden VIN, the Confidential VIN, or the Federal VIN.
Where are all VIN numbers located?
Inside the Vehicle On the driver’s side dashboard – stand outside the vehicle and look around the corner where the dashboard meets the windscreen. In the driver’s side door or door assembly – the VIN is usually printed on a sticker in that place.
Is there a VIN number on the frame of a car?
It may be on the side of the frame rail or on the top, but it should be open even if it is difficult to read. When booking an appointment with YourMechanic, include the full 17-digit VIN, located at any of these locations on your vehicle.
What is the best VIN check site?
The two largest and best known providers of paid VIN verification reports are AutoCheck and Carfax. In addition to the basic information included with free sites, both provide any history of recall, theft, or crashes, as well as detailed vehicle reports, including a description and general assessment.
Are there real free VIN checks? About VINCheck NICB’s VINCheck is a free search service provided to the public to help determine if a vehicle may have a record of insurance theft claim, and has not been recovered, or has never been reported as a rescue vehicle by insurance of a participating NICB member. companies.
Is VIN check better than Carfax?
There is no doubt that Carfax is the most professional and far more reliable option of these two services. You will come across many free VIN decoder services online. As tempting as free reports are, they are not your best option.
Which is better auto check or Carfax?
The most significant difference between AutoCheck and CarFax is that AutoCheck is much better at tracking auction cars, while CarFax is known to be unable to effectively track cars at auctions. This hurdle makes CarFax far less useful as many used cars have been auctioned off at some point in their history.
What is the most reliable VIN check?
Top 8 Wine Decoders (2021)
- CarVertical.
- Carfax.
- AutoDNA.
- VinDecoderz.
- EpicVIN.
- WINE Inspection.
- CarProof.
- VinFreeCheck.
Is there anything better than Carfax?
AutoCheck Provides More Value On Carfax AutoCheck® vehicle history reports provide information on reported accidents, odometer rollback, lemon vehicles, brand titles and more.
Is VINCheckPro as good as Carfax?
While Carfax reports are $ 39.99 for one report or $ 59.99 for five reports, VINCheckPro is a much more affordable and accurate option for $ 6.95 for one report and $ 12.95 for five reports. VINCheckPro has the same access to the databases from which you pull Carfax, but the pricing is much lower.
Is there a better report than Carfax?
InstaVIN reports Use the Department of Motor Vehicles, police records, auction records, state records, federal records, and insurance records to give you even more better vehicle data and reports. InstaVIN reports are a great budget alternative to paying for a CarFax report – check out their website.
What is the best VIN site?
Top 8 Wine Decoders (2021)
- CarVertical.
- Carfax.
- AutoDNA.
- VinDecoderz.
- EpicVIN.
- WINE Inspection.
- CarProof.
- VinFreeCheck.
Is VINCheckPro legitimate?
“Total scam. Paid for the report. The report did not have the information it was supposed to have. It is now refusing to issue a refund.”
Is it safe to check VIN online?
That being said, it is perfectly safe to give your VIN. It’s in (essentially) clear view, like your license plate. We at Instamotor argue in favor of sharing your VIN when trying to sell your car, so that a buyer can look at the story and know what they are getting into.
What can a scammer do with your VIN number?
Once they have copied your VIN number, they can apply for duplicate cards, and those cards can be used on another car that has been stolen or may have been rebuilt.
Can I get a free Carfax by VIN?
A free CARFAX report is also available through many merchant websites. As you search for a used car dealer’s inventory, look for links to free CARFAX Reports. If a link is not available, contact the dealer and ask for the CARFAX Report. Free CARFAX reports are available at many car dealerships in your area.
Where can I check a VIN number for free? You can get a free VIN check at the National Insurance Crime Bureau (NICB), VehicleHistory.com or iSeeCars.com/VIN. Just enter your car’s digits and these sites will do the VIN search and give you information about the vehicle.