How to Fit Insurance Premiums into Your Monthly Budget

October 24, 2025

When Tunde bought his first car, a neat Toyota Corolla, he was over the moon. He had saved for months, skipped unnecessary outings, and cut back on luxuries just to make it happen. But a few weeks later, a relative asked him: “Have you insured it?” Tunde paused. He knew insurance was important, but he had not thought about how to fit it into his already tight monthly budget.

The Reality of Budgeting

For most people, the monthly budget already feels stretched:

Rent takes a large portion.
Feeding, transportation, and utilities are non-negotiable.
Fuel and other unexpected expenses pop up regularly.

So, insurance can sometimes feel like just another expense to worry about. But it is not. It is actually a financial safeguard that can save you from paying far more later.

Picture this: Tunde is driving one evening and another driver scratches his car. Without motor insurance, he would have to pay for repairs entirely on his own. But because he set aside money for insurance, his policy covers most of the repair costs, saving him stress and money.

Here’s How Tunde Made It Work

He Treated Insurance Like Rent or Power Bill
Instead of waiting until the renewal date, Tunde divided the annual premium by 12 and set aside a small amount every month. That way, when renewal came, the money was already waiting.
He Cut Back on “Silent Budget Killers”
Tunde realized he was spending N40,000+ monthly on random food deliveries. By cooking twice a week and keeping snacks at home, he freed up enough cash for his monthly insurance savings.
He Automated His Savings
Using his bank app, he created an auto-transfer to a separate account just for car expenses – insurance, servicing, and fuel. No more excuses, no more forgetfulness.
He Picked the Right Plan
After consulting with an insurance adviser, he selected a plan that gave him the right coverage within his budget.

The Takeaway

Fitting insurance premiums into your monthly budget is not about having “too much money.” It’s about planning ahead and giving yourself peace of mind.

Tunde now drives around Lagos with less worry. He knows that if anything happens, he won’t have to drain his savings or borrow from friends. And honestly, that peace of mind is priceless.

Your Turn

Do what Tunde did – make insurance part of your monthly plan, not an afterthought. Whether it’s motor insurance, householder insurance, or even travel insurance, a little monthly planning can prevent big financial shocks later.

Start planning with Coronation Insurance Plc today and get the right cover that fits comfortably into your monthly budget.

Email: info@coronationinsurance.com.ng

Call: 02-012275475, 02-012275476

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