The Federal Government has increased the amount payable on the compulsory vehicle third-party insurance by motorists in Nigeria from N5,000 to N15,000.
This is contained in a circular by Nigeria’s apex insurance regulator, the National Insurance Commission, NAICOM in its new rates issued to all insurance firms at the weekend.
The development represent a 200 per cent increment.
The circular revealed that the new rate will commence by January 1, 2023.
The circular titled, ‘New Premium Rate for Motor Insurance,’ signed by NAICOM’s Director of Policy and Regulation, Leo Akah, warned against defaulting.
It explained that “Under the exercise of its function of approving rates of insurance premium under Section 7 of NAICOM Act 1997 and other extant laws, the commission, as a result of this, issues this circular on the new motor insurance premium rates effective from January 1, 2023.”
It added that private vehicles carrying goods would pay a N20,000 premium, staff buses would also pay a N20,000 premium, and trucks and general cartage would pay N100,000. A particular type of carriage vehicle also will pay N20,000.
On the contrary, tricycles, commonly called Keke Napep, will pay N5,000, while motorcycles, popularly called Okada, will pay N3,000.
The Zenith Auto Insurance is a class of insurance that indemnifies against accidental loss of or damage to the vehicles while being driven by insured persons or individuals authorized to drive the vehicles.
The object of this insurance cover is to relieve the insured of providing financial compensation for third party bodily injury or property damage as well as expenses incurred repairing a vehicle that had an accident.
For details , please contact: 09028313757
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