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Chuks Udo Okonta
It is only in insurance you as a vehicle owner, can pay N15,000 premium and enjoy up to N3 million protection against third party accident, unlimited life and damages in Nigeria and across West African subregion.
This is why insurance system remains the best way to protect our lives and properties and also mitigate unforseen risks.
Insurance operators have said they would continue to soothe pains of policyholders by providing them policies tailored toward their needs.
As parts of their commitments, insurers said they would begin an education campaign on third party motor insurance tagged: ‘Small Premium Big Coverage’ from Monday, July 24, 2023, which would enable insuring public understand what they stand to benefit when they embrace insurance.
Chairman, Publicity Sub Committee of the Insurers’ Committee, Akinjide Orimolade, at a press conference today in Lagos, said commencement of the campaign on the new rates for motor insurances as approved by the National Insurance Commission (NAICOM) in December 2022, would start from Monday next week.
According to him, the new rates contained in the circular which took effect from 1st January 2023 are as follows:
N15,000 premium for private motor and N3,000,000 claims; Own Goods, N5,000,000 claims, for N20,000 premium; Staff Bus, N3,000,000 claims, for N20,000 premium.
Commercial Trucks/General Cartage N5,000,000 for N100,000;
Special Types N3,000,000 for N20,000;
Tricycle N2,000,000 for N5,000 and Motorcycle N1,000,000 for N3,000
He noted that according to the circular, comprehensive motor insurance policy premium rate shall not be less than five per cent of the sum insured after all rebates/ discounts.
He said
insurance companies have since commenced implementation of the new rates and consumer education continues to dominate discussions at various fora.
“It is in response to the plethora of questions and enquiries received from our clients that the Insurers Committee through its Publicity subcommittee decided to embark on this short but eventful campaign to shed more light on the new rates and generally improve insurance uptake among the citizens,” he said.
He maintained that drive is pan Nigerian campaign covering social media, print, radio jingles and television commercials some of which you will be seeing now, submitting that over the three months period that the campaign is scheduled to last, that the industry expects massive publicity.
