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Chuks Udo Okonta
What problem can N3,000 solve in present day Nigeria? This question may be very difficult for many people to answer, but for insurers N3,000 can save a motorcyclist from fighting and begging when there is a damage on a third party property.
As insurance remains one of the best tools to mitigate risks, a motorcyclist who buys a third party motorcycle insurance policy with N3,000 can now enjoy up to N1 million to cater for damages caused on a third party.
The National Insurance Commission (NAICOM) which is Federal Government’s agency saddled with the responsibility of regulating and initiating measures to help the public mitigate risks, recently increased the value of motorcycle third party damage claims to N1 million, a step aimed at ensuring that motorcyclists do not bear financial budden whenever there are damages on other people property.
Experts have implored motorcyclists to see the new premium and claims regime introduced by NAICOM as money saving measure which would help them transfer their risks to insurers.
As comprehensive and thirty insurance policies do not cover motorcycle riders and passengers, experts also advised motorcyclists to protect themselves through buying personal accident policies.
Managing Director/CEO Universal Insurance Plc, Ben Ujoatuonu, whose firm is one of the leading motorcycle underwriters, said the company had developed robust personal accident policies to cater for all categories of motorcyclists.
He said his company has a product tagged Okada Personal Assurance & Safety Scheme (Okada PASS), stressing that Okada riders are important transport operators in Nigeria as they provide alternative transportation for people and goods when the need arises.
“They are hard-working, self-employed people who take care of their families.
“Every Okada rider is exposed to the risk of accidents, not necessarily because they are careless or reckless, but because accidents sometimes occur due to various other reasons,” he said.
Ujoatuonu said when an accident occurs, the most important thing is the life of the Okada rider, adding that most times the Okada rider may sustain injury that needs medical treatment and may not be able to walk or work again (i.e. permanent disability) after the treatment or eventually dies and this makes his family, especially his children to suffer.
According to him, in other case the rider may hit another road user and cause injury to them or damage to their property which he would be asked to pay. All these, he said can be taken care by the policy – Okada PASS.
He maintained that Okada PASS which is for Okada riders is a compensation plan in case of an accident, noting that the premium (Amount) a rider pays depends on the type of plan he/she choose and that there are five types of Plan riders can choose from.
According to him, there first is Digital Bike Cover, which goes for ₦10,400 per annum and provides benefits such as ₦100,000 for Medical Expenses, ₦250,000 for Permanent Disability; ₦250,000 for Death; ₦75,000 for Third Party Liability, ₦50,000 Repair Assist (Owned damage); ₦50,000 for Passengers Medical Expenses and ₦250,000 for Goods/Parcel (Annual Limit)
Confaam Cover sold for ₦4,400 per annum, you get paid up to:₦80,000 for Medical Expenses;
₦200,000 for Permanent Disability; ₦200,000 for Death; ₦70,000 for Third Party Liability;₦20,000 Repair Assist (Owned damage) and
₦20,000 for Passengers Medical Expenses
No-Shaking Cover sold for ₦4,000 per annum, you get paid up to:₦80,000 for Medical Expenses;₦200,000 for Permanent Disability; ₦200,000 for Death; ₦70,000 for Third Party Liability and ₦20,000 Repair Assist (Owned damage)
Carry-Go Cover sold for ₦3,400 per annum, rider gets paid up to:₦75,000 for Medical Expenses; ₦150,000 for Permanent Disability; ₦150,000 for Death ₦65,000 for Third Party Liability and ₦15,000 Repair Assist (Owned damage)
Jeje Cover sold for ₦2,300 per annum and rider gets paid up to: ₦50,000 for Medical Expenses; ₦100,000 for Permanent Disability;
₦100,000 for Death; ₦50,000 for Third Party Liability and ₦10,000 Repair Assist (Owned damage).
