Vehicles should be parked at insurance risk not owners – Igbrude


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Chuks Udo Okonta

The National Coordinator Independent Shareholders Association of Nigeria (ISAN) Moses Igbrude, has charged insurance practitioners to rephrase the caution sign – ‘Vehicles parked at owners risk’ to ‘Vehicles parked at insurance risk’ as it is their obligations to provide cover for motorists against risks.

He told Inspenonline that insurance companies need to embrace change, adding that insurance education is highly pivotal to the sector’s growth.

He submitted that most Nigerians don’t subscribe to insurance because they don’t understand the enormous benefits attached to it.

“Lack of insurance education is one of the major setbacks to insurance growth and development in Nigeria. Imagine if insurance companies take up a campaign to educate people that the word, ‘Vehicles parked at owners risk’ should be Vehicles parked at insurance risk’ because with proper insurance their vehicles are safe wherever they are parked, people would on their own, buy insurance to enjoy the safety.

“Insurance practitioners should move from lamentation to taking actions. They have to educate the masses on benefits they offer,” he submitted.

Igbrude also called for apportionment of fines to individuals, especially motorists who damage public properties, adding that when people pay fines on public properties damaged by their vehicles, they would be forced to buy insurance to mitigate such risks, which are covered by third party and comprehensive policies.

He charged insurance practitioners to leverage the federal government’s policy on removal of fuel subsidy to educate the public why insurance is necessary, stressing that it would amount to huge cost for motorists to spend more on fuel and also bear risks arising from damaged on their vehicles or those of third parties.

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