Why you shouldn’t buy third party motor insurance policy below N15,000

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Chuks Udo Okonta

In spite efforts by the National Insurance Commission (NAICOM) and Nigerian Insurers Association (NIA) some saboteurs are still hucking third party motor insurance policies below regulatory N15, 000 approved premium.

It is quite unfortunate to see uninformed people patronising them, not minding great consequences attached to such illicit venture.

The saboteurs commonly found in vehicle licensing offices across the country deceive their victims and reap off their hard earned money and would never be available to pay claims when risks occur.

Inspenonline reliably gathered that third party motor insurance policies of three insurance firms are presently being hucked at N5,000 to N10,000 around Ikeja, Lagos vehicle licensing office. A development, which is inimical to insurance industry growth and lives of policyholders.

It is important, the public understands that having a fake insurance policy amounts to having no cover and there are consequences holding an ordinary paper with hope of making a claim when risk occurs.

Effects of cheap/fake third party motor insurance policies

* Waste of hard earned income

Buyers and carriers of cheap or fake third party motor insurance policies, have only succeeded in using their hard earned money to buy worthless papers that are of no value.
To avoid parading worthless papers in place of insurance policy document, buy genuine policy from registered insurance practitioners and pay the regulatory approved premium.

* Penalties

In Lagos State, driving without correct third party motor insurance attracts N20,000 fine, which is higher that N15,000 approved for private vehicles.

* Police arrest

People buying cheap policy and driving with confidence that they have insurance, would be shocked when they are arrested by Police for breaking the law.

* Payment of third party damages

The value of the cheap or fake paper would be exposed when risk occur and the individual has to spend more in settling the third party damage personally.

As the word goes ‘Cheap article dey run belly’ stop patronising saboteurs, buy genuine third party motor insurance online through Nigerian Insurance Industry Portal (NIIP), registered insurance brokers and agents to save money and drive peacefully.

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