Of the estimated 13million vehicles on Nigerian roads, only three million of them have at least third party motor insurance certificates, while about 10million of them remain uninsured, LEADERSHIP checks have revealed.
Third Party Vehicle Insurance comes at a fixed price of N5, 000 for privately used saloons and SUVs, while commercially used vehicles are charged N7,500 and N5,000 in some cases. Similarly, they were already discussing with Kaduna, Niger, Kogi and Ogun States to ensure that motorists get genuine insurance cover at the point of renewing their vehicle particulars at licensing offices across the aforementioned states.
“We are also working closely with the state vehicle inspection service on enforcement of Third Party Motor Insurance in the states. We are engaging Niger, Kaduna, Kogi and Ogun States, and remain hopeful that other states will see value in the platform and embrace it. Out of the estimated 13million vehicles in Nigeria only about 2,939,767 Third Party Motor policies are in force as of April 26, 2021,” he noted.
“In the end, the two vehicles involved in such an accident will sort themselves out or the vehicle owner will decide to fund the repair of his vehicle himself when in the real sense they can exchange their respective third party insurance certificates to fix their vehicles,” she pointed out. “In the event where an accident would likely lead to a claim, the policy holder, through his broker or in person, if he has no broker, must notify the underwriter as soon as possible. His responsibility is to describe what happened. It is not his responsibility to accept liability for the loss. That is for the underwriter to determine based on the account of the accident by the policy holder.
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