FG don raise third-party vehicle insurance from N5,000 to N15,000
Di Federal Government don increase di amount third-party vehicle insurance to all motorists wey dey for Nigeria from N5,000, to N15,000.
Federal government tok say di new rate will commence from January 1, 2023.
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Nigeria apex insurance regulator, wey bi di National Insurance Commission, NAICOM, tok dis one inside dia new rates circular wey dem issue to all insurance company.
Dem title di circular, ‘New Premium Rate for Motor Insurance,’ signed by NAICOM’s Director of Policy and Regulation, Leo Akah
Hin explain say “ di main function of approving di rate na base on insurance premium under Section 7 of NAICOM Act 1997 and other extant laws.”
Hin tok aay di private vehicles wey dey carry goods go dey pay N20,000 as premium, staff buses go dey pay N20,000 as premium, trucks and general cartage go dey pay N100,000 as premium, other type of carriage vehicle go dey pay N20,000.
Tricycles, wey many pipol know as Keke Napep, go dey pay N5,000 and motorcycles, wey pipol know as Okada, go dey pay N3,000 as premium.
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