In recent times, there has been incidences of vehicle accident resulting in damage and death of third parties including passers-by.
The latest was the crushing of highway sweepers in parts of Lagos, and other similar incidents where people died because of vehicular accidents.
In most of the cases, people resort to fighting, killing themselves, and even going as far as borrowing money to meet claims obligation resulting from such incidents, without realising that the Motor Third Party Insurance they have can actually take care of the expenses, including in the event of death occurring.
While, insurance however will not be able to bring back the dead to life, it will help the owner of the insured vehicle take care of the burial expenses, legal issues and other costs that may emanate from that single incident.
Therefore, the N15, 000.00 Motor Third Party Insurance you have taken for that your car can actually protect you against third party damage, as well as death.
With the new tariff on motor third party insurance effective 1st January 2023, NAICOM is driving to see that motorist have adequate cover to protect citizens and assets that become victims of accidents on Nigerian roads and across the ECOWAS Region.
Under the new tariff released on 22nd December, 2022, private vehicles that were paying N5,000 premium for N1 million Third Party Property Damage (TPPD) limit, are now to pay N15,000 premium for N3 million, while owner good vehicles are to pay N20,000 premium for N5 million compensation limit, and staff buses are to pay N20,000 premium for N3 million.
For commercial trucks and general cartage, they are to pay N100, 000 premium for N5 million TPPD limit; tricycles N5, 000 for N2 million TPPD limit, and motor cycles N3, 000 for N1 million TPPD limit.
While for comprehensive motor insurance policy, premium rate shall not been less than five percent of the sum insured after all rebates and discount.
To verify the genuineness of your motor insurance, the Nigerian Insurers Association (NIA) advise that you run your policy in the Nigerian Insurance Industry Data base (NIID).
Therefore, if your policy document is not captured in NIID, then that policy document you have as motor third party insurance certificate is fake and worth nothing.
You can actually verify it yourself from anywhere you are. This has not only brought a check to fake documents, it has now empowered you to make claims on all third party liabilities.
To verify the document, simply apply this code into your GSM handset, and in seconds, the status of your insurance is displayed on your screen. (SMS: policy number*plate number to 33125).This is compliant with all networks.
If the resultant message says, “not available on NIID date base, then know that what you are parading as insurance is fake. But if it’s there, it tells you immediately the name in which your vehicle is registered; the make and model of the vehicle; the colour of the vehicle; name of the insurance company and date of expiration of the policy.
“Verifying the authenticity of your vehicle insurance policy on the NIID gives you peace of mind and assurance that your claim will be paid,” the Nigerian Insurers’ Association stated.