Despite the benefits from motor insurance cover, the Nigerian Insurance Association says over 12 million Nigerian motorists carry fake insurance papers.

Investigations by stakeholders in the sector, revealed that many motorists prefer patronizing fraudsters for insurance papers rather than obtaining valid certificate that would provide cover and compensation in times of accident.

Nigerian Insurance Association boss, Mr. Sunday Thomas who spoke to reporters in Asaba, at the weekend said that the development had not gone down well with operators in the industry who have decided to collaborate with law enforcement agencies to put an end to fake insurance business in Nigeria.


He said that the industry had continued to record increase in the number of genuine insurance policies registered in its Nigerian industry data base, adding that “the vehicles on the Nigerian roads are between 16 million and 17 million but what we have registered in our data base is about 4.3 million, it is possible that insurance cover of some expired and have not been renewed.’’

Noting that the association was trying to separate the expired policies from the current ones to determine the actual number of vehicles with genuine insurance, Thomas explained that the industry data base was introduced to curb the proliferation of fake motor insurance papers, provide information on the details of vehicle on the Nigerian roads as well as enhance the verification of certificates in owners’ possession.

He said from available statistics on the number of motorists that are using fake insurance papers, it was obvious that many motorists are unaware of the position of the law on defaulters,.

He said section 68 of the Insurance Act 2003 states that “ no person shall use or cause any other person to use a motor vehicle on the road, unless a liability which he may thereby incur in respect of the damage to the property of third parties is insured with an insurer registered under its act, the insurance states that the law shall cover the liability of not less than one million and that a person that contravenes the provisions of that section of the law commits an offence and will be liable on conviction to a fine of N250,000 or imprisoned for one year.”

http://www.akelicious.com/2018/01/12-million-nigerian-motorists-carry.html

Absolutely true

Na una dey sell am

If only the government was effective.. These wouldn't happen.

By the way.

We have bigger issues plaguing us aka APC

Next year is elections.

Who would you vote for?

Like for Buhari.

Share for Anonymous.

This people will stay in office and start giving fake figure.

And where do they get it from. Obviously from same institutions that provides the original. Weak institutions leads to weaker societies

Although insurance is important, this government does not have any right to point out the fault in its citizens.

Everything just cast abeg. The insurance companies are just there to receive premiums and abandon you when you really need them. So why effing bother?

In Tuface voice "Don't let this Opportunity pass you by!
As long as People eat food, the World needs Caterers. Don't be jobless in 2018. Mama Exotic is currently offering Free New Year Trainings in Abuja, don't miss it! Exotic Cake Baking, Wedding Outdoor Catering, Smoodie Production, Delicious Local Meals, Hotel Food Supplying, Interior Decor, Event Management, etc... Give your Sisters her number, they need this opportunity. Save and Contact O7O69 1 912 22

No be govt officials dey issue am ni

how is that motorists fault? The so called officials issue Fake insurance papers with one rubbish card they picked from trash.

Me inclusive

jeeqaa7:
If only the government was effective.. These wouldn't happen.

By the way.

We have bigger issues plaguing us aka APC

Next year is elections.

Who would you vote for?


Like for Buhari.

Share for Anonymous.

INEC !!!! .. Isn’t it too early for election?..

Since there's no money to buy original let us manage fake since its affordable. After all its the insurance agents that still give us the fake after seeing that we can't afford the original.

Badboiz:


INEC !!!! .. Isn’t it too early for election?..

It isn't afterall na last year Apc begin prepare

So true.. the craze for cheap insurance is legendary in this part of the world. I wonder if people even really know what insurance is or why it is so important.

Lazy bones...

Noting that the association was trying to separate the expired policies from the current ones to determine the actual number of vehicles with genuine insurance, Thomas explained that the industry data base was introduced to curb the proliferation of fake motor insurance papers, provide information on the details of vehicle on the Nigerian roads as well as enhance the verification of certificates in owners’ possession.

Elparaiso:
Although insurance is important, this government does not have any right to point out the fault in it's citizens.

Everything just cast abeg. The insurance companies are just there to receive premiums and abandon you when you really need them. So why effing bother?

Good morning friend ,
I disagree with you on aspect of claim ,every insurance pay claims as much you send for Notification of claim,I work in insurance company and we pay claims everyday.
Ask me any insurance Advice

Let something happen to that car and you will realize they are just there to collect premium.

A manager in one of the top insurance firms in the country made me understand very clearly that the 3rd party insurance they issue to motorists come with no claims whatsoever.
She said the papers was just to pass police check point.

Simply put, the 3rd party insurance being issued in the country by insurance companies are forged documents meant to pass check points.

D STATEMENT IS TRUE BUT DO U BLAME NIGERIANS. HOW MANY INSURANCE PPLE R TRULY SINCERE.

Maybe.
I know I'm included.
I did that fake thing just to get around town for a week.
I tell you for over 6 months now,I never reason am.
Na kuku wasting of money b4.
If I have extra 5k I might just do the original.
Make I assume this is a reminder.
Where can I get 5k that has no usefulness to throwaway?

shaicollins:


Good morning friend ,
I disagree with you on aspect of claim ,every insurance pay claims as much you send for Notification of claim,I work in insurance company and we pay claims everyday.
Ask me any insurance Advice

D GUY IS RIGHT, COS I USED NIGER INSURANCE B4. TILL 2DAY ALL D MONEY I PAID INTO DAT R GONE. I DON'T WANT TO START WITH INSURANCE COYS, COS ALMOST ALL MY FRIENDS HAVE ONE BAD THING 2 SAY ABOUT DEM.

And who gives d paper to dem? Its still d vehicle licensing office dat issues papers which always includes insurance.

After all,the govt her own leaves many fake predence behind there4 her citizen emulate the governance..

They do so BECAUSE THE INSURANCE COMPANIES ARE FRAUDS!

Just because the idea of insurance works in advanced countries doesn't mean they should be implemented here. Has any insurance company paid out claims in this country?

The politicians and their fraudulent private sector minions push insurance to steal from the people. Basically, they Want you to pay them for some insurance policy that they will refuse to pay claims on, when the policy holder suffer losses.

Everything is a fraud in Nigeria. Nothing works. But ofcourse the citizens suffer from inferiority complex - they reason why they copy everything from highly advanced countries. Let us concentrate on fixing the basic things in this country first, before we copy highly complex risks management models, such as insurance.

The insurance industry entails risk management. State of roads, mechanical road worthiness of vehicles, driver education, competence of the Police in investigating accidents in order to determine fault, etc. are some of the factors that determine the workability or viabilty of the auto insurance industry. These factors are necessary because insurance companies use them to decide whether to pay claims or not and to decide which policy/company pays for damages, in cases where two or more vehicles are involved.

But you and I know that in reality:

1) Our roads are very bad and prone to accidents.
2) Most vehicles on Nigerian roads are not road-worthy and majority of drivers don't know how to drive, ofcourse because they bought the drivers license and never really learned how to drive and rules of the road.
3) Our police do not have the capacity to investigate accidents in order to determine fault.

So, on what basis do auto insurance companies in Nigeria reimburse policy holders for loss claims when the conditions required for them to make claim decisions are absent. Under our conditions, there is no auto insurance company that will not suffer huge losses because of high claims from their policy holders. Insurance only works when more people pay into it and the companies reimburse very little for losses.

Auto insurance companies in Nigeria DO NOT INTEND TO PAY THEIR POLICY HOLDERS LOSS CLAIMS. THEY ONLY WANT TO TAKE IN PAYMENT FOR POLICY BUT DON'T INTEND TO PAY OUT DAMAGES OR CLAIMS.

Until the factors that I have highlighted above are addressed, AUTO INSURANCE IN NIGERIA WILL REMAIN A SCAM!

jeeqaa7:


It isn't afterall na last year Apc begin prepare

Lol

Which makes it a huge scam! Selling a worthless paper with no benefit to the buyer is fraud! The auto insurance companies selling the policies know this. The idiots in government who mandate this know that it is a fraud. Even the Police know that it is a fraud meant to enrich the company owners only! And the company owners share the monies they steal from those who buy the papers give some of the monies to government officials and that explains why they are pushing for more people to buy so they make more money.

As usual, everything about this country is a fraud and the largely illiterate populace do not know their rights. I weep for this country!

goldfish80:
A manager in one of the top insurance firms in the country made me understand very clearly that the 3rd party insurance they issue to motorists come with no claims whatsoever.
She said the papers was just to pass police check point.

Simply put, the 3rd party insurance being issued in the country by insurance companies are forged documents meant to pass check points.

Very true. Insurance certificate which costs between N900 - N1200 is just to give you an easy passage at police checkpoint.

Only few Nigerians do Comprehensive insurance, and mostly better government workers who through their offices gets it done.

OP so na Wetin consign you inside?

I have never seen insurance paying after any mishaps, why waisting money for one coy, to be using my money to ride big cars