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Nairaland Forum / Nairaland / General / Car Talk / What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? (18192 Views)
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Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by ndcide(m): 12:31pm On Mar 04, 2016 |
Dontbeused: Please can you educate me on the highlighted. |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by Bishop(m): 12:32pm On Mar 04, 2016 |
magicminister: You have missed some very salient point,Let me educate you There are 2 types of Vehicle insurance a.Comprehensive Insurance b.Third Party Insurance the Comprehensive as the name denotes covers your Liability which include your car and any other Liabilities..for example if your car was involved in an accident and it is discovered that you were the cause of the accident your insurance covers the cost of your car and the other Parties car. Assuming your car was stolen in a protected area your insurance company will cover the cost of your replacement to the tune of your insured sum. If during and heavy storm the fence in your house decides to give way and damages your car your insurance company will cover the cost of repairs,All this scenario is based on the fact that you pay your Premium. NOW lets go to third Party Insurance. This insurance ONLY covers the cost of REPAIRS of the car you are involved with in the cause of an accaident.The goverment made it mandatory for all Road users to be able to quickly resolve issues in case of an accident.when it is discovered that an accident is caused by one of the parties involved ,The faulty party insurance company takes over the cost of repairs. Let me add to it that you must ensure that you register with a Genuine insurance company,Most insurance done at VIO's Office is Fake please to check the genuiness of your vehicle insurance visit www.askniid.org if you dont find your vehicle information in this database then it is fake I do not work in an insurance company,But that is the CREDIBLE information at my disposal and i believe this helps 2 Likes |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by charasho(m): 12:33pm On Mar 04, 2016 |
3rd party insurance is not a scam. I have had a claim paid by an Insurance firm for the repair of a car that was damaged by my mechanic while driving my car. The thing is that 3rd party Insurance only takes care of the 3rd party and not your own car. The essence is to make sure that when u bash someone's car, ur 3rd party Insurance takes care of the repairs provided ur claim is valid. |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by Stylz69(m): 12:33pm On Mar 04, 2016 |
femi4:That's good to know that some VIO offices issue genuine insurance. I still maintain that a good number are not genuine and I would rather buy mine online. I didn't write JAMB in the digital age. I did mine when we still had to fill in paper forms and post and receive results in the post so I don't understand the correlation between the JAMB scratchcard and vehicle licence but I'm willing to learn if you wish to explain more |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by Nobody: 12:35pm On Mar 04, 2016 |
dominique: I really don't think it's mandatory here in the Abia state, because I have never been asked for it. I even saw a police officer reject it once, can one lay any claim with that shii? The only insurance I have is a comprehensive one with Mansard and it always suffice. |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by femi4: 12:36pm On Mar 04, 2016 |
Stylz69:Third party insurance scratch card exist. The card is N5000, all they do is scratch the card and use its pin to register online. |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by blank(f): 12:38pm On Mar 04, 2016 |
dominique: That is so not true. I have never bought those fake things from the crooks at licensing office (note i did not say from govt). I have never had issues with my genuine insurance by any police/FRSC/LASTMA/VIO. It is if you are ignorant that they will insist on that and you accept. Now that you know it is not compulsory, kindly walk into your nearest insurance company or broker and purchase a genuine insurance policy, third party or otherwise. |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by jagabanban: 12:41pm On Mar 04, 2016 |
There's obviously a lot of ignorance of the need and value of Insurance as demonstrated in some of the contributions to this post. The insurance law mandates every vehicle owner to have a minimum of 3rd Party insurance policy on their vehicles. National Insurance Commission (NAICOM) has set the minimum amount to be paid for 3rd Party polish as N5000. Any policy less than this amount is not genuine and in the event of an incident, you can't make a claim. Police ask for it because it's compulsory by law to have one. If you have a comprehensive policy, it's even better. Some opt for the cheap, ungenuine policies so the Police can "let me go" In addition, there is usually a revenue sharing agreement between government and insurance companies for insurance purchased at the vehicle registration office. It's safer to purchase directory from an Insurance Broker or the insurance company. You'll even get professional advise on the best policy type to purchase. |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by Stylz69(m): 12:42pm On Mar 04, 2016 |
Bishop:Just to add that there is actually a third one: Third party fire and theft. In addition to the third party cover, the policy holder is covered for fire and theft. So when those mechanics 'sarvis' your nozzles or leave a fuel line loose or you get firebombed by irate okada or keke napep rider cos you accidentally hit one... you are rest assured that you have some compensation |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by Stylz69(m): 12:51pm On Mar 04, 2016 |
femi4:Oh yes! I am aware of that and you are fortunate to have patronised an office that utilises the scratch card. I have no doubt that that will be genuine but that is an exception. Most will issue you the paper insurance typed there on the spot. |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by femi4: 12:54pm On Mar 04, 2016 |
Stylz69:That's the only method I know. The one you are talking about is done by tout not in VIAO office and its usually less than 5K. |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by Stylz69(m): 1:03pm On Mar 04, 2016 |
femi4:The only method you know doesn't necessarily mean that's the only method that exists. Let's not debate this any further. Some VIO offices utilise scratch cards and some collude with unscrupulous elements to issue worthless policies. Any insurance less than 5k is not insurance and Im not aware of this one. What do I know anyway... I'm just a car user who prefers to buy his insurance online. |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by femi4: 1:09pm On Mar 04, 2016 |
Stylz69:So, stop your general assumption that "All third party insurance done in VIO/licensing Offices are fake" |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by Stylz69(m): 1:16pm On Mar 04, 2016 |
femi4:Okay sir, I will revise my assumption , let it be know that MOST and not all of the third party insurance done in VIO / licensing offices are fake. However, if you want to be 100% certain that your insurance is genuine, shop around for your insurance yourself either online or with a reputable broker. VIO offices are not insurance firms so they have no business selling insurance. Is that okay now? |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by femi4: 1:23pm On Mar 04, 2016 |
Stylz69:Its OK but they have biz selling Insurance. Its a matter of choice. The emphasis should be on genuity of whatever you are given. All of us cannot go to insurance firm or access it online |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by Nobody: 1:43pm On Mar 04, 2016 |
Kachisbarbie:They don't remember asking you because you are beautiful and a woman, the moment they set their eyes on u they forget those tbings. They have ask me on several occations |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by delightf(f): 1:47pm On Mar 04, 2016 |
K |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by benbazus: 1:50pm On Mar 04, 2016 |
Stylz69: Can you let me know how you go about procuring yours online? |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by Objektive: 1:54pm On Mar 04, 2016 |
PLEASE NAME THE RELIABLE ONES THAT WE CAN ACCESS ONLINE.................. Stylz69: |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by Stylz69(m): 2:22pm On Mar 04, 2016 |
benbazus:I searched for 3rd party insurance on Google and got a hit. I visited their site and paid using interswitch. I received a pin in my email address which in used to log into the portal online. I filled in my vehicle details...type, model, color, VIN, engine number and all and submitted. Then uploaded my drivers license and vehicle license. That's all. I used gold link insurance company so do a search for them . There are others that provide online insurance so I am not endorsing this particular one. |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by Dieumerci(m): 2:24pm On Mar 04, 2016 |
Though I didn't go through the entire the thread but I am trying to understand what the Op is talking about. I have been paying for comprehensive insurance from insurance companies, in fact the expiry date of my vehicle insurance has always been different from the expiry date of other vehicle papers so I don't even renew them at the same time. No police officer or any other officer has ever asked for another type of insurance. |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by lanrejoe10: 3:04pm On Mar 04, 2016 |
serious question..I wonder why the CSO has not taken up the issue in court |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by abes(m): 3:24pm On Mar 04, 2016 |
You can check if you have a genuine car insurance on this site http://askniid.org Click on 'check policy' and key in your car registration number. You are welcome |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by freemile2ru: 3:36pm On Mar 04, 2016 |
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Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by femi4: 3:41pm On Mar 04, 2016 |
Dieumerci:Surely, you didn't understand the thread |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by Emypresh(m): 3:55pm On Mar 04, 2016 |
like my frnd rightly said...what u did is third party... wawaboy1: |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by ibadanchap: 3:57pm On Mar 04, 2016 |
anytexy: The reason is to protect and cover you for the repairs of your car if someone hits your car and it's not your fault. The other party may not be able to afford the cost of repairs of your car (and vice-versa). Hence most governments make it mandatory for road users to have a minimum 3rd party insurance. I have been living in Canada for almost 3 years now and 3rd party insurance as a minimum is mandatory. And police will ask you for it if you are stopped. That being said, I am wishing for the simple Naija flat 5k 3rd party. Sometimes we don't appreciate what we have unless you lose it. A little story: I drive a 2004 Toyota Matrix which I bought for like $5k some 18 months ago. The best quote I got for 3rd party insurance was $540 monthly (in a year, I will actually pay more than the cost of the car), comprehensive was $850 monthly. I had to beg a friend to add me as a 2nd driver on his insurance which now reduced my monthly premium to $330. Here your premium depends on what car you drive (statistics say some cars have accidents more than others), your age, how long you have been driving, where you live, how many km you drive on average daily, where you park your car (driveway or garage), whether you install snow tires in winter, if you drive your car to work etc. This information will not be verified, so you may go ahead and lie. But if you have an accident during the winter months for example, and you have no snow tire, and you said on your questionnaire you always use snow tires in winter, the insurance company will not pay your claims (Insurance are the same worldwide, they will avoid paying claims as much as possible) Every year when you renew your insurance agreement, your premium goes down a little. However if you have been involved in a collision during the last year, then your premium goes up the following month. And you are required by law to report to the police if you are in an accident where total cost of repairs is more than $1k, even if you do not claim insurance for the repairs. One of the reasons why insurance is so expensive here is that you almost always have to make a claim, as cost of repairs is high and claims go beyond car repairs. The 3rd party may also claim they are unable to work for a while because of the accident and the insurance has to pay them a monthly stipend. And just so you can compare, when I was in Naija, N5k was an insignificant amount of my yearly earning, here $330 is a very significant portion of my monthly salary. I always use a reputable insurance company when I was in Nigeria, and if you want to make it easier to make a claim, you may want to buy your insurance using a reputable insurance broker. But sincerely, reading this thread made me long for simple, flat rate, never changing 3rd party premium. |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by shaicollins(m): 4:05pm On Mar 04, 2016 |
Contact me for any form of insurance product or proffesional advice on any insurance policy....#God's favour is all I need. It was not a scam ,I work with I surance company ,it became Nigeria don't know there right 09039302845 |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by happyme4life(f): 4:51pm On Mar 04, 2016 |
let me educate you a little... 1. Third party insurance you buy from VIO does not belong to the government. 2.compulsory third party insurance cover is meant for you to buy from any reputable insurance company or insurance brokers and it is claimable. 3. the insurance company take of any third party liability you incurred in the cause of using your vehicle to a limit of N1M for property damage and unlimited for death or bodily injury but you will bear any loss or damage on your own vehicle except you have comprehensive cover which is a wider cover. WARNING: DONT buy third party insurance from VIO they will only give you fake insurance paper that is not registered with the insurance company. |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by Nobody: 4:59pm On Mar 04, 2016 |
dominique: You seem to have some problem with comprehension. The OP has thoroughly explained it is compulsory that you have insurance but it is not compulsory that you buy it at the VIO office. What else is it you still don't understand?!!! |
Re: What Is The Purpose Of The Vehicle Insurance Fees Imposed By The Government? by mcjamin(m): 5:34pm On Mar 04, 2016 |
For information on the best choice of insurance product to buy, depending on your need, WAPIC insurance is the company. Goto wapic.com and check out your options magicminister: |
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