DelTel:


You are right, but it's #1m not #900k.

VIO don't and shouldn't sell anything including insurance. VIO and other security agencies should only ensure compliance and enforcement.

All Insurance should be purchased from reputable insurance company licensed by the insurance regulator NAICOM.

It is not 1m because the insurance company will deduct policy excess of 10%

ursullalinda:
A lot of Nigerians are not really exposed about somethings....they need to be educated about it and then see it play out....before them go get mind do better insurance.

You are correct; they are not really educated about it, and that is the reason you see fight every time cars hit each other instead of just exchange insurance, vehicle, and drivers information. In addition, insurance companies are not helping the situation, they need to link any driver that is the cause of a compensation and the beneficiary of the compensation in their NATIONAL DATA so all the insurance company could make sure such driver pay the consequences for his/her action by increase cost of his/her coverage. If that is done, there will be some sanities on our roads.

iyatrustee:


Insurance companies pay claims. It is just that most people don't file for the 5k third party. . You can imagine free money they make yearly
I have claimed 80k repairs for a car I hit a while ago. I had to fix mine myself cos I had a 3rd party insurance.

They would rather fight each other and cause unnecessary traffic than just exchange insurance and vehicle information for claim procedure.

Why will dey even have insurance at all?


Am surprised up to 2.5 have

Yeye dey smell

DelTel:


You are right, but it's #1m not #900k.

VIO don't and shouldn't sell anything including insurance. VIO and other security agencies should only ensure compliance and enforcement.

All Insurance should be purchased from reputable insurance company licensed by the insurance regulator NAICOM.

It’s 900k you’ll get not 1m. 3rd party insurance (for most coys) is worth 1m max but there’s an excess buy-back policy of 10%.

AutoJoshNG:
Only 2.5m of 12m vehicles in Nigeria have genuine insurance. This is according to Cornerstone Insurance PLC.

They made this revelation during a campaign to sensitise the drivers on the need to acquire third-party insurance policy as well as expose its benefits to them.

The campaign by Cornerstone Insurance became necessary in order to break the ignorance among motorists on the necessity of obtaining genuine third party insurance policy as well as access its numerous benefits.

According to Pelumi Akindumusire, the Ikeja branch manager of Cornerstone Insurance plc, Ikeja Lagos, “out of the 12 million registered vehicles in Nigeria, only 2.5 million have genuine insurance cover”.

“It is not as if those motorists do not possess insurance certificate, but that, the policy they have is fake and that is why the Insurance industry has looked for a way to use the Nigeria Insurance Industry Database (NIID) to address the challenge,” Akindumusire said.

He also added that the industry also partners with the men of the Vehicle Inspection Services (VIS) and Federal Road Safety Commission (FRSC) to monitor fake insurance policy-holders.

Source:

https://autojosh.com/only-2-5m-of-12m-vehicles-in-nigeria-have-genuine-insurance-cornerstone-insurance/

L

issurance is a scam in Nigeria, government only uses it to generate money and increase igr

oz4real83:
For the 2.5million that have insurance policy, how many of them gets compensated when accidents occur? That's when stories will start pouring out from the insurance companies.

They get compensated

ASHLAND:
They would rather fight each other and cause unnecessary traffic than just exchange insurance and vehicle information for claim procedure.

Exactly!! Ever since that experience, i switched to doing comprehensive insurance. Funny enough one can get rates between 3% of 5% these days

DelTel:


How then do you get to convert new prospects when you visit same particular clients every month.

The insurance contract is between the insurance company and policyholder, you as an agent is not a party to the contract. Cash collection under any guise or intent is frowned at, not only for insurance premium and financial institutions transaction, but all corporate institutions with proper risk management framework.

I want to believe your company organizes AML/CFT training for you guys, have you ever attended?

Are you also aware that a large percentage of the unresolved complaints against insurance companies not fulfilling their obligations to policyholders emanated from non-remittance of contributions (payment) by some agents who collected cash from policyholders just like you are doing.

About converting new prospects--- As I said, my old clients do well to recommend my services to friend and family. So I hardly need to go sourcing for new business.

About visiting the same clients every month---- That's largely due to time management and logistics. You have to group clients, so you can know who and who to visit each day. OF COURSE you can't visit them all.


About collecting cash payments--- Most people are hardly afforded time to leave office during working hours. Giving them the option of cash payment in my opinion is a GOOD SOLUTION to this challenge.

Moreover, what's there to worry about when they recieve their payment receipt, they get alert and they also see me monthly. Still firing 100 percent with my employers.

I don't think there is room for legal disputes as long as I keep doing what I do with integrity.

With all due respect, this is the last reply I will be giving on the matter. My day starts now. Cheers!!!

bonnyhope:


Oga which insurance company do you use?

mansard

jeff1607:



Care to share the name of your insurance company?

mansard

ednut1:
mansard

thanks, would check it out

ednut1:
i have claimed 35k( was hit from behind) and 80k(new bumper, paint and side body work) in 3 years from my insurance company. Use reputable ones not mushroom.

Bros which insurance company do you use?

Enyimbamercedes:


It is not 1m because the insurance company will deduct policy excess of 10%

Deduction of policy excess of 10% or #1,000 whichever is greater from #1m not #900k.

elshanAutos:

It’s 900k you’ll get not 1m. 3rd party insurance (for most coys) is worth 1m max but there’s an excess buy-back policy of 10%.

Deduction of policy excess of 10% or #1,000 whichever is greater from #1m not #900k.

We seems to be saying the same thing but using different approach.

salbis:
I pay insurance every year on my car when renewing my papers, but i never claim anything. May be na audio insurance company i'm paying to.

lol

DelTel:


Deduction of policy excess of 10% or #1,000 whichever is greater from #1m not #900k.

I’ve have made two successful claims on a third party insurance and got a maximum of 900k in both cases.

Now what is 10% of 1m? 100k

What is greater 1k or 100k?

Like I said ... and I am referring to the maximum claim you can get from third party is 900k.

In one instance, the total cost of repair was over 4m and you get only 900k.

I really don’t know where your argument is

Yodexy:


About converting new prospects--- As I said, my old clients do well to recommend my services to friend and family. So I hardly need to go sourcing for new business.

About visiting the same clients every month---- That's largely due to time management and logistics. You have to group clients, so you can know who and who to visit each day. OF COURSE you can't visit them all.


About collecting cash payments--- Most people are hardly afforded time to leave office during working hours. Giving them the option of cash payment in my opinion is a GOOD SOLUTION to this challenge.

Moreover, what's there to worry about when they recieve their payment receipt, they get alert and they also see me monthly. Still firing 100 percent with my employers.

I don't think there is room for legal disputes as long as I keep doing what I do with integrity.

With all due respect, this is the last reply I will be giving on the matter. My day starts now. Cheers!!!

Do have a great day ahead.

The message has been passed to every policyholder not to pay cash to any marketer of any company, be it insurance or otherwise.

The insurance regulator - NAICOM released "Market Conduct and Business Practice Guidelines" for all insurance companies' employees wherein acceptable mode of premium collection, remittance are clearly stated.

Cash payment or bank transfer should be made into designated bank account of the company not otherwise. Any money handled over to any marketer is at the policyholders risk as boldly stated on Proposal Forms.

The law/rules/guidelines/ethics of a profession are meant to be obeyed; nothing like genuine trust, integrity in business practice.

Once again, do have a great day and weekend.

You can make claim on Third party Insurance which cost (N5,000) of up N1 Million. But it is for the third party. Meaning if I have a Third party Insurance and I hit your car. My Insurance covers you to repair your car, I will have to fix my own car myself.

BarrSly:
Can I get insurance for a bike I bought for my dispatch business? I’ve been to Leadway but they are not serious people their agent at the office keeps telling to come next week

I can help you with the Moto-cycle insurance : ogbpascal@gmail.com

Enyimbamercedes:
Problem is for us, we only get the insurance to avoid hassles from FRSC and VIO without knowing the real benefits. You’ll see motorists involved in a collision trading punches rather than getting insurance details.

Third Party works! You can claim up to 900k on repairs if you are involved in a collision with a third party insurance holder. 900k is the maximum on this kind of insurance. This is the least cover you can get and it costs 5k. You are better off buying it online from a reputable insurance company of your choice. You are not compelled to buy it from VIO!

Third party fire and theft gives you more cover and protects you from loss due to fire and theft.

Then you have comprehensive cover that covers loss to your car and damages to a third party.

You are better off approaching a broker directly than buying from VIO!

is it 5k monthly?

Busilala:
You can make claim on Third party Insurance which cost (N5,000) of up N1 Million. But it is for the third party. Meaning if I have a Third party Insurance and I hit your car. My Insurance covers you to repair your car, I will have to fix my own car myself.

what if the car u hit is not insured

pat077:
is it 5k monthly?

Annually