nymphomaniac:
Oh wow. More money for the insurance companies and more stress for Nigerians.

NAICOM should go beyond effecting an increase in the cost of buying third party insurance and look at the stress Nigerians face in utilizing the said insurance. A lot of Nigerians don’t know how to claim when they have an accident.

Contact Professionals like us to buy Insurance plans. I get claims and benefits for all my clients.

KayB:
Nobody will take action now!!! Concerned groups will not make their grievances known and shove it back to Sender because it's an arbitrary decision but you will start hearing gibberish after the law is passed due to their inaction

Why should anyone take an action? It's all for your good. if you understand the basic principle of insurance, you will know that it is essentially a pool where people contribute their premiums to meet the needs of those who might make a claim (and also to form a reserve to meet later claims and the insurance company's profit). Now, there will be trouble if the amount contributed is no longer sufficient to pay claims as the cost of replacing parts or vehicles/ buildings has since skyrocket. A car worth N1.2m in the past is now going for N3m and above.

I hope you now understand why no one will raise any voice or do anything. I also hope you are not one of those ppl who would say anything without first researching about it.

Anyone who wants to contradict me should know I have an Msc in this.

Shey it's still 5k till January. Make I run go do am.

Actuarydeji:
I can only attribute the increment to the high prices of goods in the markets. The value of 5000 naira some years back is not the same as at today.

What brings about the high prices of goods is Bad government. Bad government is the cause of the increment. Price of commodities are going high everyday . Only a wicked sadist will vote APC again.

Yampotatocarrot:
Do these insurance companies actually pay when one has an accident?

Although one of the best places to work is an insurance company. They pay well and always have wonderful packages for their workers at the end of the year...

You are right.

Ensure you have professionals like us to handle your account.

Mrtaye:
Na wah ooo third party insurance that is just formality,you will suffer like hell to get your claims and nothing will come out of it after waisting your y

Ensure you have professionals like us to handle your account.

Steps to make third party claim.

Please kindly note, the claim request is not for insured but for third party involved, the third party insurance is just to protect the owner of an unplanned expense.

All settlement would be paid to the third party involved. I.e the person your vehicle mistakenly damage their property and not necessarily limited to cars but to other properties too.

Step1,

This must be done at the spot of the accident.
Take pictures from every possible angle capturing the incident and make sure the vehicle registration number of vehicles involved are captured.

Step 2,

Go to the nearest mechanic workshop or better still, quickly get your most frequently visit mechanic workshop personnel to give you an estimate reasonable enough that if you are to pay for it yourself you will be satisfied with such quote.

Step 3,

Some insurance company make it mandatory for you to get a police report of the incident while some insurance might not require it if the quote is less than 300,000.
Well to avoid back and forth a police report will be ok to present.

Step 4,

Go to the insurance company or connect with your insurance agent/broker to a claim request form.

Step 5,

Fill your claim request form, present it along with the pictures evidence of the incident, along with your repair estimate from the mechanic workshop, and the police report.
Submit all to the insurance company directly or through your agent/ broker, then follow up after 48hrs.

Maximum period for third party claim settlement should not be more than 3 weeks.

Leadway assurance that I know can settle third party claim not more than 300k with in 24hrs to 72hrs, above 300k might take 5 working days, in complicated cases that involves further investigation of the claim request might take 3 weeks.

rad8:


Why should anyone take an action? It's all for your good. if you understand the basic principle of insurance, you will know that it is essentially a pool where people contribute their premiums to meet the needs of those who might make a claim (and also to form a reserve to meet later claims and the insurance company's profit). Now, there will be trouble if the amount contributed is no longer sufficient to pay claims as the cost of replacing parts or vehicles/ buildings has since skyrocket. A car worth N1.2m in the past is now going for N3m and above.

I hope you now understand why no one will raise any voice or do anything. I also hope you are not one of those ppl who would say anything without first researching about it.

Anyone who wants to contradict me should know I have an Msc in this.

I beg to disagree that it is for the good of Nigerians!

Nigerians have greatly lost confidence in Insurance, compared to banking, as a result of past sharp practises regarding claims. Also, people are subjected to unnecessary T&Cs hidden ambiguously under contract policy signed by respective customers.

If government had not made Third Party Insurance or comprehensive insurance policy compulsory, majority of car owners will not buy into it. This is because insurance in Nigeria is not to mitigate against loss as claimed but for profit making avenue. Most insurance sales personnel sell policies not based on needs but benefit.

Can NAICOM tell Nigerians the total amount realized by insurance companies from automobile insurance policies ( TP/ Comprehensive) sold in the last 10years? How much claim was made during the period under review? What is the customer experience rating by policy holders? What have the insurance companies done with premiums collected during the same period?

post=119412595:
We hope many Nigerians can take the priority of having insurance in all sphere of life more seriously.
It saves lives and give you peace of mind.



You have a very good point here Bukola.
Merry Christmas to you and all Nairalanders.

I don't just understand you guys.. Everything is always right. A thief stole a king's Car and his insurance company posted him until he got tired.. And he got angry and bought a New Car without Insurance company paying a kobo... if they could do that to a king what about we the masses.. Well I have red all ur comments on Nairaland every policy is always Good to you.. I will not argue with you becos you might be dinning and chiling with Authorities..

ExAngel007:


https://www.lindaikejisblog.com/2022/12/naicom-increases-third-party-vehicle-insurance-from-n5000-to-n15000-2.html

This people will finish Nigerians b4 2023 election

mayor0505:
Steps to make third party claim.

Please kindly note, the claim request is not for insured but for third party involved, the third party insurance is just to protect the owner of an unplanned expense.

All settlement would be paid to the third party involved. I.e the person your vehicle mistakenly damage their property and not necessarily limited to cars but to other properties too.

Step1,

This must be done at the spot of the accident.
Take pictures from every possible angle capturing the incident and make sure the vehicle registration number of vehicles involved are captured.

Step 2,

Go to the nearest mechanic workshop or better still, quickly get your most frequently visit mechanic workshop personnel to give you an estimate reasonable enough that if you are to pay for it yourself you will be satisfied with such quote.

Step 3,

Some insurance company make it mandatory for you to get a police report of the incident while some insurance might not require it if the quote is less than 300,000.
Well to avoid back and forth a police report will be ok to present.

Step 4,

Go to the insurance company or connect with your insurance agent/broker to a claim request form.

Step 5,

Fill your claim request form, present it along with the pictures evidence of the incident, along with your repair estimate from the mechanic workshop, and the police report.
Submit all to the insurance company directly or through your agent/ broker, then follow up after 48hrs.

Maximum period for third party claim settlement should not be more than 3 weeks.

Leadway assurance that I know can settle third party claim not more than 300k with in 24hrs to 72hrs, above 300k might take 5 working days, in complicated cases that involves further investigation of the claim request might take 3 weeks.

Na wah oooo police report na free

How much did they pay out this year?
Or the previous year?
Not to just be collecting from people.

You are correct my friend. But what do you want to claim on 15k naira per anum? How can some one in small Cameroon pay 150k naira per year and we Nigerians are paying 15k per anum and we want same services?

You get what you pay for!

Saywhat10:

This is not what we need at the moment,the nation is bleeding and you think increase in car insurance that will benefit only the few rich people amongst us is the far forward? Insurance companies are not ready to pay a single claim,they will frustrate you till you give up,I know some people working in insurance sector and it's the same story,how do you expect an ordinary man who works as a bricklayer or mechanic but is fortunate enough to own a car to walk up to these companies and lay claim.....they will just frustrate him

Good day members. I am Segun Adebanjo and an insurance practitioner. I want share my thoughts in respect of recent review of motor insurance rate.

It is very possible to make claim under your third party cover as long as it is not from oluwole or fake. There are registered insurance brokers in the market that can assist. Its always better to purchase your insurance through a broker. List of registered insurance brokers are available with ncrib or naicom website. If you need assistance with your insurance or claims please reach me on my mobile no 08148321964.

This should be on front page