₦airaland Forum

xyrexzmanto:
This man have an estate in Galadimawa apo side close to Efab estate. Rest in peace sir.

I think it was named after him.

Hu

erico2k2:
The problem of some of you guys NIGERIANS is you assume too much, its obvious you have no clue how insurance work when it comes to motoring, sorry if I co me across harsh .If you don't know ask so that you save yourself from International embarrassment like you just did. The value of your car does not determine the totality of your premium. These are calculated with these factors.
NCD aka no claims bonus
Driver age
Age of Driving Licence
Where you leave the car at night
where you leave the car during the day
What you use the car for
you have owned the car
Kind and brand of car
Security you have in ur car ie tracker etc
How many other cars you own or drive or have access to.
Type of Insurance
Credit.
Where you live
These are the basics of what forms your premium.

In the Nigerian context, the most expensive to to insure should be the Toyota corolla. and I guess you know why and also the most expensive area to insure your car by my recollection is anywhere within a mile of LADIPO. I bet you know why too.

Ok sir, thank you. I actually know all of these you wrote. Of course, the risk factors (hazards) contributes to the determination of premium. I only responded to you earlier on the basics.

Mryacks:
Well noted....but is this the same third party insurance that is given to a motorist at Federal Road SafetyVIO offices upon renewal of vehicle papers? Or is this another scheme entire different by the Police?

It is the same sir.

oroje1:
Thanks for the update,,what if it's my vehicle that's damaged?how does this third party stuff benefit me.?

If your vehicle is damaged by another person, if the person has motor insurance or the least,3rd party insurance policy, his insurance company will repair your car.

Be mindful that 3rd party insurance takes care of the damage you caused other road users and not the damage done to your car. Only comprehensive policy takes care of your car.

erico2k2:
you are quoting a fixed sum cos there is truly no motor insurance in Nigeria. How can every one have same risk factor would you compare a 25 year ol Male and a 33 year old female as having same risk factor ? are the meant to pay same premium? So the Insurance premium for a 40 yr old man driving a 2025 range rover should be the same as a 30 year old man driving a 2009 range rover right?
I hope you can see that this insurance thing is just government making monies from its citizens not actually insuring the lives and goods of its citizens,

I understand your point. However, insurance relies on principles and actuarial, statistical analysis. Also, everyone doesn't have claim at the same time.

For Comprehensive insurance, the premium charged is dependent on the value of the vehicle.
I hope these clarified.

lebete3000:
Is this 15k paid just once, or how regular is it?

The premium is paid to last 12months after which you renew after the expiration.

MrJames007:
Really? I thought they don't work.

Thanks anyway.

Insurance works in Nigeria, one just need to be informed.

MrJames007:
Not this type of insurance.

He is very correct sir. 3rd party motor insurance takes care of the damages you cause other people. The insurance company pays up to 3million for cars or properties damaged and an unlimited amount to the 3rd party incase lives are lost through you. While you get nothing for your damaged car.
Only comprehensive insurance policy takes care of the 3rd party and your damaged car.

vikstandon:
Hmmm. But you and I know, this doesn't happen. You still repair the car, even when you have done insurance.

Yes, you're allowed to repair your car with an amount within an authorised repair limit and thereafter make claim from your insurer. This is only if you have comprehensive motor insurance because 3rd party insurance that costs 15k only covers the third parties i.e other people's car that you hit or damage to the tune of 3 million and an unlimited amount incase a life was lost through your reckless driving.

vikstandon:
What has Police to do with insurance?

And what does this third party insurance cover?

If I insure my car and something happens to it, will they pay claim?

Definitely, claims will be paid as long you notify your insurer and provide evidences required.

It is a compulsory insurance for motorists in Nigeria that pays compensation for damages done to other people's (3rd party) vehicles or properties to the tune of 3 million and an unlimited amount in case your vehicle kills another person.
And all you need to get covered is your vehicle's licence details, your valid ID and your 15k thereafter you have your policy in minutes.

In case of accident, all you need to do is to notify your insurance company and they will pay the damages you caused upon submission of required documents.

chukiz:
Which one is 3rd party insurance again, we already have third party insurance

This is highly condemnable. In Lagos for example the police need no stress the people over insurance policy because the eagle eyes cameras everywhere detects vehicles without insurance policies and get fined. Other states should tow similar path, at least it will prevent the this kind of harassment and in a way increase their IGR.

Besides, genuine 3rd party insurance is 15k with NIID verification. This is what I do!

For the benefit of those who have no idea of what 3rd party insurance covers. It is a compulsory insurance for motorists in Nigeria that pays compensation for damages done to other people's (3rd party) vehicles or properties to the tune of 3 million and an unlimited amount in case your vehicle kills another person.
And all you need to get covered is your vehicle's licence details, your valid ID and your 15k thereafter you have your policy in minutes.

In case of accident, all you need to do is to notify your insurance company and they will pay the damages you caused upon submission of required documents.

This is highly condemnable. In Lagos for example the police need no stress the people over insurance policy because the eagle eyes cameras everywhere detects vehicles without insurance policies and get fined. Other states should tow similar path, at least it will prevent the this kind of harassment and in a way increase their IGR.

Besides, genuine 3rd party insurance is 15k with NIID verification. This is what I do!

For the benefit of those who have no idea of what 3rd party insurance covers. It is a compulsory insurance for motorists in Nigeria that pays compensation for damages done to other people's (3rd party) vehicles or properties to the tune of 3 million and an unlimited amount in case your vehicle kills another person.
And all you need to get covered is your vehicle's licence details, your valid ID and your 15k thereafter you have your policy in minutes.

In case of accident, all you need to do is to notify your insurance company and they will pay the damages you caused upon submission of required documents.

This is highly condemnable. In Lagos for example the police need no stress the people over insurance policy because the eagle eyes cameras everywhere detects vehicles without insurance policies and get fined. Other states should tow similar path, at least it will prevent the this kind of harassment and in a way increase their IGR.

Besides, genuine 3rd party insurance is 15k with NIID verification. This is what I do!

For the benefit of those who have no idea of what 3rd party insurance covers. It is a compulsory insurance for motorists in Nigeria that pays compensation for damages done to other people's (3rd party) vehicles or properties to the tune of 3 million and an unlimited amount in case your vehicle kills another person.
And all you need to get covered is your vehicle's licence details, your valid ID and your 15k thereafter you have your policy in minutes.

In case of accident, all you need to do is to notify your insurance company and they will pay the damages you caused upon submission of required documents.

Kingzy4pep:
It's not exactly same here. I don't understand what's going on from my end and I've been sending mails.
So I funded my account one afternoon and the next day, early morning. The amount funded I funded in the afternoon just shows as processed but doesn't show as part of my balance while the one I funded the next morning is already part of my previous balance. I'm also not seeing daily interest accrued as I use to see them. Account seems to be static.

Try and call them. Also, try the chat box on their website. They are most times online.

Neurotika:
How do they operate, and what’s the composition of their funds? Also, how do they compare to Stanbic?… I’m risk-averse. Stanbic has been inconsistent with daily interest remittance, and it’s becoming ridiculous. I think it’s time to move on.

Well, I think Mmf is good for people who are risk averse. Stanbic rate, and daily remittance most times is better compared to AXA.

xcitedjay:
Started my investment journey years ago with Stanbic. This was the same reason I just opted to close my account with them and moved to AXA Mansard.

I Sincerely hope they imporve. Axa mansard is a darling. I have never had any course to mail or call them. Everything is smooth with them.

Sonnobax15:
Good day my fellow Nairalanders . Hope everyone of you out there is doing just great because I on my own has being so stressed out recently 😔. Even to the extent that I always forget my phone,not until I get home by the end of the day after every s

Nlfpmod
Mynd44

@Op, sorry for your ordeals.
Agents' excesses really need to be curtailed, most of them charge higher than the amount the house owner intend to give out his house, not to talk of agency fees and the intention to use their service fee. It's worrisome.

Wow, Baba Mai tuwo is gone! The whole of Langtang will miss him.

emmasoft:
I'm sure your concerns are getting attention as discussed.

Thank you so much sir. Talking to you was so much a relief, and as you mentioned, my account was upgraded and my fund transferred to my bank account this evening.

emmasoft:
Okay. This also apply if you as a customer do a transfer and your e-account was not stated as narration, the evidence of payment should also be sent to the customer care otherwise it's not necessary.

Well, it is noted. But currently, I'm pissed with Stanbic. Their onboarding and communication process is not what it should be. For instance, I registered with them, provided necessary details and KYC documents via the online portal and have been crediting my account steadily amounting to millions of Naira, they never send a mail that my account is in tier 1. I requested for redemption for over 24hrs, it was not processed. Same KYC details I provided other mmf operators, I used to redeem and was credited with 3hrs.

I put a call across to Stanbic to enquire why my redemption was not processed, they told me my KYC is incomplete blabla, they sent me amother onboarding form and that I should provide my KYC details all again.

This is so annoying, why wasn't I informed all these while that my account is in tier 1? Meanwhile I have provided all of these via the online portal.

And I urgently need the money cos after sending them the KYC details again and following up with call, they said 48hrs to process KYC. Same thing is happening to a friend . This is very annoying.

emmasoft:
MMF does not place a lien on any capital. The only message that can pop up when liquidating is to inform you that there will be 20% charge on any amount that is not up to 30 days in the total amount she is withdrawing except it's another type of mutual fund.

She can reach out to me or to customer care.

she contacted Cc. they told her that the lien amount was as a result of a transfer done to her account by a third party. Because the name didn't match her name,that's why they lien that amout. To resolve, they requested for the transaction receipt.

emmasoft:
MMF dies not place a lien on any capital. The only message that can pop up when liquidating is to inform you that there will be 20% charge on any amount that is not up to 30 days in the total amount she is withdrawing except it's another type of mutual fund.

She can reach out to me or to customer care.

Thank you for your response.

emmasoft:
MMF rates is not fixed because is daily valued, This is how MMF works globally and more so because it's not tenor based so investors get their returns based on when they entered and exited the fund.

Some reasons why I will Prefer MMF to Tbills

You can start mmf with much lower amount compared to tbills. With 5,000 you can start investing in Stabbic mmf. The least for tbills is 100k.

When rate increases, it will not affect already invested funds in tbills but it does with mmf

You can't top up with tbills. Top up is very possible with mmf even if you want daily top up.

Terminating before tenor expiration in tbills comes with penalties. For mmf after just 30 days, exit is without penalties.

mmf has other instruments like commercial papers that contributes to its rate.

You can easily automate reinvestment of interest in mmf ie taking advantage of the power of compound interest.

It's the investor that determines mmf tenor hence you can hold mmf as long as you wish no restrictions, tbills particularly primary auction has fixed tenors 3 months, 6 months or 1 year.

Right now mmf rates is on the rise.

However, that is not to say Tbills is a bad investment. The one you pick MMF or TBills actually depends on the reason for investing among other factors which most times are peculiar to the investor.

Bro, a friend started Stanbic mmf recently using your link, she needed money and wanted liquidate her money but a pop up shows that 100k of the money is on lien. She could not access all. So 100k was kept in the account and was denied her. Pls I have not experienced this before and know nothing to Tel her.

jaeyking:
The Airtel 5g mifi gives it

MTN fiber optic broadband
That's if you are in a broadband route

Oh okay, you're right. But no unlimited router package

jaeyking:
I think 20k for the Airtel 5g unlimited
Or 25k for the MTN broadband unlimited is a fair deal

are you sure about MTN having unlimited data package? Pls let's know how to subscribe.

Wolexyoshi:
The Grid is not use to stable power supply, that's why the thing dey collapse anyhow.

We can't eat our cake at the same time have it.

Truly speaking, it's been so long I bought fuel to Power my generator - IJEDE IKORODU, LAGOS.

POWER SUPPLY IS BETTER THAN THE WAY IT USE TO BE, WE MUST BE HONEST.

May Nigeria be great again.

A colleague attest to this. That itamaga-ijede axis enjoys stable power more than band A self.

sowunmisho:
Good afternoon Dear Ma, I almost thought the same thing too. But using the police from that same area might be futile. I counted the cost of taking police from another location, they already mentioned 50k for fuel.

In Nigeria, you could get there and the criminals would mention the backing that they have, and you/your entourage would have to turn back.

I have/kept screenshots of the particular alaba buildings during the live trackings

You could still have tried using the police from the Area headquarters or same place, strike a deal with them and the rest would be history. At times the police do help. So sorry for your ordeal.

Zonefree:
Woman don beat this one tire.

lol, see this one. I don't fight women.

This is disheartening. I had a similar experience of my phone pickpocketed in Lagos. I was rest assured that monies in the bank would be intact because I had fingerprint and sim locks in place.
Why not engage the police to track the gang to the locations where your phone was in alaba and ijanikin.

I will do this if I were in your shoe, everyone involved would be fished out and pay huge damages including the police expenses.

Also, don't ever put your phone in your pocket again. You can't be too smart for those rogues in Lagos. I have had my phones picked from my pocket twice.
Hold it firmly in your hand or put it in your back pack if in the bus.