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NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 - Car Talk (2) - Nairaland

Nairaland Forum / Nairaland / General / Car Talk / NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 (12118 Views)

NAICOM Increases Third Party Motor Insurance By 200% To ₦‎15,000 / NAICOM Set To Announce New Price For 3rd Party Motor Insurance / Comprehensive Car Insurance From First Bank Insurance (2) (3) (4)

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Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by ivandragon: 8:08am On Dec 25, 2022
Lol...

The 5k was to make it affordable for the masses. Those with expensive/top end cars paid premium.

So, why would the government decide to make things harder for people who could barely afford the 5k?

Why not work towards expanding the bracket rather than increasing the cost?

Never has nigeria had such an unreasonable, wicked & two-faced administration...

5 Likes

Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by Iamfavored: 8:08am On Dec 25, 2022
I will make a lot more money come 2023.
I will have more than enough come 2023.

My God shall supply all my need according to His riches in glory by Christ Jesus.

Merry Christmas!

2 Likes

Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by gonkin(m): 8:15am On Dec 25, 2022
After paying 15k one police will now tell me my papers na fake. Well dagbo go too plenty. Cuz many just do it to show police.
Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by Flier: 8:15am On Dec 25, 2022
Judolisco:
Rubbish.... Most Nigerians don't even make claims after an accident.... But no be their fault sha
Third party insurance is just to have paper to show law enforcement,you can't claim a kobo

1 Like

Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by Judolisco(m): 8:25am On Dec 25, 2022
Flier:
Third party insurance is just to have paper to show law enforcement,you can't claim a kobo
https://www.google.com/amp/s/www.vanguardngr.com/2019/02/you-have-right-to-compensation-with-your-3rd-party-motor-insurance/amp/
Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by Okarakwu: 8:27am On Dec 25, 2022
And have ur salary been increased in view of the high prices of goods ?
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.

1 Like

Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by maasoap(m): 8:33am On Dec 25, 2022
200% increase! The insurance benefits that over 90% don't even claim in Nigeria.

2 Likes

Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by shortgun(m): 8:51am On Dec 25, 2022
They don't even allow you choose the insurance company you want to use.
Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by kingmsookwagh(m): 9:03am On Dec 25, 2022
Even the 5k that men thought was much is now been increased.

Them wan just finish people wey get car finish KPATAKPATA!!! Untop another person motor wey you go fix o! How much will now be comprehensive??

Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by Mrtaye: 9:07am On Dec 25, 2022
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

2 Likes

Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by loganx: 9:08am On Dec 25, 2022
We should ask that NAICOM provides data on claims they have paid for the last 5 years. All they do is take advantage of us like we lack common sense.

8 Likes

Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by Nobody: 9:08am On Dec 25, 2022
Thieves, they never provide coverage.
Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by amliftedhigher: 9:10am On Dec 25, 2022
ExAngel007:


https://www.lindaikejisblog.com/2022/12/naicom-increases-third-party-vehicle-insurance-from-n5000-to-n15000-2.html
Do they pay?
Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by Nchenches: 9:15am On Dec 25, 2022
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.

Insurance companies in Nigeria make huge profit from insurance premium but don't tell their customers how to claim damages when vehicle accidents occur.
That's why we see motorists unnecessarily fight over vehicles accidents in Nigeria.

2 Likes

Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by TimeArena1(f): 9:27am On Dec 25, 2022
This is not nice at all o.

People are still struggling to pay the usual 5k and 7500 for private and commercial vehicles respectively.

I know a lot of motorists who haven't renewed their papers because of the renewal fee and now this.

It's well.

Merry Christmas, Nairalanders.

2 Likes

Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by Lookingback: 9:39am On Dec 25, 2022
MightyHand:


Let Someone with high Intellectual capacity, Explain to us here in details / steps, on how to claim damages from this insurance company...

Shear it as Christmas Gift to Us the ignorance folks

Please quote me when you get the information on that. I seriously need to know .
Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by Wisefellow(m): 9:54am On Dec 25, 2022
This is one of many ways govt. steal officially from the citizens using NAICOM as the regulatory and supervisory agency for insurance companies. Insurance should not be mandatory but optional.

The increment should be rejected by all Nigerians because there is no concrete justification for it. A lazy govt. will always look for cheap and easy ways of exploiting the people without corresponding growth and development of human and infrastructures in the state.

The third party insurance, as far as I know, is free monies for looting because I do not remember any insurance claim given over these past years especially on third party policies unlike comprehensive insurance policy.

NO JUSTIFICATION FOR THIS INCREMENT FROM N5000 TO N15,000.

1 Like

Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by DJInfluence: 10:02am On Dec 25, 2022
Anyone else see this as a fraud? What kind of car insurance cost 15k yearly? How come nobody ever makes insurance claim after an accident? Also insurance fee should be paid monthly not yearly. What if you changed a car mid-year or stop having a vehicle within the same year?

Maybe I misunderstood what this insurance is for, so am open to further clarifications from others here.

1 Like

Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by tnerro1(m): 10:06am On Dec 25, 2022
150% increase ke
Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by irririchris(m): 10:08am On Dec 25, 2022
That's a parting gift from Buhari

Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by citygarden(m): 10:15am On Dec 25, 2022
I support this, just to know the steps to take to reclaim damages


MightyHand:


Let Someone with high Intellectual capacity, Explain to us here in details / steps, on how to claim damages from this insurance company...

Shear it as Christmas Gift to Us the ignorance folks
Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by KayB: 10:16am On Dec 25, 2022
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
Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by crownmichael(m): 10:27am On Dec 25, 2022
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Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by olaeffect(m): 10:27am On Dec 25, 2022
loganx:
We should ask that NAICOM provides data on claims they have paid for the last 5 years. All they do is take advantage of us like we lack common sense.

With the number of people planning to re-vote APC does it look like we have enough common sense in circulation? grin

2 Likes

Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by saheed24(m): 10:30am On Dec 25, 2022
ExAngel007:


https://www.lindaikejisblog.com/2022/12/naicom-increases-third-party-vehicle-insurance-from-n5000-to-n15000-2.html
Had it been the way you people take dey increase things in dis era you use to increase your life-spam it would had been better
Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by consultancy: 10:31am On Dec 25, 2022
Nigerians are actually magicians, i tell you. Over the years, prices of virtually every item, goods or services have tripled, even quadrupled. But salaries never increase, when they do, they only increase marginally. Yet we survive

1 Like

Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by Gaddafih001(m): 10:41am On Dec 25, 2022
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.
Show me who has claimed his own and I will gladly buy the insurance package.

1 Like

Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by vince96w2(m): 11:25am On Dec 25, 2022
Anthony0094:
the time tinubu shoted buhari 5 times I knew something is coming
lol..I tire oo
Re: NAICOM Increases Third-party Vehicle Insurance From N5000 To N15,000 by rad8(m): 12:18pm On Dec 25, 2022
fashrola:


You think Insurance Companies in Nigeria would like to sensitive Nigerians on accident claims? Lol when they know an average Nigeria don't like stress and would not even bother that they have an insurance that can pay for damages

Insurance companies in Nigeria are making great money with millions of unclaimed damages

so whose fault is it; the companies or the individuals who don't even read their policies? As for the increase in premium rate, the current inflation rate warrants it. Maybe the previous N5000 rate was the major issue why ppl do not make a claim. maybe they found it too cheap and wondering how 5k can cover 1m. maybe if they pay more, then they might be more willing to benefit from insurance.

All insurance companies have details on their website on how to make a claim. If in doubt, use an insurance broker.

1 Like

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