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

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.

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.

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.

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.

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.

Very organized con3. 9ja hail oooo

Afogbon wa customer

Ok

Peter obi knows about it .

And can explain better

Danfo dey get insurance?

Should be enforced. Very important

Really

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,
That's what insurance company are known for..

We don't have to blackmail.
Except, some insurance policy that will pay the person you hit and not you...

I've forgotten sha, Buh I know there are some policies bounding insurance of a thing

V

Watin concern agbero with overload.......

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.

Use them before critiquing them.
Insurance companies actually pay.

whats d advantage of d 3rd party 5k insurance we dey do o?

Where are the idiots abusing peter obi for lying.....

Statistically, these figures from Cornerstone Insurance is a BIG LIE.

The total number of vehicles owned by blue chip companies, those purchased under higher purchase or bank finance, those purchased brand new etc etc across 36 States will be more than 2.5m.

The stats is true.

If out of 12 million only 2.5 have insurance, that means out of 120million only 20.5 will have insurance do the math

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.

How much did you pay as insurance?

The rest are having 5k insurance that nobody authority cares about

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

thaler:
The rest are having 5k insurance that nobody authority cares about

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

Just 12million vehicles in Nigeria... we dont even av correct statistics!! That's number one failure. And u expect pple to av genuine insurance. And if we just av 12m vehicles in Nigeria, then truly theres extreme poverty in nigeria..

Me I do in the bank? My own dey among?

Less than sef!!


Who wan go dey talk long English with
Insurance companies?

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!