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NAICOM, operators charge Nigerian on motor insurance

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Driving on public roads without motor insurance policy is an offence punishable by law.

The regulatory body of the insurance industry, the National Insurance Commission (NAICOM), insurance operators under the umbrella body of Insurers Committee made this known in a statement made avilable to journalists.

The Committee, which has in recent times been educating the public on the need for insurance and its benefits said it is a must for vehicle owners and all others driving on public roads to have a motor insurance policy in place.

The Chairman, Sub-Committee on Publicity and Communication, Insurers Committee, Mr Oye Hassan-Odukale in the statement said motor insurance protects road users from unexpected occurrences on the highway.

According to him, having motor insurance goes beyond being safe from road safety officials.

He explained that there are two kinds of motor insurance namely, Third Party Motor Insurance and Comprehensive Motor Insurance.

He called on every Nigerian who have cause to drive on the road to purchase motor insurance policy, noting that the premium for Third Party is as low as N5000

He said: “It protects road users from unexpected occurrences on the highway. Insurance covers when someone bashes your car or breaks into your car, as well as cases of accidental damage to third party property while driving.

“As the name implies, Third Party Motor Insurance covers for accidental damage or injury to third party property, which refers to other road users while driving. It does not cover accidental damage to the insured vehicle. Comprehensive motor insurance on the other hand covers for loss or damage to the vehicle caused by fire or theft, damage to third party as well as personal injury or fatality resulting from accident. It also comes with perks, such as covering the cost of towing your vehicle, as well as a car tracker.”

“It is worthy of note that insurance companies in Nigeria under the umbrella of Insurers Committee and National Insurance Commission (NAICOM) have made insurance policies to be affordable to all Nigerians. With N5,000, you can get your third party motor insurance. The companies have gone a notch higher to ensure Nigerians don’t fall victim to false schemes. Anyone can now validate a motor insurance policy by dialing this simple USSD code –*565*11 and follow the simple steps to confirm if your vehicle insurance is genuine”, he added.

Managing Partner, Alder Consulting on his part said to propagate the mandatory message of motor insurance and it’s benefits, a brand activation event will be taking place at the Jabi Lake Mall, Abuja in July. This activation is being co-ordinated by Alder Consulting, on behalf of all insurance companies in Nigeria.

“There will be another brand activation at the Ikeja City Mall, Lagos. The goal of this activation is to highlight the benefits and importance of fire insurance for Nigerians who own various assets. Fire insurance is one of the safest ways to ensure your business and personal assets are protected no matter what. It covers your office or home space, equipment, possessions, gadgets, personal effects and even staff or members (of your household). Individuals who will like to get fire insurance are encouraged to purchase the home insurance policy. Home insurance covers for fire, burglary, theft, personal accidents and natural disasters such as flooding. There’s a home insurance policy for everyone – homeowner or tenant.

“Residents in Abuja and Lagos are invited to the brand activation events. Details will be publicised across the You are Insured social media platforms (@youareinsured on Facebook, Instagram and Twitter). To follow up on the upcoming activities and to read more about insurance policies and how you can easily purchase one, please visitwww.youareinsured.ng and follow @youareinsured on all social media networks”, he said.

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