Motorists react as new third-party insurance coverage charges resume

Motorists are expressing unhappiness over the growing monetary burden imposed with the kick-odd of the brand new motor premium insurance coverage charges on Tuesday.

The Nationwide Insurance coverage Fee (NAICOM) had final yr December introduced intention to elevated premium charges 1st January 2023. However due to the general public holidays, it took impact on Tuesday.

The charges for third -Get together have been elevated by 200 per cent from N5,000 to N15,000.

Automobile homeowners will not be joyful that, whereas earnings stay fixed and in some instances dwindling, the NAICOM discovered it essential to extend the distress of car homeowners within the nation.

James Oko, a industrial driver stated, this may in the long term add to transportation value, as the extra bills must be handed on to ultimate shoppers – passengers.

Olu Fagba, a retired civil servant stated each authorities and the personal sector have turn into extremely thoughtless of the populace they’re meant to serve.

“The banks are maybe the more serious culprits. They’ve launched costs at these exhausting instances that can make our ancestors flip of their graves”, he stated.

The NAICOM additionally, nonetheless elevated the advantages to motorists together with these on the most well-liked third-party class to N3 million from N1 million.

Though the regulator had specified Sunday, January 1 because the kick-off date of the brand new charges, the date, nonetheless, fell on a weekend whereas Monday, January 2 was additionally a public vacation on which underwriting companies didn’t open for enterprise.   

The coverage was a type of blessing to the insurance coverage trade as policyholders which have deserted insurance coverage, got here again to resume on the previous charge of N5,000 to beat the brand new charges of N15,000 for the most well-liked class, the third-party.

However these whose motor insurance coverage will not be due instantly are indignant that the trade regulators are insensitive to the plight of Nigerians.

“I believe they’re deliberately pushing folks to the wall, and it will likely be very disagreeable after they ultimately react”, stated Moji Adesuwa, a enterprise girl in Lagos.