Insurance consumers, this time, third party motor insurance policyholders, are being robustly informed of the first time the enlarged liability coverage that their individual policies offer accidental damage to third party.
The campaign slated for the traditional media and social media, will be a rainbow in five languages: English, Pigin English, Yoruba, Igbo and Hausa.
The campaign to flag-off the publicity officially from Monday, July 24, was anchored by the Publicity Sub committee of the Insurers Committee in Lagos on Tuesday, and the Chairman, Akinjide Orimolade, said is in fulfillment of insurers obligation.
Orimolade restated that that the new rates was approved by the National Insurance Commission in December 2022 and became effective 1st January 2023 guaranteeing new third party property damage (TTPD) of N3 million for a premium of N15,000.00 for private motorists, Own Goods, N5 million foe a premium of N20,000.00; Staff Bus N3 million for N20,000.00 premium. Other new rates are, N5 million TTPD for Trucks/General Cartage for N20,000.00; Special Types enjoys TTPD new limit of N3 million at N20,000.00 premium; Tricycle, a new damage limit of N2 million for N5,000.00, while the new rate for Motorcycle is N1 million damage limit for a premium of N3,000.00.
For comprehensive motor insurance policy premium, the rate shall not be less than 5% of the sum insured after all rebates and discounts.
Stating the compliance has been underway since January 1st, Orimolade insurance companies have since commenced the implementation of the new rates. This campaign will last for three months.
