• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Friday, June 6, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Motorists To Pay N15,000 For Third Party Motor Insurance 

by Zaka Khaliq
2 years ago
in Business
Motorists
Share on WhatsAppShare on FacebookShare on XTelegram

Starting from next year, motorists who want to renew their insurance certificate or procure a fresh one will have to pay N15,000 as the new premium, LEADERSHIP learnt.

Advertisement

However, commercial vehicles will have to pay N20,000 for third party vehicle insurance paper.

The new rate amount to about 300 per cent increase from N5,000 that was earlier being charged.

A circular from the National Insurance Commission (NAICOM) sighted by our correspondent on Saturday, attributed the new rates to hike in inflation rate, even though, the existing rate has being in use for about 19 years.

The circular titled: ‘The New Premium Rate for Motor Insurance’ with reference number NAICOM/DPR/CIR/46/2022 signed by the director, Policy & Regulations, Mr Leo Akah, disclosed that, “in pursuant to its function of approving premium rate of insurance companies under Section 7 of NAICOM Act 1997, and other extant laws, the Commission hereby issue this circular on the new motor insurance premium rate effective from January 1, 2023.

RELATED

BetKing Promotes Social Impact At NSF

BetKing Promotes Social Impact At NSF

13 hours ago
Sallah: UNYF felicitates with muslims, decries worsening living conditions

Oxfam Urges Nigerians To Embrace Responsible Plastic Use

13 hours ago

“The new motor insurance premium rate increase third party motor insurance to N15, 000 for private, while commercial is N20, 000. Goods and staff buses are to pay N20,000 while truck pays N100,000 even as tricycle has been mandated to pay N5,000 and motorcycle goes for N3,000.”

Similarly, with the premium increase, the Sum Assured has equally increased from the usual N1 million to N3million and above, depending on the classes of automobile.

The regulatory body said, the Third Party Property Damage(TPPD), which is the limit of claims an insured can enjoy on the policy, noted that, Sum Assured on private vehicle is N3 million; Goods vehicle and staff bus go for N5 million, even as trucks/general cartage will now be assured at N3 million, adding that, special types is N5 million; tricycle N3 million and Sum assured for motorcycle is N1milion.

Moreover, NAICOM said, Comprehensive insurance motor insurance premium rate shall not be less than 5 per cent of the sum insured after all rebates/ discounts.

Stressing that failure to comply with the circular will invite the wrath of the commission, it added that, “failure to comply with this circular shall attract appropriate regulatory sanction”

The new rate is expected to become effective by January 1, 2023.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

START EARNING US DOLLARS as a Nigerian ($35,000) monthly. Companies are sacking their workers due to AI (artificial intelligence), business owners are in panic mode. Only the smart will make it. Click here


Tags: National Insurance Commission (NAICOM)
SendShareTweetShare
Previous Post

Ex-Osun Commissioner Attacked

Next Post

Lawmaker Provides Food Items, Extends Electricity To Edo IDPs Camp

Zaka Khaliq

Zaka Khaliq

You May Like

BetKing Promotes Social Impact At NSF
Business

BetKing Promotes Social Impact At NSF

2025/06/06
Sallah: UNYF felicitates with muslims, decries worsening living conditions
Business

Oxfam Urges Nigerians To Embrace Responsible Plastic Use

2025/06/06
Airtel Expands Digital Ecosystem With In-App Shopping Platform
Business

Airtel Expands Digital Ecosystem With In-App Shopping Platform

2025/06/06
NES Demands Stakeholder Collaboration To Curb Plastic Pollution
Business

NES Demands Stakeholder Collaboration To Curb Plastic Pollution

2025/06/06
AFN Board Members Write Minister, Lament Crisis Under Okowa’s Leadership
Business

FG Reaffirms Global Leadership In Entrepreneurship At 2025 GEC

2025/06/06
CSOs Hail Komolafe’s ‘Giant Strides’ As NUPRC Boss
Business

2024 Bid Rounds Violated No Oil Licencing Guidelines – Komolafe

2025/06/06
Leadership Conference advertisement

LATEST

ACF Mourns Uwais, Describes Ex-CJN Jurist Of Repute

Tolu Arokodare On Target As Super Eagles Share Spoils Against Russia

Godly Parenting Summit To Empower Parents For Brighter Future

Eid-al-Adha: No Nation Rises Without Unity, Sacrifice — Shettima

Makinde Advocates 6-year Single-term For Political Office Holders

Fire Guts Section Of Kano Phone Market On Eid Day

Hardship: El-Rufai, Amaechi Owe Nigerians Apology — Shehu Sani

Raphinha Named 2024/2025 La Liga Player Of The Season

Benue Gov’t Directs Residents To Vacate Flood-prone Areas

Gabriel Signs New Long-term Deal At Arsenal 

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.