30 January 2023
NAICOM's New Rates For Motor Insurance
The National Insurance Commission (NAICOM) on December 22, 2022 announced the new tariff rates, for all Motor Insurance policies effective January 1, 2023.
The price increase is applicable to both private and commercial vehicles.
Below are the revised rates and the additional benefits:
1. Third Party Motor Insurance
|
S/N |
Class |
Type |
Old Premium |
New Premium |
Old TPPD Limit |
New TPPD Limit |
|
1 |
Private |
Private Motor |
5,000.00 |
15,000.00 |
1,000,000.00 |
3,000,000.00 |
|
2 |
|
Own Goods |
7,500.00 |
20,000.00 |
1,000,000.00 |
5,000,000.00 |
|
3 |
|
Staff Bus |
7,500.00 |
20,000.00 |
1,000,000.00 |
3,000,000.00 |
|
4 |
Commercial |
Trucks/General Cartage |
25,000.00 |
100,000.00 |
1,000,000.00 |
5,000,000.00 |
|
5 |
|
Special Types |
15,000.00 |
20,000.00 |
1,000,000.00 |
3,000,000.00 |
|
6 |
|
Tricycle |
5,000.00 |
5,000.00 |
1,000,000.00 |
2,000,000.00 |
|
7 |
|
Motor Cycle |
5,000.00 |
3,000.00 |
1,000,000.00 |
1,000,000.00 |
This is inclusive ECOWAS Brown Card (EBC)
2. Comprehensive Motor Insurance
Comprehensive Motor Insurance policy premium will not be less than five percent (5%) of the sum insured after all rebates/discounts.
To ensure that we are fully compliant with this regulatory directive, all motor premium rates have also been reviewed accordingly, effective January 1, 2023.
The revised rates will apply to all Motor Policies which are due for renewal going forward.
Our goal at Prorisk Insurance Brokers Ltd is to continue to deliver top-notch customer service and guarantee that our clients receive full value for the premium paid.
For more information, Please contact us at 0908 622 2230, 0909 532 2987 or Follow us on our social media platforms - Instagram, LinkedIn, Facebook:@proriskng, Twitter:@proriskB.
You can also email us at insurance@proriskng.com or customerservice@proriskng.com.
