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Jimoh Ibrahim resumes at UN, says insecurity in Nigeria is being addressedOndo APC Consensus political development: Olabode calls for calm2025; year Yorubas became ‘it’Kwara APC Pushes for Judicial Independence Amid Political Tensions.Dormant Funds Used for Government Borrowing Raise Fresh Trust Concerns.Shekarau’s Exit Sparks Debate Over Party Stability in Kano.Benue Rescue Highlights Growing Risks on Key Transport Routes.Revenue Debate Deepens as FG Rejects ‘Hidden Spending’ Claims.I am more comfortable with Orisa worship- Wole SoyinkaOmoyele Olabode mourns Ayeniyi’s demiseBadagry Raid Exposes Trafficking Network as 28 Victims Rescued.Ibadan Traditional Council Moves to Calm Tensions, Urges Neutrality.2027 Race Heats Up as Amaechi Frames Leadership Bid Around Policy Direction.Budget of Scale, Burden of Expectations: Nigerians Watch for Real Impact.Pressure Mounts on Defence Leadership as Coalition Demands Review.PDP Rebuild Effort Shifts Focus to Winning Strategy Ahead of 2027.OSOPADEC adopts participatory approach for 2026 budget, highlights projectsGrace Abebi Adeniseun forward for responsive service, representationCampus Safety Under Scrutiny as UNILAG Rape Trial Unfolds.Online Religious Clashes Raise Fears for National Unity.Zamfara Offensive Raises Fresh Concerns Over Civilian Safety.APC Confidence in Northern Strongholds Sparks Debate on Electoral Balance.New Tax Push: Tinubu Ties Revenue Reforms to Public Trust and Accountability.2027 Race: Opposition Alliance Talks Signal Shifting Political Calculations.Airstrike Fallout: Military Stance Raises Questions Over Civilian Protection.Akoko Youths Demand Inclusion, Warn of Growing Political Imbalance.Families Feel the Strain as Hardship, Insecurity Deepen Nationwide.Omoyele condemns rise in insecurity, charges communities to assist security agencies with details.Hannah Spencer, the Green Party MP representing Manchester, on Sunday stormed Wolverhampton to boost the party’s campaign ahead of the May 7 local elections.Ibadan Palace Moves to Calm Tensions Amid Removal Allegation.Airstrike Tragedy Sparks Fresh Warnings Over Civilian Exposure in Conflict Zones.Opposition Push Gains Momentum as ADC Targets Youth Mobilisation.FG Moves to Tighten Citizenship Rules, Orders Passport Withdrawal.Calls Mount for INEC Boss Exit as Activists Demand Electoral Accountability.Ondo Chief Judge, CP Lawal advocate more awareness for Multi-Door Court Operations, as CJ okays Center in OreAiyedatiwa, Ooni of Ife, Olanipekun, Oyetibo shine at Okitipupa Bar Law Week Grand finaleOsun Poll Fears Deepen as Lawmakers Question Electoral Changes.Court Weighs Circumstances as Terrorism Trials Highlight Justice Concerns.Power Crisis Pushes FG to Act as Gas Shortages Hit Electricity Supply.Closed-Door Talks Signal Intensifying Coalition Moves Ahead of 2027.Early Endorsement Raises Questions on Succession Politics in Oyo.Birthday greetings: Omoyele congratulates Olusola Oke, Dayo FaduyileCelebrating Prof.Dayo Faduyile, a humble achiever on his birthdayOmoyele Olabode congratulates Femi Agagu on his birthday  Opposition Talks Signal Shifting Alliances Ahead of 2027.Obi Camp Raises Alarm Over Electoral Fairness Ahead of 2027 Poll.Jos Attack Sparks Fresh Questions on Government Response to Insecurity.ADC Raises Alarm Over INEC Stance, Warns of Risks to 2027 Electoral Process.Itsekiri Youths Warn Against Pipeline Contract Decentralisation, Stress Economic Stability in Niger Delta.In support of Wike on his ‘shoot and kill’ voice overProf. Faduyile greets Christians at Easter, urges commitment to selfless servicePolytechnic Rector congratulates staffs, Christians over Easter celebrationFoiled Stream Poisoning Raises Alarm Over Rural Water Safety in Ondo.Banditry Pressure Forces Political Shift as Sokoto Senator Breaks Ranks.INEC Raises Red Flag as ADC Risks Legal Fallout Over Planned Convention.Let us embrace love of Christ at Easter – Omoyele Olabode
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Third party motor insurance policy now N15,000 from N5000

  • News
  • December 25, 2022
  • 0 Comments

Third party motor insurance policy now N15,000 from N5000

Tamarauemi Ebimini

Private vehicle owners will from January 1, 2023 purchase the compulsory Third Party Motor Insurance policy at N15,000 as against the N5,000 present rate.

Consequently, private vehicle owners are now covered to the tune of N3 million for Third Party Property Damage (TPPD). TPPD means Third Party Property Damage. It is the limit of claims an insured can enjoy on the policy.

This means that the third party’s vehicle would be repaired to the tune of N3 million instead of N1 million.

In the same vein, the premium for staff bus has risen to N20,000 with a TPPD of N3 million; N5 million limit for own goods, with a premium of N20,000.

Commercial vehicles, trucks/general cartage has TPPD limit of N5 million with a premium cost of N100,000; Special types, TPPD limit of N3 million with a premium of N20,000; Tricycle, TPPD limit N2 million with a premium N5000; and Motorcycle, TPPD limit N1 million with a premium of N3000.

The National Insurance Commission (NAICOM) approved the new rates following a series of meetings between the Commission and insurance companies in the country.

The approval was contained in a circular entitled; New Premium Rate for Motor Insurance: numbered: NAICOM/DPR/CIR/46/2022, dated,; December 22, 2022; signed by the Director, Policy and Regulation, NAICOM, Leo Akah for the Commissioner for Insurance Sunday Thomas and sent to all insurance Institutions.

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