- The Nigerian government has issued a new directive for new insurance policy rates
- Private vehicles, trucks, tricycles, cartage and other types of cars are required to pay the new rates
- The new insurance rates will become effective January 1, 2023, and the National Insurance Commission (NAICOM) has issued warnings to violators
The Nigerian government, via the National Insurance Commission (NAICOM) has hiked the premium rate for vehicle insurance in Nigeria from January 1, 2023.
In the new rate, private vehicles, which paid an N5,000 premium for the N1 million Third-Party Damage (TPPD) limit, are required to pay an N15,000 premium for N3 million. In contrast, owners of good vehicles are to pay N20 million for N5 million, and staff buses must pay N20,000 for N3 million.
