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The National Insurance Commission (NAICOM) on Tuesday revealed that 99 per cent of commercial vehicles in the North Central zone are without insurance policies.
Assistant Director, of NAICOM, Lucky Fiakpa who disclosed this in Ilorin at a stakeholders' forum on motor insurance added that most vehicle owners in the zone are sceptical with fears that insurance companies do not pay claims.
He said Nigerians do not like to pay for insurance because they don't know benefits accruable in different insurance policies, saying third party insurance policy transfers all risks in the event of accident to insurance companies while the vehicle owner is saved from loss or embarrassment.
"When you pick genuine insurance policy, you can have access to prompt and effective medical attention, there will be succour to families of dead victims, and you have rest of mind because you have paid a token amount of money to an insurance company to take care of the risks," he said
Fiakpa then urged vehicle operators and owners to patronise genuine insurance companies to enable payment of claims in the event of accident, saying that non-payment of claims can only occur when people patronise fake insurance companies.
In a remark, the Director-General of Nigerian Insurance Association (NIA), Mr. Thomas Olorundare said the association had put up measures to identify genuine insurance companies through Nigeria Insurance Industry Database (NIID), where internet, phone SMS are used.
He said private vehicle owners pay N5,000 and the commercial vehicle operators pay N7, 500 for third party insurance policy per annum and that the risk inherent in some accidents can be too enormous for vehicle owners to bear, hence the need to take the insurance policy that would help transfer risk inherent in accident to insurance companies
Source: WorldStage Newsonline
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