₦20,000 For Third Party Motor Insurance Bill

The Third Party Motor Insurance which is made compulsory by law is about to get a boost all being well as a bill presently before the senate is seeking to increase the Premium from the current ₦5,000 to ₦20,000. Operators are however divided over the proposed bill even though they are the biggest beneficiary at the end of the day. While some see the proposed bill as transformational, others believe it was ill– timed given the current economic recession.

This group believes that if the bill sails through, it will further compound the menace of fake Insurance documents which a major challenge at the moment. According to senator Umaru – Kurfi from Kastina, increasing the Premium from ₦5,000 to ₦20,000 will ensure effective settlement of claims.

With the current ₦5,000 Premium, many motorists are not even aware that they can make claims on their Third Party Motor Insurance.

Many motorist see the Third Party Motor Insurance popularly called ‘‘Police let me Pass’’ as just a document you procure to avoid law enforcement officers problems on the way when they are stooped. This is attributed to lack of awareness and Insurance education which the operators are benefiting from immensely as only very few people make claims on their Third Party Motor Insurance. Here is hoping that if the proposed bill of ₦20,000 Premium sails through Operators must brace up for a different Scenario.

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