NAICOM To Enforce N1,000 Compulsory Insurance On Motorbike Operators

The National Insurance Commission is set to begin the enforcement of third party insurance on owners/operators of motorcycles nationwide under the Insurance Act. NAICOM also stated that N1,000 would be paid as an annual premium by each motorcycle operator to secure the compulsory insurance cover.

The commission said, in a circular obtained by our correspondent on Friday, “All insurance operators are directed to henceforth comply with the existing approved premium rates for all compulsory classes of insurance.” It stated in the circular that the premiums to be paid on a private vehicle remained N5,000;

While a commercial vehicle (for goods) and commercial vehicle (a staff bus) would pay N7,500 each. NAICOM gave the charges on commercial vehicles (trucks) as N25,000; motorcycle (power bike and official ride), N1,000; while commercial vehicles (road/premises risks) and special type (ambulance/ hearses) would attract N5,000 each.

Photo Caption: Commissioner For Insurance, Alhaji Mohammed Kari