Some motorists have described the 300 percent increase in third party vehicle insurance premium, which comes into effect on 1st January 2023, as “unrealistic and unfair”. While National Insurance Commission (NAICOM) jacked up the premium, it also increased claims for the insured by the same percentage. For instance, while a private vehicle will now pay a premium of N15,000 for …

Third party insurance premium for private a vehicle will go up by 300 percent by New Year day, which is eight days away. According to the new rate approved by the National Insurance Commission (NAICOM), a private vehicle that is presently paying N5,000 premium for N1 million Third Party Property Damage (TPPD) limit is now to pay N15,000 premium for …