NEW RATES & BENEFITS FOR THIRD PARTY AND COMPREHENSIVE AUTO INSURANCE

In December 22, 2022, the National Insurance Commission (NAICOM) issued a circular on the new motor insurance premium rate which became effective from January 1, 2023.

Please see below in the schedule the new rate on each type of vehicle and their benefits for your information.

S/N	Vehicle Type	New Rate	Benefits
1	Private Vehicles	15,000.00	Third Party Property Damage (TPPD) TPPD Limit = N3 Million Covers damages to the other person’s (third party) vehicle or property up to 3 million naira. Covers death or bodily injury to the third party in the event of an accident caused by the insured vehicle.
2	Own Goods – Pick-ups, Vans, Ubers, Taxis, Hire Cars &Hilux.	20,000.00	TPPD Limit = N5 Million Covers damages to the other person’s (third party) vehicle or property up to 5million naira. Covers death or bodily injury to the third party in the event of an accident caused by the insured vehicle.
3	Staff Bus	20,000.00	TPPD Limit = N3 Million Covers damages to the other person’s (third party) vehicle or property up to 3 million naira. Covers death or bodily injury to the third party in the event of an accident caused by the insured vehicle.
4	Trucks /General Cartage – Minitrucks, Articulated Trucks, Tippers, Tankers, Trailers, BRT and other general commuting long buses, Luxurious buses and other heavy-duty trucks.	100,000.00	TPPD Limit = N5 Million Covers damages to the other person’s (third party) vehicle or property up to 5million naira. Covers death or bodily injury to the third party in the event of an accident caused by the insured vehicle.
5	Tricycle	5,000	TPPD Limit = N2 Million Covers damages to the other person’s (third party) vehicle or property up to 2million naira. Covers death or bodily injury to the third party in the event of an accident caused by the insured vehicle.
6	Motor Cycle	3,000	TPPD Limit = N1Million Covers damages to the other person’s (third party) vehicle or property up to 1million naira ii. Covers death or bodily injury to the third party in the event of an accident caused by the insured vehicle.
7	Special Types of Vehicles – Ambulance, Mixer, Caterpillar, Tractor etc).	20,000.0	TPPD Limit = N3Million Covers damages to the other person’s (third party) vehicle or property up to 3million naira. Covers death or bodily injury to the third party in the event of an accident caused by the insured vehicle.