200% Hike In Vehicle Insurance Fee, Afenifere Berates NAICOM……Expresses Concern On MDAs’ Penchant For Impoverishing   Poor Nigerians  

The pan-Yoruba socio-political organization, Afenifere, has called on the National Insurance Commission (NAICOM) to rethink its recent decision to increase the minimum insurance cover from N5,000 to N15,000.

In a press release issued by the body’s national publicity secretary, Comrade Jare Ajayi, Afenifere stated that the rationale behind the hike “is difficult to fathom”.

According to the directive issued by the Insurance Commission last Thursday, private car owners who were paying N5,000 premium per vehicle for N1 million Third Party Property Damage (TPPD) limit, are now to pay N15,000 for N3 million TPPD, while staff busses owners are to pay N20,000 premium per vehicle for N3 million TPPD.