By Ngozi Onyeakusi

Any form of insurance not procured from a registered insurer (insurance company) in the country, or with the aid of registered insurance broker or agent is FAKE.

Yes, there are a lot of benefits to be enjoyed by motorists in the reviewed third-Party rate but such benefits are only meant for those who have genuine policies.

SUPERNEWS Nigeria recalled that the recent National Insurance Commission (NAICOM)’s upward review of third-party rate from N5,000 to N15,000 has authomatcally and significantly increased the maximum claims limit that is the Third-Party Property Damage(TPPD) for motorists by 200 per cent, from N1million to N3 million among others.

Benefits of the revised Third party

1. Claims benefits upto N3million
2 Unlimited payment of medical bills
3 Unlimited financial support in case of loss of life when accident occurs.
4 Opportunity to drive within West African region without fear of cover.

Who Is A Registered Insurer?

This is an insurance company which has met standards, requirements and has gotten an approval and been licensed by the NAICOM to operate within the country.

Who Is Registered Insurance Broker?

A registered insurance broker is a licensed  intermediary  who sells, solicits, or negotiates insurance  on behalf of a client for compensation.
An insurance broker is distinct from an  insurance agent in that a broker typically acts on behalf of a client by negotiating with multiple insurers, while an agent represents one or more specific insurers under a contract.

Who Is A Registered Insurance Agent?
A registered Insurance agents act as intermediaries providing potential buyers with information from the insurance company or companies they represent. They have contracts with insurers that specify what policies they are allowed to sell and how much money they can expect to make from selling these policies. They also have the ability to bind the insurers into the policy contracts, which is usually done directly inside the insurer’s underwriting systems.

What Are Dangers Of Patronising Fake Insurance Dealers
Fake insurance policies do not guarantee claims settlement.

How Do I Know If My Policy Is Genuine

Insurance industry has made things easier by coming with NIID portal through which authenticity of policies could be ascertained.
Therefore motorists can verify the genuineness of their policies online, using a dedicated code such as or the USSD code *565*11#.
It is noteworthy that any policy procured and which cannot be verified on the NIID portal is not genuine irrespective of place of purchase.