Home Insurance and Loan News Vehicle Owners Cry Over Increase In Its Insurance Premiums

Vehicle Owners Cry Over Increase In Its Insurance Premiums

Vehicle owners are upset by the National Insurance Commission’s announcement of a 43% rise in third-party insurance costs (NIC).

The unhappy vehicle owners claim that the increase is excessively high.

Motor tariffs were updated by NIC and went into effect on January 1, 2023.
In a Citi News interview, some of the vehicle owners want NIC to reduce the percentage.

“They need to work on it, and they should let the price come down because if you pay insurance to cover yourself, it’s important but the increment they made is too high, and they are supposed to work on it,” a vehicle owner lamented.

“It’s very worrying. They should do something about it. I mean the standard one, and the third party, it used to be GH¢371, and now it’s GH¢506,” one of the vehicle owners complained.

Some vehicle owners are demanding that the National Insurance Commission reduces the revised percentage on premiums.

The Consumer Protection Agency also added its voice to calls for the immediate suspension of the 43% increase in insurance premiums.

The Agency says the commission failed to consult various stakeholders before announcing the percentage.

“The NIC failed to consult the various stakeholders before implementing the new charges, we believe it should be suspended for proper stakeholder engagements,” the Chairman of Consumer Protection Agency, Kofi Kapito said.

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