Government Loses N60b Yearly To Vehicle Insurance
By Dipo Olowookere
Nigeria’s insurance sector is estimated to be losing about N60 billion annually, as only 25 per cent of registered vehicles in the country carry genuine third party motor insurance policies, The Guardian exclusively learnt.
This is aside the billions of Naira also lost to the sector on comprehensive motor insurance, which requests that 10 per cent of the cost of a vehicle be paid as yearly premium.
Data obtained from the Nigerian Insurers Association (NIA) shows that only four million of the 16 million registered vehicles in the country have third party insurance cover. This leaves a balance of 12 million vehicles either uninsured or parading fake insurance papers.
Third Party Insurance is the least cover required by law. It comes at a fixed price of N5,000 for private and N7,500 for commercial vehicles, and covers damages caused by the insured vehicle to other road users including property in the event of an accident.
Section 38 of the National Insurance Act 2003, currently in use, states that Third Party Motor Insurance is required as part of the minimum amount of auto cover you must carry as a car owner. Penalties for non-compliance can include a fine of up to N250, 000 and or one-year imprisonment.
On the other hand, the comprehensive insurance covers the cost of damages to the insured vehicle as well as to other third party road users and property.
There are about 118 insurance and five reinsurance companies registered in Nigeria, which provide covers for the public.
Further investigation shows that most of the motorists flaunting insurance papers did not obtain them at the Vehicle licensing offices, a unit of the Vehicle Inspection Offices (VIO), even as there are touts who market the fake insurance covers especially to the commercial vehicles at the parks and garages.
The fake insurance covers are sold for between N300 to N1,000, supposedly issued by insurance firms that do not exist. Due to ignorance and lack of knowledge of the benefits of buying original insurance covers, most commercial drivers go for the fake insurance because it is cheap, to avoid the wrath of the law enforcement agents.
Other uninsured motorists, it was learnt, prefer to settle their way out either with law enforcement agents or when an accident occurs.
A Lagos driver, who identified himself as Segun, told The Guardian that he got his fake insurance cover from the old licensing office along GRA, Ikeja, Lagos, saying that is where he and most of his colleagues buy their vehicle insurance.
When asked the name of his insurer, he said: “The name on my insurance certificate is Pacific Insurance.” But there is no firm bearing such a name among the registered insurance companies.
Speaking on the incidence of fake insurance covers, the VIO Spokesperson, Lagos State, Gbolahan Toriola, insisted that the agency does not condone such illegal acts, adding that any of its personnel caught marketing and selling fake insurance is immediately penalised.
“So, if anybody has issues with a policy that he or she obtained in any of our licensing offices, he or she should go back to that office and identify the staff. In Lagos State, we don’t condone that, what we want is for people to obey the law. Any staff caught will face disciplinary action and will be dismissed,” he said.
To reduce the number of fake vehicle insurance on Nigerian roads, he said, the VIO has partnered with the NIA, to access its Nigerian Insurance Industry Database (NIID), adding that, through the database, motorists can confirm whether the insurance they obtained is a fake or not.
Through the NIID, he said, the number of genuine insurance among motorists has increased. “Before now, when you stop 100 vehicles, you hardly see 10 of them having genuine insurance certificates. But now, I can tell you that when you stop 20 vehicles, you can see 10 to 15 of them having genuine insurance because of our enforcement and enlightenment exercise, which we have done with NIA.”
Volkswagen Opens New Vehicle Assembly Plant in Ghana
By Modupe Gbadeyanka
A new 5,000m² vehicle assembly facility located near the Port of Tema in Accra has been opened by Volkswagen as part of its commitment to the development of the automotive industry in Ghana.
Volkswagen was the first automotive company to be registered under the Ghana Automotive Development Programme (GADP), and this new investment strengthened the brand’s presence in the country and the region.
Recall that in August 2020, Volkswagen awarded an assembly contract to Universal Motors Limited (UML) as its licenced importer in the West African country.
But with this latest development, Volkswagen will take over the new vehicle assembly responsibility from UML, which assembled models such as Tiguan, Teramont, Passat, Polo, Amarok and T-Cross on behalf of Volkswagen using Semi-Knocked Down (SKD) assembly kits imported from South Africa.
“Ghana is an important market for our Sub-Saharan Africa expansion plans, especially in West Africa, where we have identified opportunities of developing a collaborative automotive industry hub amongst the countries in the region.
“The hub concept will ensure that each country with an automotive development policy or economic interest in the automotive industry has an important role to play in the supply value chain. We believe AfCFTA will be the catalyst which will unlock trade barriers and promote regional collaboration amongst the countries,” the Chairperson and Managing Director of Volkswagen Group South Africa, Ms Martina Biene, said.
“Volkswagen is fully committed to Ghana and in supporting its industrial transformation agenda despite the current economic challenges facing the country. We are here for the long haul.
“Our company believes in long-term investments which are nurtured through mutual relationships with like-minded partners.
“Ghana’s commitment to the development of its automotive industry is evident in the GADP, which is still the blueprint automotive policy in the region in terms of creating an enabling environment for the establishment of an automotive industry in Sub-Saharan Africa,” Ms Biene added.
Ghana is the fourth Volkswagen assembly location in Sub-Saharan Africa. The other locations are in South Africa, where Volkswagen has been manufacturing vehicles for over 72 years, as well as Kenya and Rwanda.
Volkswagen has a presence in 17 countries in Sub-Saharan Africa, where it sells passenger and commercial vehicles through licensed importers.
“As the last frontier for the global development of the automotive industry, Sub-Saharan Africa has become very important for the sustainability of Volkswagen. We are therefore accelerating our growth strategy on the continent by playing a pioneering and leading role in the development of the automotive industry,” commented Ms Biene.
Nigeria to Benefit from Bolt’s Fresh €500m for African Expansion
By Aduragbemi Omiyale
Nigeria, one of the major markets of the leading mobility app in Africa, Bolt, is set to benefit from the fresh €500 million earmarked for expanding the company’s services on the continent.
The ride-hailing firm said it intends to inject the funds into its African operations in the next two years after the demand for its services is increasing despite the harsh economic challenges.
According to a statement, Bolt hopes to create opportunities for over 300,000 new drivers and couriers to join the platform in 2023.
“While many companies are scaling back investments given the macroeconomic environment, we recognize the transformational effect platforms like Bolt can have in Africa.
“We operate in markets where there are unique challenges, and by continuing to expand our services, we will offer people new opportunities to earn a good living by being a driver, as well as providing millions of customers with a safe, reliable, and affordable way of moving around their city,” the Regional Manager for West and North Africa at Bolt, Ireoluwa Obatoki, said.
The founder of Bolt, Mr Markus Villig, is in Africa with Bolt’s global leadership team where they are visiting local Bolt teams in South Africa and Kenya and meeting with senior government stakeholders.
The company was launched in South Africa in 2016 but now operates ride-hailing and delivery services in Kenya, Ghana, Nigeria, Uganda, Tanzania and Tunisia, with over 47 million customers and 900,000 drivers on the platform.
Its corporate travel arm, Bolt Business, has also been introduced in Nigeria, South Africa, Ghana, Tanzania and Kenya, offering local businesses safe and affordable ways for their employees to travel.
“Over the past seven years, we have built a strong team of 500 people in Africa, and we remain committed to investing in local communities for the long term.
“At a time when many countries are facing economic challenges, we will continue to grow our presence in Africa through this new investment which offers massive potential to create new jobs and income opportunities for drivers and couriers,” Mr Villig stated.
Within seven years of its inception, Bolt has surpassed one billion rides in Africa and expects the number of drivers on the platform to hit over one million in the next six months.
In 2021, Bolt introduced a new service that allowed female riders to choose a female driver for their journey. This new category not only increased safety for both drivers and riders in South Africa but also provided women with a way to explore new earnings opportunities.
Following the success of the ‘women-only’ category in South Africa, it was also launched in Nairobi and Mombasa, Kenya.
Free VIN Check Review: Get Free VIN Check Report
Free VIN Check provides a budget-friendly method to verify a car’s history before purchasing it. It offers aggregated vehicle history records from an extensive network of reliable and knowledgeable sources in the United States. Using it, customers may get vehicle information at a zero cost of rival accounts thanks to its cutting-edge technology.
Free VIN Check utilizes a large number of cars each year in addition to maintaining an independent database with millions of brand-new automobile records updated every month. In case you’re thinking of getting your next vehicle, this tool for free VIN check lets you download accurate vehicle history reports.
In today’s Free VIN Check review, we will discuss obtaining a free VIN check report and the nitty-gritty things.
Free VIN Check Overview
Free VIN Check is one of the top services that reveal secret information about cars. Prior to purchasing, auto purchasers need to comprehend the background of the used vehicles. This network has extensive knowledge in this area, and the website’s automobile history reports contain billions of information.
Furthermore, this VIN decoder collects data from reliable sources, including car makers, auto marketplaces, and motor vehicle authorities. Thus, it gives its clients correct info. Additionally, these history reports reveal manipulated mileage, damage inspections, automobile usage, accident histories, and other details.
How to Utilize Free VIN Check?
You may visit the site of Free VIN Check easily, and it offers you a convenient service. You only need to adhere to a few basic instructions to get started.
Enter the VIN to begin your search
The first step is to commence the search by entering your VIN code in the blank space bar and clicking “search.”
Check the outcomes of your search
Once your search is complete, a page including all the report parts will popup up in front of you. To continue, you may choose from various databases or get a comprehensive report.
Obtain a complete report
You may now download the full vehicle history report without any hassle.
What Sources Does Free VIN Check Use For Its Data?
Various data suppliers are used by Free VIN Check to compile its data. National Motor Vehicle Title Information System (NMVTIS) is the primary service supplier. It is a worldwide data repository that collects details from over 900 domestic and international sources.
It shields buyers from purchasing dangerous cars. DMVs, federal institutions, insurance firms, government organizations, and many more are other sources of data from where Free VIN Check gathers data. These sources give the website information that has been validated.
You may use this data to verify the VIN specifications of your vehicles, recreational vehicles (RVs), automobiles, trucks, motorcycles, and much more irrespective of the car brand types and styles. Non-profit groups, car dealerships, automotive research firms, and more are among its additional partners. These resources help the website give its visitors thorough info.
What Information Does the Free VIN Check Report Cover?
In an automobile history report, Free VIN Check offers comprehensive information. Let’s see what’s covered in its vehicle history report:
Safety checks and maintenance
The history of the vehicle’s maintenance and repair work is also included in the report. Throughout a car’s lifespan, any maintenance work performed is clearly documented in the report. The time and place are recorded along with the testing report. Examining the car’s history provides customers with more in-depth information.
To increase the sale price of used cars, most vendors try to deceive buyers by altering the odometer readings. The odometer data are monitored by the Free VIN Check car reports. It makes it easier for purchasers to recognize odometer fraud before buying these used cars.
Records imports and thefts
Free VIN Check details whether the vehicle you intend to purchase has been registered as stolen or seized. It helps you comprehend the vehicle’s criminal background, if any.
Additionally, revealing the car’s past incidents can be challenging if it is imported. Hence, it is essential to understand how vehicles are registered in various nations. These reports give consumers precise information regarding theft and trafficking in an easy-to-use style.
Accident and Damages Investigation
The information about the vehicle’s accident is made available to users of this VIN decoder. It provides essential information regarding car problems, wear and tear, and repairs. The website obtains this data from trusted sources. The list omits a few minor collisions.
Overall, the research summarizes all the significant accident records and includes information on salvage titles and other safety concerns.
Thanks to this website, you have a great chance to verify the previous title information for more than 60 different title brands. You may also learn about the many owners of the car thanks to it. You may also obtain recent and historical automobile documentation through this information.
What Aspects of The Free VIN Check Report Should be Improved?
Even though the Free VIN Check report includes a number of areas, its background reports still require additional information. It is important to give consumers documented pictures of the cars. They can recognize the previous state of the automobile thanks to these auction pictures.
Its record should also have a section specifically for ownership transfers. If Free VIN Check adds manufacturer warranties, technical information, significant car damages, and vehicle problems to the list, it will be a respectable inclusion. It will make the process of purchasing a car for clients much more uncomplicated.
Despite the fact that deciphering the data included in VIN numbers using a VIN check might provide a variety of outcomes, doing so can assist you in making wise selections when buying or selling a car.
Finding the appropriate VIN is a question of getting the information you want at the most affordable price, whether you’re doing a VIN check to verify the integrity of a vehicle description provided by a car dealership or to learn more about a car’s background. Therefore, Free VIN Check is the best tool to obtain precise reports.
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