About 5 million out of the 8 million registered riders have micro insurance policy.
The President of the National Motorcycle and Tricycle Riders Association, Babangida Maihula, said his association has 8 million registered commercial motorcycle, okada, riders as members.
Mr. Maihula said on Friday that 5 million out of 8 million registered riders have micro insurance policy.
He told the News Agency of Nigeria in Lagos that the micro insurance product was specifically designed for motorcycle and tricycle riders in the country.
He said that the premium payment depended on the insurance package a member took as it varied from comprehensive to third party or personal (sickness/accident).
He said the riders could pay the premium weekly when they were done with work for the week.
“Before now, we do not benefit from insurance policy whether third party or comprehensive.
“The story is different since we have micro insurance product and is designed for our specific needs.
“A member is settled almost immediately when he has the problem insured against. All the members need to do is to get in touch with his unit head at the park or nearest branch office.
“Once they ascertain the fact that the risk occurred the member will be indemnified immediately. Our members are seriously enjoying the insurance package,” he said.
The president said that a member could pay maximum premium of N160, 000 annually and that he could pay it comfortably without feeling it.
He said a member who took up comprehensive insurance could pay up to N150 weekly or N450 monthly as premium.
Mr. Maihula said that more of its members were taking up the policy as a good product sells itself.
According to him, as members benefit they tell others which ensures increase in enrolment daily.
He said the package had to do with welfare of the riders and that it ranged from personal accident, third party with certain degree of damages to comprehensive.
Many states including Kano, Lagos, and Nigeria have banned okada on major roads in their states due to high rates of accidents and use of the motorcycles for crime.
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