Some commercial drivers in Accra are threatening to go on strike if the Ghana Insurers Association goes ahead to implement its new rates for third party motor insurance policy.
[contextly_sidebar id=”FQgSN84k89ho3vcUrDBgCtvITbdFqgE9″]They argue insurance companies do not readily pay claims in the event of accidents, a situation they say has a negative impact on their work.
The Ghana Insurers Association yesterday June 8th, 2015 announced it had reviewed upwards the price for third party insurance tariffs effective today June 9th, 2015.
Under the new policy, car owners can buy insurance on short term basis at a cost of 1cedi 30 pesewas daily, monthly or annually.
The new development is the first time in five years premiums for motor insurance premium have been reviewed and increased.
For a breakdown of the new policy, annual premium for third party insurance for example now costs, GH¢471 for private cars, which prior to the review was at GH¢70; while that of taxis have been priced at GH¢576 per annum.
Commercial buses also known as trotro’s will also pay GHC 586 and motorcycles will also pay GH 256 for insurance annually.
Head of Technical in charge of Non-life at the Ghana Insurers Association (GIA) Winfred Doziah told Citi Business News the move is to ensure that vehicle owners with third party insurance are well compensated in the event of an accident.
But the commercial drivers disagree.
They tell Citi business News the review must be put on hold or they will lay down their tools.
By: Lorrencia Nkrumah/citifmonline.com/Ghana