A whopping 40 percent of registered vehicles that plies the roads are using fake motor insurance stickers or are uninsured.
According to the Commissioner of Insurance, Justice Yaw Ofori, this is based on information his outfit has received from the Driver and Vehicle Licensing Authority (DVLA).
“Statistically, based on information we have from DVLA we believe that 40 percent of the vehicles on our roads are not insured, it’s a lot, so something needs to be done”, Justice Ofori intimated.
He emphasized: “Our interest is to protect the policy holder and the general public as well as building a very strong insurance market. We think that we have to be transparent, if you are buying an insurance you need to find out whether the insurance policy is genuine or not.”
He mentioned that one gets an instant notification from the NIC acknowledging receipt of the authenticity of a motor insurance acquired from an insurer.
Information received includes class of insurance, the name of insurance company, the registration number of the car and the premium or amount charged.
He further explained that no excuse will be entertained when people purchased the wrong motor insurance policy.
The move by the NIC is to help curb the spate of accidents on the country’s roads, primarily due to the use of fake motor insurance by motorists or otherwise.
Justice Yaw Ofori said though there is a compensation fund to cater for the innocent third parties in case of injuries during accidents, motorists who acquire fake motor licences will be dealt with by law.
“We as regulators it our responsibility to make sure that we tighten the nuts if not eliminate reduce drastically the bad guys on the market”, he added.
Statistically, there are about 4.5 million vehicles that ply the roads of Accra daily.