Get to understand NIGERIAN INSURANCE INDUSTRY DATABASE (NIID): Verify your Car Insurance Policy And Avoid Getting Scammed.
Due to the compulsory law requiring all car owners to get an insurance policy for their cars, there has been a rampant increase in the issuing of fake car insurance certificates by ‘posing’ insurance companies to unsuspecting vehicle owners in the country.
Here is how you can avoid falling victim to such and arm yourself with the knowledge given as follows to avoid unnecessary issues.
NIGERIAN INSURANCE INDUSTRY DATABASE (NIID)
Table of Contents
What is NIID?
NIID, an acronym for Nigerian Insurance Industry Database, is an established IT-based platform that contains the information of all legal vehicle insurance policies in Nigeria. It was established in the year 1971 by the Nigerian Insurers Association of Nigeria, NIA, as the central base for all other insurance companies in the country.
NIID exists majorly to secure the common interests of both insurers and the insured in the country as its database is used to keep a track record of all vehicle insurance policy documents legally recorded by all accredited insurance companies in Nigeria.
According to the data statistics reported on Business Day, NIID reveals that about just 28% of the vehicles in Nigeria possess a genuine insurance certification – with the rest either having no insurance or having an insurance document issued by a fake company.
This is an alarming stat and your effort is needed as a car owner to obey the law by having the required minimum vehicle insurance policy and also, by verifying the authenticity of your policy through the provided platform such as the NIID.
Major Function and Roles of NIID in Nigeria:
The major function of NIID in Nigeria is to verify the authenticity of all vehicle insurance certificates issued by the insurance companies in Nigeria. It safeguards all unsuspecting car owners from fake auto insurance companies.
The NIID plays an important role in;
- Reducing fake policy perpetrations by so-called Insurance companies in the country.
- Providing an easy identification of genuinely issued insurance documents.
- Promoting proper business ethics.
- Ensuring the professional and business integrity of insurance companies in Nigeria.
- Effective participation in the legislative processes of insurance matters in the nation.
How to Use NIID to Verify Your Car Insurance Policy.
There are two methods to check if your car insurance document is genuine or not. You can either choose to check your policy using;
- The NIID Platform Directly, or
- The USSD code method –
- How to check your car insurance policy using the NIID platform – Steps to follow using this method include;
- Visit the official website at askniidorg,
- Scroll to the Check Policy tab and select the vehicle policy you want to check (choose between the single or fleet option)
- Input either your car registration number or your insurance policy number on the search box and click
- Get your results showing either;
- If insured: your vehicle’s details showing car brand, model, colour, the insurance company’s name and expiration date of insurance document.
- If not: A tag showing ‘Not Available’ will be displayed as your result.
- The second or alternative method is by dialling the USSD code *565*11# on any mobile network on your phone and following the prompt to verify your car’s insurance policy.
CONCLUSION.
Getting equipped with the knowledge described above on checking for your insurance policy is necessary for you to avoid getting swindled by fake insurance companies.
And in the case where you find out your insurance certificate is fake, you can easily go back to the company and confront them with this information and if they are not willing to make a refund of your payment, you have the full right to sue them to court.
However, it is also very important to note that you can easily avoid this occurrence from the very start by going on www.naicom.gov.ng and checking to see if your preferred choice of an insurance company is registered on the site – this will secure you from unnecessary problems by giving you information on whether the insurance company is genuine or not.
Hence if you do not find the name of the insurance company on the above-mentioned site, then the company is not registered and you should not go on to purchase any form of insurance policy with them. Presently, it is recorded that only 57 general business insurers are recognized as legal and registered under NAICOM (National Insurance Commission) in Nigeria.
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