The Central Bank of Nigeria, CBN, has charged vehicle owners in the country, particularly car owners, on the need to prioritise insurance cover in their ownership documentation process.

The Deputy Director, Development Finance Office of the apex bank, Mr. Adedeji Adebisi, gave this charge during his lecture on financial literacy at a media workshop in Lagos,

According to him, the importance of insurance cover for their vehicles is best appreciated in case of theft or robbery attack, as car owners with insurance covers will not hesitate to surrender their cars rather than risk their lives in such moments.

He explained: “When you are financially included, you should know the value of insurance. You should value insurance to a point that when you buy a car or an asset, the next thing is to insure it. You should insure not because of the police but because, should anything happen and someone puts a gun to your head and says ‘your car or your life’, you should leave the car and go away.

“After that, you will be alive to make a claim from your insurance company and the car will be replaced. On the other hand, if the car is not insured, you will be thrown into confusion on whether to release the car or not and at that point, it could cost you your life”, Adebisi added.

The banker advised that people should not just buy motor insurance because there is a law compelling them to do so but rather it should be the most important part of securing the car.

He noted that experiences showed that people prefer to settle the police when harassed on the way.

Adebisi, however, pointed out that to operate at a level required by the financial system today, vehicle owners should insure willingly and not forcefully, adding that “even when you buy a phone and you don’t wish to lose it, you should insure it, that way you will be living a productive life.”