3rd Party Motor Insurance Up by 43% Without Broader Consultation – Kofi Capito

The Chairman of the Consumer Protection Agency, Mr. Kofi Owusu Hene aka Kofi Capito, has indicated the 43% increase in the cost of Third-party Motor Insurance for vehicles was reached without any form of broader consultation with major stakeholders.

Reacting to the 43% increase effective 1st January 2023, Kofi Capito who was speaking during a Citi Eye Witness News monitored by GhanaEducation.org stated that the private car owners were not invited to a meeting to discuss the increase.

He furthered that more consultation has to be done with all stakeholders and not only Trotro Drivers to ensure the greater number of car owners in the country who are private individuals have their interests considered.

The new 43% increase in Motor Insurance for Third party insurance will be as follows.

Motorbikes Third Party Insurance will move from GHS 193.00 to GHS243.00

Taxi Third Party Insurance will move from GHS 568.00 to GHS6180.00

Private Salon Car Third Party Insurance will move from GHS 423.00 to GHS438

12 Person passenger Trotro Third Party Insurance will move from GHS 634.00 to GHS717.00

15 Person Trotro Third Party Insurance will move from GHS 658.00 to GHS753.00

23 Person Trotro Third Party Insurance will move from GHS 722.00 to GHS849.00

A big truck Third Party Insurance will move from GHS 853.00 to GHS903.00

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Kofi Capito argued strongly that if there was broader consultation, the current 43% increase would not have been agreed upon and that those consulted such are Trotro drivers do not have issues with the increment since they can transfer the cost to their passengers through transport fares, unlike the private car owners who were not part of the consultation that led to the current upward adjustment.