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CBN harps on vehicle insurance in financial literacy

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By Cynthia Alo

THE Central Bank of Nigeria, CBN, has said that car owners should see insurance as the most important part of owning a car. Speaking during a lecture on financial literacy at a media workshop in Lagos, Deputy Director, Development Finance Office of the CBN, Mr. Adedeji Adebisi, said that in a robbery attack, car owners with insurance covers do not hesitate to surrender their cars rather than their lives.

He stated: “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.”

CBN Headquarters


Adebisi said that people should not just buy third party motor insurance because there is a law compelling them to, rather it should be the most important part of securing the car.

He added: “People prefer to settle the police when harassed on the way. However, to operate at a level required by the financial system today, you should insure willingly and not forcefully. 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.”

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