What the 2025 Premium Hike Means for You: Why Third-Party Rates Just Went Up in Ghana

Imagine this: you walk into an insurance office (or even tap a WhatsApp chatbot like Maya) expecting to renew your third-party motor insurance. But instead of the familiar amount you budgeted for last year, the agent tells you, “It’s gone up by 10%.”You pause. Why the sudden increase? And more importantly, what does it mean for you as a driver in Ghana?

The Backstory: Why the NIC Raised Premiums

In January 2025, the National Insurance Commission (NIC) announced a 10% upward adjustment in motor insurance premiums for third-party policies. According to the Commission, the decision was influenced by:

• Rising claims payouts due to increased road accidents.
• The growing cost of vehicle repairs (spare parts, labor, etc.).
• The need to ensure insurance companies remain financially stable to protect policyholders.

In simple terms, insurers were paying out more than they were collecting, and the NIC stepped in to balance the scales.

What This Means for You as a Driver

So how does this shake out for the everyday driver?

1. Higher renewal costs – If you’ve always budgeted around the old rate, you’ll need to top up a little extra this year.
2. More protection in the long run – Higher premiums mean insurers can pay claims when accidents happen. It’s frustrating to pay more, but the flip side is more reliability when you need your insurance to work.
3. The real question is third-party or comprehensive? With the gap in pricing starting to widen, it’s worth asking yourself: should you stick with basic third-party, or consider comprehensive insurance that covers more than just damage you cause to others?

The Bigger PictureGhana still struggles with low insurance penetration, just about 1% of GDP as of 2025 (NIC figures). For many drivers, the increase feels like one more financial burden.But here’s the thing: insurance is not just a “document for the police.” It’s a safety net. The premium hike is a tough pill to swallow, but it’s also a reminder of the value of staying covered.

What You Can Do About It

Instead of stressing, here are practical steps:

• Compare options: Some insurers may offer added benefits even within third-party plans.
• Explore comprehensive packages: If you’re already paying more, see if upgrading makes sense for you.
• Go digital: Platforms like Maya make comparing, buying, and renewing policies on WhatsApp quick and transparent.

Yes, premiums have gone up. But the goal is to create a healthier insurance system—one where claims are paid promptly and fairly. For drivers, it’s a chance to rethink how you see insurance: not as a yearly tax, but as peace of mind on the road. Check your motor insurance options with Maya today and find the plan that works for you.

References

• National Insurance Commission (NIC), Press Release on Premium Adjustment, January 2025. NIC Ghana
• Ghana News Agency, NIC increases motor insurance premiums by 10%, January 2025.
• NIC Industry Report 2025 – Insurance Penetration in Ghana