cars
How much does it cost to insure a car in Ghana? - NIC motor vehicle tariffs 2025
The cost of insuring a car in Ghana - February 2025 update.
Ralph Gerbs
published: Jan 17, 2025
The National Insurance Commission (NIC) has announced an adjustment in motor insurance tariffs following deliberations with key stakeholders. Effective 1st February 2025, the new motor insurance premiums will reflect a 10% increase on average, instead of the initially proposed 15% increase.
This revision aims to balance the financial sustainability of insurance providers while mitigating the impact on vehicle owners. Below is a breakdown of the revised tariffs across different vehicle classes:
Vehicle Type | 2024 Premium (GHS) | New 2025 Premium (GHS) |
|---|---|---|
Private Individual (X.1) | 482 | 530 |
Private Corporate (X.4) | 482 | 530 |
Taxi | 637 | 701 |
Hiring Cars | 652 | 717 |
Mini Bus | 652 | 717 |
Maxi Bus | 652 | 717 |
Motorcycle | 252 | 302 |
Ambulance / Hearse | 522 | 574 |
Own Goods (Z.300) | 667 | 734 |
Articulated Trucks / Tankers | 932 | 1025 |
General Cartage (Z.301) | 787 | 866 |
Z.802 (On-Site) | 367 | 404 |
Z.802 (On-Road) | 642 | 706 |
GWI Class 1 | 527 | 580 |
GWI Class 2 | 652 | 734 |
GWI Class 3 | 937 | 893 |
Implications of the Tariff Increase
The revised tariffs are expected to enhance the financial strength of insurance firms while ensuring policyholders continue to receive adequate coverage. The adjustments also align with inflationary trends and rising vehicle maintenance costs.
Motorists are encouraged to renew their policies before the implementation date to take advantage of the current rates. Insurance companies will be rolling out further details to their clients in the coming weeks.
For further inquiries, policyholders can reach out to the National Insurance Commission or their respective insurance providers.
