Insurance premiums: Private cars to pay GH¢482, taxis GH¢637

Private vehicles are, therefore, expected to pay GH¢482 for third-party insurance, whilst commercial taxis will pay GH¢437.

Private corporate vehicles will be charged GH¢482, while hiring vehicles will pay GH¢652. Motorcycles are also expected to pay GH¢252.

The Ghana Insurers Association has admonished its members to strictly adhere to the approved rates to avoid sanctions from the Insurance Commission.

However, the increase in the third-party insurance premium did not factor in the Value Added Tax (VAT) Amendment Bill passed by Parliament in December 2023.

The amendment may impose a 21.9% VAT on all non-life insurance products resulting in a more than 30% increase in insurance premiums.

SSD/AE