Assistant Director, National Insurance Commission (NAICOM), Lucky Fiakpa, yesterday said 99 per cent of commercial vehicles in the North Central zone are without insurance policies.

Fiakpa spoke yesterday in Ilorin, the Kwara State capital, at a stakeholders' forum on motor insurance.

He added that most vehicle owners in the zone are sceptical and fear that insurance companies do not pay claims.

The NAICOM boss said Nigerians do not like to pay insurance because they don't know the benefits accruable in different insurance policies.

He added that third party insurance policy transfers all risks in the event of accident to insurance companies while the vehicle owner is saved from loss or embarrassment.

"When you pick genuine insurance policy, you can have access to prompt and effective medical attention, there will be succour to families of dead victims, and you have rest of mind because you have paid a token amount of money to an insurance company to take care of the risks."