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IC doubles third-party liability insurance coverage for car owners

Business

IC doubles third-party liability insurance coverage for car owners

Keeps CMVLI premium rates unchanged for now

By Chino S. Leyco

The Insurance Commission (IC) announced that car owners can now claim twice the benefits in their mandatory motor insurance without any increase in premiums.

In a statement on Tuesday, March 12, IC said that the regulator has updated the compulsory motor vehicle liability insurance (CMVLI) scheme by enhancing the benefits for third parties.

Under Insurance Memorandum Circular (IMC) 2024-01, the limit for third-party liability claims has been doubled from P100,000 to P200,000.

Furthermore, death indemnity, along with burial and funeral expense coverage, has been raised from P70,000 to P200,000, with burial and funeral expenses now covered up to P30,000.

Additionally, the no-fault indemnity has been increased from P15,000 to P30,000 for claims of death or bodily injury sustained by passengers, regardless of fault or negligence.

The updated IC regulations also include coverage for incidental expenses related to bodily injury and death, with insurers liable for up to a maximum of P10,000.

Despite these changes, IC said that there will be no changes for now to the premium rates for CMVLI.

“That premium adjustments arising from the above-mentioned increase in indemnities shall be subject to further study,” the commission said.

The CMVLI policy is required by law for vehicle registration that aims to help vehicle owners or operators compensate third parties or passengers for injuries or death in accidents.

Related Tags

Insurance Commission CTPL car registration compulsory motor vehicle liability insurance LTO car registration

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