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The Insurance Commission has doubled the benefits that may be claimed by third parties under the compulsory motor vehicle liability insurance (CMVLI). Under Insurance Memorandum Circular (IMC) 2024-01, the limit for third-party liability that may be claimed under CMVLI was increased to P200,000.00 from the previous limit of Php100,000.00.
Likewise, death indemnity, including burial and funeral expense indemnity, was also increased to P200,000.00 from the previous indemnity amount of P70,000.00 and burial and funeral expense indemnity of P30,000.00. No-fault indemnity also doubled from P15,000.00 to P30,000.00 for any claim of death or bodily injury sustained by a passenger without necessity of proving fault or negligence. Other incidental expenses not provided under the indemnities for bodily injury and/or death shall be covered by the insurer subject to a maximum amount of P10,000.00. Under IMC 2024-01, there would be no increases in the premiums to be paid for CMVLI, as the premium rates prescribed under the previous IMC 4-2006 issued in 2006 shall remain in force and effect. The Insurance Commission, however, said that premium adjustments arising from the above-mentioned increase in indemnities shall be subject to further study. The CMVLI policy is a requirement under the law for the registration of a motor vehicle. The purpose of this insurance is to ensure that the owners or operators of motor vehicles can indemnify third parties or passengers for accidents resulting in death or bodily injury.
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