Trending Now
Energy Transition as a Tool for Fascist Capitalism
Human Reason as the Foundation of Civilization
Human Reason as the Foundation of Civilization
Energy Transition as a Tool for Fascist Capitalism
Closing Remarks and Awards Ceremony
Inflation: True or Out of the Blue
Can the White House Denaturalize Domestic Opponents?
An Updated Interview with George Selgin on Free...
MMTers Love When Governments Burn Money
MMTers Love When Governments Burn Money
  • About Us
  • Contacts
  • Email Whitelisting
  • Privacy Policy
  • Terms and Conditions
DailyProfitTips.com
  • Editor’s Pick
  • Economy
  • Investing
  • Politics
  • World News
EconomyEditor's Pick

Hike in vehicle insurance premiums under study

by July 2, 2025
July 2, 2025

THE INSURANCE COMMISSION (IC) said it is considering increasing basic premiums for Compulsory Motor Vehicle Liability Insurance (CMVLI) in certain types of vehicles.

“In consonance with the President’s commitment to improve coverage for victims of road traffic incidents, increasing the Compulsory Motor Vehicle Liability Insurance benefits aligns with the national policy of ensuring accessible and adequate financial protection,” the regulator said in a draft circular dated June 27.

The basic premiums were set in 2006 and remained unchanged since.

The draft sets the limit for third-party liability for all CMVLI coverage at P400,000.

The draft also quadruples the benefits payable per loss resulting from any one incident as well as the maximum reimbursable fees for each service or accommodation.

The draft proposes basic premium hikes of AC and tourist cars to P905.79 for one-year CMVLI coverage from P590.82 previously, and to P2,594.94 for three-year coverage, from P1,692.61.

The basic premium for Taxis, Public Utility Jeepneys, and Minibuses increases to P1,346.3 for one-year coverage from P878.24 previously. It was raised to P3,855.70 from P2,514.97 for three-year coverage.

The draft proposes basic premiums for public utility buses and tourist buses of P1,303.21 per year, from P1,157.69 previously, and to P3,729.86 from P3,313.37 for three-year coverage.

Premiums are calculated by adding 12.5% documentary stamp tax, 12% expanded value-added tax, and 0.75% local government tax to the basic premium.

The proposed schedule of benefits and premium rates for each vehicle classification was submitted by the Philippine Insurers and Reinsurers Association, Inc. for review by the IC.

“The purpose of the CMVLI is to guarantee and ensure that the owners and/or operators of motor vehicles have the means and resources to indemnify, as far as applicable, the death and/or bodily injury of third parties or passengers arising from the operation of their motor vehicles,” the IC said. — Aaron Michael C. Sy

previous post
MSMEs vie to join Jollibee supply chain
next post
Trump’s Strike Against Iran: Weapons of Mass Overreach

Related Posts

Can the White House Denaturalize Domestic Opponents?

July 25, 2025

An Updated Interview with George Selgin on Free...

July 25, 2025

Inflation Can Increase Capital Gains Tax Rate to...

July 25, 2025

Friday Feature: Edefy, “Pod Schooling Made Simple”

July 25, 2025

Yiwu: China’s Free-Market City

July 25, 2025

Man Admits to Medicaid Fraud—That’s Not the Worst...

July 25, 2025

Learning from the Caribbean CBDC Experience

July 24, 2025

States Are Streamlining Licensing—ICE Is Kicking In Windows

July 24, 2025

PAGCOR first-half gross gaming revenue hits P215B

July 24, 2025

Davao bus project targeted for pilot operations in...

July 24, 2025
Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
    • About Us
    • Contacts
    • Email Whitelisting
    • Privacy Policy
    • Terms and Conditions

    Copyright © 2025 DailyProfitTips.com All Rights Reserved.

    DailyProfitTips.com
    • Editor’s Pick
    • Economy
    • Investing
    • Politics
    • World News