MANILA, Philippines – The Land Transportation Office (LTO) is instituting reforms in the registration of motor vehicles, specifically in the required issuance of Third Party Liability (TPL) insurance.
Several insurance companies attended the Department of Transportation & Communication (DOTC)’s pre-Accreditation conference for the reformed TPL program earlier, expressing their support for the reforms of the LTO.
These companies are: Stronghold Insurance Company, Inc., Liberty Insurance Corporation, Pioneer Insurance & Surety Corporation, Alpha Insurance and Surety Company, Malayan Insurance Co., Inc., Plaridel Surety & Insurance, Inc., Zalamea Actuarial, and AlliedBankers Insurance Corporation.
Motorists are familiar with the sight of many fixers who pose as insurance agents that offer TPL insurance in branches of the LTO. Motorists are advised to be cautious in buying the compulsory TPL to ensure they do not pay beyond the authorized premium price.
The Insurance Commission has provided a tariff on the premiums for TPL. Only P450 for light vehicles (including utility vehicles), P490 for medium vehicles, and P690 for heavy vehicles.