LTO chief bats for increase in vehicle liability insurance

LTO chief bats for increase in vehicle liability insurance

/ 07:14 PM January 29, 2025

LTO chief bats for increase in vehicle liability insurance

Land Transportation Office chief Vigor Mendoza II

MANILA, Philippines — Land Transportation Office (LTO) chief Vigor Mendoza II has called for an increase in vehicle liability insurance, after a P200,000 payout from the company that owned the truck involved in the fatal accident along Katipunan Avenue.

The company turned over the money to the LTO in a press conference on Wednesday at the latter’s central office along East Avenue in Quezon City, explaining that it was also allocating a budget and processing more insurance claims to fund aid for victims of accidents.

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READ: Company turns over cash aid to LTO for victims of Katipunan crash

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“The LTO and the Insurance Commission are talking about many things; number one, how we will be able to increase our benefits,” Mendoza said in Filipino.

“This is what we’re looking at right now: kung paano ito magagawa (how this will be done) without necessarily pushing up the premium [higher] than the reach of our motorists,” he added.

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Mendoza also pushed for expediting the release of benefits under motor vehicle insurance to deliver aid to victims of road crash incidents as quickly as possible.

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“It’s a big help when there’s already assistance coming from the insurance provider… If help will arrive immediately, that’s a big thing. You wouldn’t have to think about which pocket you’ll be pulling funds from,” the LTO chief said.

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“So, we’re looking into that possibility, that there’d be a hotline that the public could access in case of an accident for immediate relief, that help would arrive for the insured and much more could be given to the victims,” he added.

While he could not give an exact timeline, Mendoza said the proposal was “top priority” for both his office and the IC, adding that a decision may be expected “within the next few weeks.”

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READ: Transport groups call for increase in vehicular liability insurance

Last August, transport groups called on the IC and the LTO to increase the insurance for vehicular accidents to ensure the safety and well-being of motorists and victims.

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An IC memorandum effective last March increased the amount under the compulsory motor vehicle insurance coverage from P100,000 to P200,000.

TAGS: Insurance, LTO

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