Insurance commission OKs doubling of vehicular accident indemnity claims

The increase in the Compulsory Motor Vehicle Liability Insurance (CMVLI) coverage is contained in an IC memorandum circular, a draft of which was released last month and transmitted to stakeholders for their comments.
STAR / File

MANILA, Philippines — The Insurance Commission (IC) has doubled the indemnity claims for vehicular accident victims as part of government efforts to improve overall insurance coverage in the country.

The increase in the Compulsory Motor Vehicle Liability Insurance (CMVLI) coverage is contained in an IC memorandum circular, a draft of which was released last month and transmitted to stakeholders for their comments.

The CMVLI is the most basic kind of motor vehicle insurance among non-life firms, which pays for the expenses for death or injuries suffered by passengers of an insured vehicle.

Based on the memorandum, CMVLI third party liability coverage is now at P200,000 each for all types of vehicles, from the previous P100,000.

Death indemnity including burial and funeral expenses is now at P200,000, from the previous death indemnity of P70,000 and burial and funeral expenses at P30,000.

For bodily injuries, the maximum reimbursable fees or charges for various professional needs remain, such as for hospital and operating rooms, surgical and medical expenses, anesthesiologist fees, drugs and medicines and ambulances.

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