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Friday, March 29, 2024

IC studies reducing vehicle insurance cost

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The Insurance Commission is evaluating a proposal of a transport group to reduce the premium collected by insurance firms on comprehensive motor insurance.

Insurance commissioner Dennis Funa said the Kilusan sa Pagbabago ng Industriya ng Transportasyon  requested for the reduction of the upfront and recurring cost of jeepney operators by lowering the insurance premium being charged by insurance companies for comprehensive motor vehicle insurance in relation to the jeepney-modernization program.

“As to the proposal on the lowering of insurance premiums, the IC was informed by Kapit that it had spoken with several insurance companies which manifested their willingness to explore ways to make motor car insurance product more affordable,” he said.

He said Kapit also proposed that insurance companies be allowed to extend loans to jeepney operators, transport groups, cooperatives, and transport management companies and for the said loans to be considered as “admitted asset” of the lender-insurance provider.

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