Jeremiah B. Belgica, the secretary of the Anti-Red Tape Authority, has a recommendation that might make vehicle registration a little more affordable. However, it involves insurance, your lifeline when the unexpected happens.
Belgica proposed that Third Party Liability (TPL) Insurance should be removed in registration renewal. But before you say it sounds like a dangerous idea, you have to hear what the secretary has to say next. He adds that those with comprehensive insurance should not be obliged to pay for TPL when they renew their registration.
“I recommend to the Land Transportation Office (LTO) the removal of the Third-Party Liability (TPL) Insurance as part of the vehicle registration process for vehicles already covered by a Comprehensive Automotive Insurance Policy. This procedure appeared to be redundant and inflicting additional expense to the public,” said Belgica.
“As we seek to eliminate overregulation and unnecessary requirements, this would reduce the burden on the transacting public, streamline the vehicle registration process, and promote good regulatory principles,” added the secretary.
This is good news for those who have comprehensive insurance for their vehicles as it also reduces the cost of renewal. But just because Belgica has recommended this, it doesn't mean you can drive around with no insurance at all. Remember, some form of insurance is required for updating your vehicle’s registration.
Should this push through, this gives you more reason to go for comprehensive insurance. If you think about it, having proof of that speeds up your registration process and saves you time. If you want to learn more about what comprehensive insurance is and what it covers, Assurance.PH will give you a helping hand and find you the best rate. There are other benefits too. Not only will it be faster to register your vehicle, but you also have peace of mind when the unexpected occurs.