New interim vehicle insurance scheme by the LTO takes effect tomorrow

[nicolodeon]

To all of you Tsikoteers who would be registering their vehicles starting tomorrow, fair bit if heads-up: the LTO is implementing an interim insurance scheme starting tomorrow while that CTPL mess is being ironed out.

From a leading news daily:"Under the interim measure, an individual registering his vehicle is required to first secure a CTPL policy from an insurance company of his choice.

Once a purchase is made, either the insurance firm or the broker/agent should send the required information electronically or through text messaging to the so-called Certificate of Cover Authenticating Facility (CoCAF), a system administered by the Philippine Insurers and Reinsurers Association (PIRA) and Stradcom Corp., the information technology provider of the Land Transportation Office (LTO).

The required information include the COC number, plate number of the vehicle (if previously registered), engine number, chassis number, MV File number, inception and expiry dates, classification of registration, and notice that a CTPL policy has been bought to cover the said vehicle.

In the meantime, with his new CTPL policy, the vehicle owner may start applying for registration with the LTO, which in turn will verify the authenticity of the insurance policy presented by the applicant by comparing it with the information fed to the CoCAF.

LTO personnel will input the insurance and vehicle information presented by the applicant into the Certificates of Cover Verification Facility (COCVF), also operated by Stradcom and used by the LTO in the verification process. COCVF will then electronically match the data it has with the data from the CoCAF."

For the full article by the daily, go here.

[warp]

Parang ito na rin yun ginagawa nila dati pa. Kailangan ipa-verify muna yun CTPL, then lalagyan nila ng "sticker" bago ka pumunta sa Inspector.