TNVS Insurance: What You Need To Know
Updated on September 23 2023
Ride sharing has become a commonplace nowadays especially during the COVID-19 pandemic when commuting to and from work has become challenging due to health protocols imposed by the government. Private vehicles took advantage of this situation and give themselves an opportunity to earn full-time or part-time income without having to undergo the same process of taxi operators. Many businesses like BPO companies and manufacturing firms utilized ride-sharing for the safety of their employees
Even with this kind of setup, the threat of road accidents is still there. According to the 2020 MMARAS Annual Report of the MMDA, 345 persons were killed and 16,870 suffered injuries due to road accidents. Although your vehicle may be covered by comprehensive insurance, it will not cover your passengers if you are using it for commercial purposes like ride sharing. Worst, your coverage may even be voided for non-disclosure. If you plan to use your private vehicle for commercial purposes, you need a specialized insurance policy called Transport Network Vehicle Services or TNVS insurance.
When driving your car for money or commercially, different factors will come into play which are taken into account by an insurance provider for risk computations. The higher the risk, the higher will be the liability. However, this does not mean that your comprehensive car insurance will no longer be useful anymore. If you will just be a part-time TNVS operator, your regular car insurance can still come in handy when you are not operating as one.
What is TNVS Insurance?
If you often commute to work, perhaps you are aware of these TNVS operators like Grab or even Angkas. These services work like a taxi but there are certain differences between them. The first is the color of the plate. TNVS operators have the plates of private cars as opposed to the yellow ones of taxis.
Another difference is the way you utilize them. Taxis can be flagged down on major thoroughfares like EDSA or Commonwealth Avenue. Also, you can find them lined up in hotels, malls, or transport terminals where they are waiting to load passengers. On the other hand, TNVS operators require booking through their apps which need to be installed on iOS or Android apps.
If you own a private vehicle and want to be a TNVS operator at the same time, you cannot be one right away. You have to apply with the LTFRB for accreditation purposes. By being an accredited operator, you will be able to safely hail passengers as you will be provided with additional coverage like TNVS insurance.
TNVS insurance offers both no-fault indemnity insurance and all-risk coverage. The former ensures coverage for damages incurred regardless of who is at-fault while the latter ensures coverage for losses that might arise from any extreme conditions.
LTFRB has two providers for TNVS insurance. The first one is Passenger Accident Management and Insurance Agency or PAMI. The second one is SCSI Management and Insurance Agency Corporation. Under LTFRB Memorandum Circular 2015-028, passengers of PUVs are entitled to receive monetary benefits from P2,000 to P400,000, including accidental benefits and injuries. They can file for a claim against ride sharing firms.
How To Apply For TNVS Insurance
To avail of TNVS insurance from either PAMI or SCCI, you will need to apply in 2F Prima Building, East Avenue near LTFRB. After applying at the LTFRB office, claim the receiving copy of your documents and bring it to the Grab TNVS Help Center for case number registration. Next, proceed to the PAMI or SCCI office and present the receiving copy of your application. You will need to pay the following fees, depending on the type of vehicle you will use for TNVS operations:
- Sedan/Hatchback - P2,639
- AUV/Wagon - P3,139
Upon payment of fees, your TNVS insurance will be issued to you on the spot.
Most insurance companies now offer TNVS insurance so it is advisable to compare the rates and look for one that suits your budget and preference. If you are looking for TNVS coverage, you can work it out with your insurance provider.
You can also apply online from different websites. Make sure to shop around and compare the plans first. Ask for free quotes or consult an insurance advisor to help you find the best rate. This will save you money while still getting the proper coverage for your TNVS operations. As usual, always check the terms and conditions so you will know how much your coverage will be.
Making a TNVS Insurance Claim
When you need to file a TNVS insurance claim, you need to submit the following documents to the nearest PAMI or SCCI office.
- Certificate of Cover/Certificate of Insurance
- Any valid ID
- Driver’s license
- Latest OR and CR
- PAMI/SCCI insurance claim form
- Original police report
- Proof of beneficiary
TNVS insurance will give you the peace of mind that you or your passengers will be protected from accidents on the road.
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