On April 17, 2011, Perez had just finished a show in Dagupan and is currently on his way home with his father Gerardo, and four others. The driver of the van tried to overtake a trailer truck but collided with a provincial bus along MacArthur Highway in Barangay San Julian, Moncada, Tarlac. He was declared dead on arrival at the Rayos-Valentin Hospital in Paniqui, Tarlac at 12:10 A.M.
Initial reports said that the cause of his death was 'multiple head injuries'. The autopsy however, revealed that his broken ribs pierced his heart and lungs thus, causing his death. Perez's funeral was held at La Salle Green Hills chapel on April 17-18 before he was transferred in the Christ the King Parish along Greenmwadows Avenue in Quezon City on April 19-26, 2011.
Perez was buried at the Manila Memorial Park in Parañauqe City on April 26, 2011.
His family wanted to donate his corneas to blind singer Fatima Soriano after his mother saw her interview with Boy Abunda in The Bottomline. However, Soriano's doctor explained this was not possible because Soriano's problem was her retinas and only corneas can be transplanted. Eventually, Perez's corneas were donated to a 28-year old man and an 8-year old boy.
In August 2011, the Eye Bank Foundation of the Philippines postumuously honored Perez as the Foundation's poster boy. The event was attended by his family and the recipients of the actor's corneas.