October 10th, 2012 – For the second year in a row, the annual vehicle tax known as “marchamo” in Costa Rica, may increase in cost.
The National Insurance Institute (INS) requested the authority that regulates the sector, to evaluate the option of increasing the Automobile Mandatory Insurance, which is included in the annual “marchamo” payment.
Eduardo Fernandez of INS explained that the adjustment in price is necessary, due to an increase in the financial costs of accidents, especially amongst motorcycle drivers.
As of July 31st, 2012, INS says it has spent 12.5 billion colones, or about $25 million dollars, in medical services and economic assistance for accident victims, an 8% increase since the previous year.
Fernandez said the request would now go to the General Insurance Superintendence (SUGESE), which will decide whether or not to approve the increase.
For 2012, SUGESE approved an increase of 43% in premiums, which resulted in protests from motorists, especially motorcycle drivers, which saw the largest increase on their marchamo payments.
Fernandez preferred not to give any numbers regarding what sort of increase they are requesting for the 2013 Marchamo.
INS is expecting to begin taking Marchamo payments on Monday, November 12th.
1,100,000 motorists must pay Marchamo before January 1st, 2013.