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Insurance Rates Increased for
2007
Driving in Costa Rica got more
expensive yesterday as the state
monopoly on insurance, the
Instituto Nacional de Seguros
(INS), announced increases in
its insurance rates for 2007,
which are between 6% and 34%,
depending on the type of
vehicle.
The new rates affect all types
of vehicles as they purchase
their 2007 "marchamo"
(circulation permit) which
contains the obligatory
insurance payment or Seguro
Obligatorio de Vehículos
Automotores (SOA).
The Contraloría General de la
República (CGR) approved the new
rates that will come in effect
this coming week as the marchamo
goes on sale. All vehicles, to
legally circulate in the
country, must count on the
marchamo which must be paid by
December 31 or face fines and
possible confiscation of the
vehicle.
The hardest hit with insurance
increases are motorcycles.
The insurance rates set by the
Contraloría General de la
República that the INS will be
charging are as follows:
Passenger Vehicle:
¢12.890
Heavy Commercial vehicle:
¢15.365
Light Commerical vehicle:
¢13.350
Buses**:
¢78.850
Motorcycles and bicimotos:
¢39.300
Special equipment:
¢9.875
Taxis:
¢40.465
The above amounts are only the
insurance portion of the
marchamo and does not include
the portion corresponding to the
Consejo de Seguridad Vial (Cosevi),
taxes and any fines levied
against the vehicle.
The SOA is apart from the
voluntary insurance that a
vehicle owner can purchase. The
SOA only covers compensation to
damage or injury to third
parties and only in the minimum
amounts. The SOA does not cover
theft of a vehicle either.
For comprehensive coverage, a
vehicle owner should, but is not
required, to purchase a
voluntary insurance policy that
protects the vehicle, its owner
and occupants and damage or
injury to third parties in
amounts of up to ¢100 million
colones.
** A typical 52 passenger bus
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