Costa Rica: Mandatory Auto Insurance to Raise 16%

The price of compulsory auto insurance in Costa Rica will raise from $23.65 to $27.51.

Tuesday, November 10, 2009

Motorcycle insurance will remain mostly unchanged (0.78% increase), whereas buses will pay considerably less (57%).

"Additionally, the comptroller authorized increasing accident coverage from $5.265 to $10.530. It will be funded with surplus resources from mandatory insurance", reports Nacion.com.

¿Busca soluciones de inteligencia comercial para su empresa?



More on this topic

Road Accidents Affect Car Sales in Nicaragua

January 2017

The union of dealers attributed the slowdown in sales of compact cars to increased traffic accidents and the consequent increase in the cost of insurance.

The Nicaraguan Association of Motor Vehicle Distributors (Andiva) last year estimated that insurance premiums for small and compact cars increased by 15%, due to growth in traffic accidents in the country. Because of this situation, the union estimates that at the end of 2016 "... possibly we will reach the same number of vehicles sold in 2015 or perhaps a growth of 1%."

Demonopolization of Mandatory Auto Insurance

January 2015

The Superintendency of Insurance in Costa Rica is planning to start the process of opening up the market for compulsory automobile insurance in the first quarter.

In order to liberalize the market for compulsory automobile insurance, there first needs to be a review and approval of a decree which will focus on the regulation of the sale of insurance from the National Insurance Institute (INS) to private companies.

Costa Rica: 3 Car Insurers Offer Policies

November 2010

As of December 1st Assa, Mapfre and the INS will compete for the auto insurance market.

Assa Insurance received on Friday approval to market its auto insurance policy.

"So, with the effective date of transit permits due and December around the corner, the three insurers will dispute the preference of car owners," writes Juan Pablo Arias from La Nación.

Costa Rica: Competition for Obligatory Insurance

October 2010

Starting January 2011 the market opens for obligatory car insurance and work injuries.

The rules which will regulate the market are being analyzed and will be approved next November, said Superintendent of Insurance, Javier Cascante.

Cascante told Nacion.com, "... it is expected that transition to open competition allows for companies to provide additional coverage.

ok