Vehicles: Mandatory Increase in Insurance Premium

In Costa Rica, the average premium for Compulsory Automobile Insurance for 2019 was approved to increase by 12.5% with respect to current rates.

Monday, November 26, 2018

After requests made by the National Insurance Institute (INS) to the General Superintendence of Insurance (Sugese), it was reported that the increase was approved, so private vehicles will pay ¢22.192 ($35) for the insurance premium next year.

Nacion.com reviews that "... In the case of motorcycles and mopeds, the rate was ¢86,609 ($139), with an increase of ¢16,194 ($26), 23% more, compared to this year's premium. In this type of vehicles, the biggest increase was registered."

Regarding the increase in the premium of motorcycles, the general superintendent of Insurance, Tomás Soley, explained that "... in this case the accidents have increased, and as the law is proposed, we have to make the difference in rates because of the great cost in medical care that motorcyclists receive."

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