Obligatory Vehicle Insurance Rates Set

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The SUGESE this week set rates for the obligatory vehicle insurance and the annual marchamo tax was due and payable at financial service centers throughout the country, as well as at the INS web site http://www.ins-cr.com/ A check on Thursday showed that the amount due for a vehicle could be reviewed on the site.  The average rate increase by 43% percent as compared to 2011.

According to the Insurance Superintendent, Javier Cascante, the rate hike was due to 2 factors:

1. A rise in the costs associated with traffic accidents.  The number of accidents increased in 2011, as well as the number of injured and dead.  The costs per accidents also rose, primarily due to increased medical expenses.
2. In 2011 a requested rate hike was denied, because the INS had a surplus, which was used to offset the rate hike.  In 2010 there was no reported surplus.

The obligatory vehicle insurance is the second largest component of the annual marchamo, which also includes a property tax, a wildlife fund, municipal funding, and funding for COSEVI -- the highway safety commission.

The rate for private vehicles (cars, SUVs, pickup not registered as cargo vehicles) in 2011 ¢ 11,677 which increases to ¢ 15, 903 in 2011.

Light Cargo vehicles paid ¢ 9,621  in 2011 and will pay ¢ 12,640 in 2012

Taxis, Buses and Motorcycles pay the most, from 53,000 to 67,000 colones in 2012, up from 37,000 to 43,500 this year.

The average rate in 2011 was ¢16,509, while in 2012 it is ¢ 23,650.

The annual obligatory vehicle insurance covers the costs associated with injuries and deaths in traffic accidents, either to the vehicle's occupants, or to pedestrians struck by vehicles. The amount covered in 2012 is 6 million colones, about $12,000.