Wednesday 22 September 2021

Costa Rica State Insurer, The INS, Makes Arbitrary Changes To Vehicle Insurance Policies

Paying the bills

Latest

Costa Rica second last in economic recovery in the region

QCOSTARICA - The Central American region experiences very different...

TOP-5 real estate communities for a family life

Despite the fact that COVID-19 is slowing down the...

Today’s Vehicle Restriction September 22: Plates ending in “5 & 6” CANNOT circulate

QCOSTARICA - For today, Wednesday, September 22, vehicles with...

Group charged migrants US$22K to get them to the United States.

QCOSTARICA - A Costa Rican-Panamanian criminal structure charged migrants...

Laura Chinchilla calls to avoid a dynastic dictatorship in Nicaragua

QCOSTARICA - Former President of Costa Rica, Laura Chinchilla,...

Covid Entry Requirements to Panama

RICO's DIGEST - "I heard" is a term often...

107 people died from covid-19 in Costa Rica in the last three days

QCOSTARICA - In the last three days, 107 people...
Paying the bills

Share

Lilliana Morales, is claims manager at Asssa, one six private vehicle insurance operators in Costa Rica. Photo Esteban Monge / La República
Lilliana Morales, is claims manager at Asssa, one six private vehicle insurance operators in Costa Rica. Photo Esteban Monge / La República

QCOSTARICA – Policy holders of the  Instituto Nacional de Seguros (INS) supplementary vehicle insurance, starting today, take note of a number of changes that go in effect.

The State insurer, apparently, can make changes to active policies at will.

- Advertisement -

The changes, besides altering coverage and deductibles, for example, could also mean a higher premium cost in some cases and in others a decrease.

The first major change to the non-obligatory policy is the removal of the “franquicia” deductible, by which the insured assumed part of the risk in the exchange for a lower premium.

All supplementary vehicle insurance products will now have a 20% deductible, as was the case before 2008. Also, the minimum deductible will be between ¢150,000 colones for ‘standard’ and ¢300,000 for ‘quality’ vehicles.

The INS will continue to offer a zero deductible at a premium cost.

Another change, is in the event of an accident, the vehicles cannot be moved until an INS inspector has arrived at the scene. This goes contrary to the new traffic rule that allows vehicles involved in a “minor” accident (no personal injury, for example) to be moveed the vehicles if both parties agree, signing a document to that effect. See our report Minor Traffic Accident Reconciliation Rule Starts Jan. 7

It is unclear in the INS statement, but the no move rule seems to apply only to vehicles with a zero deductible. In the information packet, the INS says ‘that if the vehicles a moved, the zero deductible will not apply’.

- Advertisement -

Among other changes is a reduction of benefits for the Asistencia en Carreteras Extendida (Extended Road Assistance).

The changes by the INS will also impact customers of the other six auto insurance operators in the country, because the INS continues to be the benchmark for vehicle insurance coverage, given that the State insurer handles almost 90% of the market share.

The change does not affect coverage of the obligatory insurance – third-party liability – policy included in the Marchamo, the annual circulation permit.

Source: La Republica

- Advertisement -

- Advertisement -
Paying the bills
Ricohttp://www.theqmedia.com
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

Costa Rica second last in economic recovery in the region

QCOSTARICA - The Central American region experiences very different realities as...

TOP-5 real estate communities for a family life

Despite the fact that COVID-19 is slowing down the economy, Dubai...

Subscribe to our stories

To be updated with all the latest news, offers and special announcements.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.