COSTA RICA NEWS — The second component of the 2015 Marchamo (Vehicular Circulation Permit), the mandatory insurance portion will cost less, says the Instituto Nacional de Seguros (INS), the state insurer.
The Seguro Obligatorio de Automóviles (SOA), with represents 20% of the value of the Marchamo, will be on average ¢2.183 colones less, and a positive sign for vehicle owners.
We now wait for the Ministry of Finance (Ministerio de Haciena in Spanish) to set the Property Tax Value, which represents 68% of the total Marchamo cost.
The state insurer says that the drop is due to an increase in the number of vehicles in the country and a decrease in operational costs due to higher efficiency of the insurer.
The SOA is payable by every vehicle owner, providing a basic vehicle insurance policy that covers medical expenses resulting from a vehicle accident. Temporary disability and funeral expenses can be added at the time of payment for the Marchamo.
For now the INS remains the sole collector of the SOA. A decree to change that, allow the other insurers in the country to collect the Marchamo, is still in the hands of the ministry of Transport (Ministerio de Obras Publicas y Transportes -MOPT).
Source: La Republica