Monday 17 May 2021

Mandatorry vehicle insurance (SOA) will drop 6.1% on average

QCOSTARICA – The mandatory vehicle insurance – Seguro Obligatorio de los Vehículos (SOA), one of the components that are part of the Marchamo, will have an average reduction of 6.1% for 2021.

The General Superintendency of Insurance (Sugese) confirmed the reduction this Tuesday, based on calculations by the Instituto Nacional de Seguros (INS) – the State insurer.

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According to the insurance superintendent, Tomás Soley, there were at least 30% fewer accidents to September of this year, in relation to the same period last year, warranting a reduction in the rates.

As of September, a total of 17,285 accidents had been claimed. For the same period in 2018, the figure was 24,586.

Also, the number of traffic deaths and injuries were down this year, 125 (to the end of September), compared to 190 for the same period last year; 19,489 injured this year to 27,840.

These will be the rates according to the type of vehicle:

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As shown in the above chart, owners of automobiles will see a drop of 3.7%; the biggest drop in insurance rates is on light trucks (13.8% and buses (16.44%).

According to the Sugese, the maximum coverage of ¢6 million colones per person is maintained for all categories of vehicles, which could double in special cases such as minors or depending on the degree of partial or total disability that occurred.

The drop insurance rates will further decrease the cost of the 2021 Marchamo if legislators approve a reduction that is expected to be voted on later today.

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FACT CHECK:
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"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.

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