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Costa Rica Vehicle Insurance Price Being Reduced

Costa Rica News – It is not often that the price of a somewhat mandatory item get reduced in Costa Rica.  It seems that so many other costs of living in the country continue to increase; gasoline, electricity, the rotisserie chickens at Mas x Menos. 

Next year if you own a vehicle in Costa Rica the price of the Compulsory Auto Insurance (SOA) which is part of the Marchamo will go down 9% for private vehicles.

On average there has been a 7% reduction across the board for all modes of transportation……unless you own a bus.

Specifically private cars will pay ¢ 18,975, about ¢ 1,881 (9%) less compared to the 2014 rate.

The SOA is paid each year as part of your marchamo. On average the mandatory insurance is about 20% of the Marchamo.

The reduction was based on the fact that the number of vehicles in the country has increased, administrative costs have been reduced, and the profits of the National Institute of Insurance were higher than expected .

Wait a Costa Rican government entity is willing to give up a piece of their profits? Well kind of……

According to the law the INS receives 6 % from the sale of the SOA, last year they received 10% and this year it is expected to increase again to 13.4%.

I guess we should just be happy with the around $3.50 we are saving and not look to deeply into the cash going into the governments pockets.

Below is a table from La Nacion breaking down the insurance reductions.

car insurance costa rica

 

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