Costa Rica News – Just in case it was not expensive enough to bring a car in to Costa Rica already with over 50% tax on vehicles being brought into the country, Costa Rica is now adding more expenses to those that want the convenience of having a personal mode of transportation in the country.
This past Monday the General Superintendent of Insurance (SUG) announced the Compulsory Auto Insurance (SOA) increased fees for 2014. A higher rate necessary for next year’s obligatory vehicle transpiration rights insurance.
On average, all rates for transportation will increase by 12.4 %. These rates accumulate a total of about ¢ 6 million. Most rates show an increase compared to the SOA fees in 2013.
Next year cars will pay an average of ¢ 20,856 more (up 20 %) and motorcycles ¢ 80,924 more (up 3.6%). The motorcycles who want less coverage must pay ¢ 61,306 more (increased by 1%). Light-duty vehicles will pay ¢ 15,234 more, while heavy-duty vehicles will pay ¢ 20,643 more. In the area of public transportation, buses will pay ¢ 81,649 more and taxis will pay ¢ 63,957 more.
The Regulating Law in Market Insurance and Traffic Law have authorized the premium rates.
The current Traffic Law also approved the permanent disability allowance, Labor Code and extended medical coverage. This resulted in an increase in the costs of the policy. The Superintendency pointed out that there was an increase in health costs, especially in the services related to the paramedics.
According to data provided by INEC, about 617 people die each year in traffic accidents .In 2012, the cost of traffic accidents attention was ¢ 28,519.
The SOA fee is a component of the obligatory vehicle transpiration rights insurance fee. The insurance rate includes tax on the vehicle and Road Safety Council (COSEVI) tax, among others. People have until December 31, 2013 to pay the mandatory fees.
By Brenda Sotelo