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Auto Insurance Rates Could Go Up 14 Percent

October 31, 2008

The price of car insurance next year could increase by 14 percent if a National Insurance Institute (INS) request is approved.

The increase would apply to INS’ mandatory insurance rates, which, along with vehicle taxes and other fees, must be paid by the end of the year to receive a vehicle circulation permit, or marchamo.

A spokesman for the Superintendence of Pension Funds (SUPEN), the agency temporarily overseeing the insurance market while a new insurance oversight agency is being formed, said it will decide the INS rate-hike request within two weeks.

Earlier this year, the Legislative Assembly approved laws opening the insurance market, over which INS held an 84-year monopoly, to competition. The auto insurance market, however, will not allow open market competition until 2011.

Costa Ricans can now purchase other insurance policies in foreign countries, and foreign firms will be able to provide crossborder (shipping and air transportation) insurance.

 

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