No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeArchiveAgency Rejects Request To Hike Auto Insurance

Agency Rejects Request To Hike Auto Insurance

The Superintendence of Pension Funds (SUPEN) this week rejected a request to increase car insurance.

The request by the National Insurance Institute (INS) would have affected all mandatory insurance rates. The vehicle registration, called the marchamo, would have increased by 14 percent.

SUPEN officials said earlier this week that the “information given by INS was insufficient,” the daily La Nación reported.

Apparently, the INS included on its petition car accident statistics dating back 10 years. SUPEN officials said they could not approve the request to increase car insurance rates because they needed to examine more recent data.

Mandatory auto insurance will cover ¢3 million (about $5,500) per each person who is killed or injured in an accident beginning Jan. 1, said INS’s Web site.

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

–Vanessa I. Garnica

 

Trending Now

Costa Rica Hunts for Nicaraguan Hit Squad After Exile’s Assassination

Costa Rica’s Judicial Investigation Agency (OIJ) is investigating whether a hit squad tied to Nicaragua’s Ortega-Murillo regime is targeting exiled critics on its soil....

Why Costa Rica Feels Like a Safe Haven for This Longtime Expat

If someone asked me to sum up why I live in Costa Rica in 5 words or less, my answer could well be: “It...

Costa Rica’s Rare Birds at Risk as Human Activity Threatens Extinction

Costa Rica’s bare-necked umbrellabird, a striking black bird with a red throat pouch and crest, is in trouble. A new study in Nature Ecology...

Costa Rica and U.S. Strengthen Border Scans and Biometric Cooperation

U.S. Secretary of Homeland Security Kristi Noem met Wednesday with Honduran President Xiomara Castro to discuss security and migration, following her offer in Costa...

A Costa Rica Love Story: From Rustic Cabina to Separate Dreams

My Tica wife and I have been together for over a quarter century. When we met, I was living a simple life here. Three...

Costa Rica Identified as Key Maritime Route for Cocaine Trafficking

Costa Rica appears among the main maritime and aerial routes for cocaine trafficking between South and North America, according to the World Drug Report 2025 published...
Avatar
spot_img
Costa Rica Tours
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Rocking Chait
Costa Rica Travel

Latest News from Costa Rica