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Costa Rica: 2013 Marchamo insurance rates announced

SUGESE, the insurance industry regulatory agency in Costa Rica, announced this week the rates for the obligatory automobile insurance for 2013. These are a portion of the Marchamo tax due by December 31st of each year. The Marchamo, also called “derecho de circulación” is tax raising measure that includes several programs and institutions.

In every category the premiums rose when compared to last year. Car owners will pay ¢1,471 more and motorcycles ¢15,259 more. This has already provoked demonstrations on the part of bikers, who successfully lowered their rate last year. Rates for public transportation, cargo vehicles and special equipment will rise, in the case of buses and taxis the hike is also hefty, ¢13,302 and ¢10,401 respectively.

According to SUGESE, the new traffic law has two elements that boosted the rates. Firstly, the law included a maximum 6% profit margin — no profit was factored into the obligatory insurance rates in the past. Secondly, the Caja also now may recover funds from this insurance for treatment it provides to traffic accident victims.

The obligatory insurance is the second most expensive part of the Marchamo (Circulation Permit), which also encompasses a property tax, COSEVI fee (National Council of Road Safety), Municipal Tax, Wildlife Tax, Forestation Fee, Sales Tax and assorted others.

Go to this website to see what your Marchamo fees will be for this year.

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Costa Rica: 2013 Marchamo insurance rates announced
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