BUY
527.00
SELL
539.00
BUY
582.02
SELL
616.67
Banco BAC Banco BCR Banco Nacional Banco Popular Banco Scotiabank

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.

Print Friendly
Costa Rica: 2013 Marchamo insurance rates announced
0 votes, 0.00 avg. rating (0% score)

Related Articles

Time is Running Out to Pay 2014 Marchamo in Costa Rica

In Costa Rica, the traditional procrastinating philosophy of “there's always tomorrow” often gets in the way of big business. Such is the case with...

Vehicle Registration for 2015 Will Begin in November

  Sergio Alfaro, president of the National Insurance Institute of Costa Rica (Spanish initials: INS), indicated during a recent press conference...

Insurance Industry in Costa Rica Sees Major Growth

SBWIRE Press Release -- A new market report from ResearchMoz.us indicates that the insurance sector of Costa Rica is poised for sheer growth and expansion...

Costa Rica: to pay or not to pay, your 2013 Marchamo

Recently The Costa Rica Star has published about the 2013 Marchamo insurance rate increase. Controversy over the 2013 Marchamo – circulation permit...

Popular Content