Marchamo insurance bite will be lower for 2011

The cost of the annual obligatory vehicle liability insurance is going down an average of 13.8 percent, according to the Superintendencia General de Seguros, the regulating agency.

This is the insurance that is part of the annual marchamo payment. Owners of passenger vehicles will pay 11,677 colons ($22.72), an amount that is 3,994 colons less than last year. For this class of vehicles, the reduction for the 2011 coverage of 6 million colons (about $11,675) is 25.5 percent. Light trucks, on the other hand, will pay 9,621, an amount 35 percent higher than the previous year.

Taxis also are going up about 6.7 percent. Taxi owners will pay 36,966 colons ($71.92) for 2011. The rates reflect the driving experiences of each class of vehicles, which is why motorcycle owners will pay 43,515 colons ($84.66) for 2011.

The insurance is a component in the macharmo, which also contains a road tax based on the estimated value of the vehicle and other fees. Most expats purchase addition liability and comprehensive insurance.

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