Regulator authorizes new rates for motorcycles

The Superintendencia de Seguros said Tuesday that it has authorized new, lower rates for obligatory vehicle insurance for motorcycles and similar vehicles.

Motorcycle drivers staged two days of protest last week and managed to get a promise from the Instituto Nacional de Seguros that rates would be reduced. The new rates are about 15 percent higher than the previous year for basic coverage of 3.5 million colons. That’s about $7,000. The cost will be 48,581 colons or about $97.

Motorcycle operators can obtain 6 million colons in coverage (about $12,000) for 62,888 or about $125.

The higher rate that caused the protests came because of the frequency of traffic accidents by motorcycle drivers and the accumulation of speeding tickets. Like other forms of marchamo or road tax fees, the money can be paid without penalty through Dec. 31.

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