Obligatory insurance fee increasing for next year

The agency that regulates insurance fees has approved increases in the obligatory premium that is collected with the road tax.

The Superintendencia General de Seguros authorized the increases for the Instituto Nacional de Seguros, the former government monopoly that still is the only issuer of road tax stickers. The tax is called the marchamo.

The requirements of the new traffic law were cited as one reason for the increases. The maximum benefit for injury this year will be 6 million colons. That is why most expats purchase additional insurance.

The bulk of the marchamo payment is based on the value of the vehicle. However, passenger car owners will pay 17,374 colons this year, a 1,471 increase from 2012. That is about $35.

Owners of motorcycles have the option of paying 78,147 colons (about $156) for 6 million colon coverage or 60,713 (about $121) for 3.5 million coverage. The option resulted from protests by motorcycle operators last year.

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