Car Insurance in PanamaAccording to the ATTT (Traffic Terrestial Transportation Autority), of 612,303 vehicles that circulate in the country, only 203 thousand have some type of inssurance. 67 % of the cars that roll across the country are not insured. And of the 44,000 vehicles that offer Public or Private Transportation services, only 20 % have an Insurance policy. This new regulation adds a neew requirement for drivers to obtain their License Plate.
The article 236 of the Regulation states that car owners are forced to mantain an insurance of civil responsibility that covers any damages to third party property, Physical injuries, and accidents.
However, any driver who scape from the scene after a collision will be sanction with a fee that will go from 200.00 to 1000.00 dollars and they will have suspended their rights to drive for a definite or indefinite period of time (accordingly), to cumply with the Regulation Norms.
Since January of 2006 the Superintendencia de Seguros (legal entity which regulates insurance in Panama) regulated discounts given on car insurance policies to 40% on new – dealership cars and 35% on all used cars for drivers with good records.
Before 2006 some companies gave up to 60% discount which meant some companies offer cheaper premiums than others. After 2006 all companies have rates that vary by a couple of dollars
Plese take into consideration the following when applying to Car Insurance:
• Cars made in the year 2000 or newer can be insured for Full Coverage - civil responsibility (personal injuries and damage to foreign property), medical assistance, and coverage for the insured vehicle (collision and comprehensive).
• Cars from 1999 or older are insured for Civil Responsibility (damage to thirds) under Panamanian law. This coverage includes foreign property and personal injuries for third parties. Your policy can also include medical assistance for the driver/passengers in your car
• The older the car the higher the premium for full coverage - this has to do with the risk of a car accident and older parts are harder to get and more expensive.
• Depreciation is done 20% first year (some companies do 15%) and then 15% the rest of the years.
• If you bring your car to Panama include the entry taxes as part of the value of the car.For you to be covered your license needs to be valid. You can use any license from any country or an international license; just make sure it’s not expired! No-fault coverage does not exist in Panama.
• If you are financing a car, banks will require you to have a full coverage policy. It is much better to use a broker who can assess your needs, compare different premiums, and assist you in a claim. The Law 59, of July 29, 1996 (which regulates insurance in Panama) in Article 36 states that a consumer has the right to chose who will sell him/her insurance. So don’t pay higher premiums at the bank!
• AAA does not exist in Panama, but your insurance policy has roadside assistance included! This covers jump-starts, towing, a tire change, or gas delivery (gasoline costs are not included).
Please se the following Benefits that must insurance agencies offer when applying for full coverage:
• Reimbursement for a rental in case of complete theft of the auto ($20.00 daily with a max. of $600.00)
• Civil responsibility for replacement car
• Accidental death coverage: $5,000.00 per person, $25,000 per accident
• Roadside Assistance - 205-0224
• Legal assistance in traffic accidents.
• Towing service: caused by mechanical damage or a traffic accident. Up to $150.00 per event, three (3) events per year, maximum annual benefit $150.00.
• Medical emergency service: ambulance service and medical attention in case of an automobile accident, 24
• hours a day and 365 days of the year.
• Basic roadside assistance includes a jump-start, a tire change, or gas delivery (gasoline costs not included): Up to $150.00 per event, three (3) events a year. Maximum annual benefit of $450.00.
• Locksmith for loss or misplacement of keys: Up to $150.00 per event, three (3) events a year. Maximum annual benefit of $450.00.
• Transportation to your home because of immobilization of the vehicle (starting from kilometer 25): Up to $100.00 per event, three (3) events per year.
• Hotel expenses caused by an accident or breakdown of the vehicle (starting from kilometer 25): Up to $100.00 per event, maximum 5 days per event, three (3) events per year.
• Auto rental in case of car theft (starting from kilometer 25): Up to $200.00 per event.
• Medical assistance outside of the country: Reimbursement of medical expenses and hospitalization due to auto accident (including the insured person, the spouse, and children under eighteen (18) years of age) during their stay abroad. Up to $5,000.00 yearly.
• Legal assistance in traffic accidents.
• Towing service: caused by mechanical damage. Maximum annual benefit $150.00.
• Medical emergency service: ambulance service and medical attention in case of an automobile accident, 24 hours a day and 365 days of the year.
• Basic roadside assistance includes a jump-start, a tire change, or gas delivery (gasoline costs not included): Up to $150.00 per event, three (3) events a year. Maximum annual benefit of $450.00.
• Locksmith for loss or misplacement of keys: Up to $150.00 per event, three (3) events a year. Maximum annual benefit of $450.00.
• Transportation to your home because of immobilization of the vehicle (starting from kilometer 25): Up to $100.00 per event, three (3) events per year.
• Hotel expenses caused by an accident or breakdown of the vehicle (starting from kilometer 25): Up to $100.00 per event, maximum 5 days per event, three (3) events per year.
• Civil responsibility for replacement car
• Accidental death coverage: $5,000.00 per person, $25,000 per accident
• Extraterritorial coverage in Costa Rica (up to 7 days)
• Alarm discounts
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