2009 Marchamo To Be 14%
More Expensive
The Seguro Obligatorio
de Automóviles (SOA) -
mandatory vehicular
insurance - will
increase 14% for 2009,
according to a proposal
by the Instituto
Nacional de Seguros
(INS) to the Contraloría
General de la República
(Comptroller's office)
and the Intendencia de
Seguros (Office of
Insurance).
The mandatory insurance
forms part of the "marchamo"
- the annual vehicular
circulation permit.
The annual marchamo has
been getting more
expensive since 2006,
when owners of vehicles
paid out a 19.76%
increase over 2005, in
2007 the increase was
15.69% and 8.59% for
2008.
With the increase in the
cost, the INS will also
be offering a higher
coverage for traffic
accidents.
The INS did not set an
exact date when it will
start collecting the
2009 Marchamo that is
due by December 31, only
to say it will be
available for payment
beginning the second
week in November.
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