Understanding Insurance in Costa Rica

The purpose of insurance is to financially protect individuals or businesses when unexpected situations occur. By obtaining insurance, they receive financial support in case of unforeseen events or accidents. For example, in the case of the loss of a family member, a car accident, or a serious health condition, insurance provides economic assistance, preventing people from having to use their savings or incur unexpected debts to deal with emergencies. Within insurance, there is a deductible, which is the portion of the loss that the customer has to contribute financially, and this is paid directly to the insurance company.

In Costa Rica, there are various types of insurance, including property and personal insurance. Personal insurance includes health, accident, and life insurance. These insurances help businesses and families overcome difficult situations. For instance, health insurance provides support in case of emergency or unexpected medical needs, while life insurance is of great help to families in the event of the loss of a loved one, especially if they were the main source of income in the household. Additionally, life insurance also offers the opportunity for savings and investment to ensure financial security in the future. There are even life insurance policies with savings options that can be used for children’s future or long-term savings planning. Insurance companies like Assa, Palig, INS, BMI, among others, offer these personal insurances.

On the other hand, we have general insurance, which protects material assets, including insurance for vehicles, homes, businesses, and liability. In the case of automobile insurance, there are various coverages, such as liability insurance that covers damages to third parties, as well as collision, overturning, theft, robbery, and additional risks. Moreover, there are insurance policies for buildings and houses that cover events like fires, falling trees, hurricanes, earthquakes, and other catastrophic disasters. Prices are very affordable for different family budgets, and you can find offers in the market that would pay compensation at replacement value in the event of a claim. There are also insurance policies for boats that protect against causing damage to third parties and for the protection of the boat itself.

Liability coverage falls under the category of general insurance and provides protection in the event of lawsuits, whether on a personal level, such as an incident with a pet, within a business for events that occur on the premises, or due to negligence in a service.

For accurate and appropriate information, it is recommended to seek out insurance intermediaries registered with the Superintendence of Insurance, the regulatory body for the insurance market in Costa Rica. Among insurance intermediaries, there are two options: insurance agents who represent a single insurance company, and insurance brokers who represent various companies supervised by the General Superintendence of Insurance (Sugese). When purchasing insurance, it is essential to do so through an accredited agent or broker and with a supervised insurer to avoid possible scams or future complications.

We invite you to contact us for any additional inquiries you may have.

Illiana Granados Gamboa, Insurance Broker, Seguros Metropolitanos. Tel. (506) 8998-8102.