The cost of mandatory third-party liability (TPL) auto insurance in Costa Rica is relatively low, set by the government’s insurance institute, INS. However, the cost of voluntary supplemental coverage, such as collision, theft, and comprehensive, varies based on factors like the vehicle’s value, make and model, driver’s age and driving history, and the chosen deductible. Obtaining quotes from different insurers, including private companies alongside the national insurer, is essential for securing the best possible price.
Adequate vehicle insurance provides crucial financial protection in the event of accidents, theft, or other unforeseen incidents. In Costa Rica, TPL insurance is legally required to cover damages to third parties, ensuring responsible road usage. Supplemental insurance offers further protection for the policyholder’s own vehicle, mitigating potential financial losses. Historically, INS held a monopoly on the insurance market, but the opening of the market to private companies has introduced more competitive pricing and policy options.