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.

What can make a difference on premium prices? The limits you obtain for your car insurance policy. Limits are the maximum amount that you are protected if you cause damage to foreign property or with medical assistance to persons in your car and others.

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The minimum limits I recommend are:

Personal Injuries (to thirds) is $10,000 per person and $20,000 per accident.

Property Damage $15,000 per accident

Medical Expense (you and others in your car) is $5,000 per person and $25,000 per accident.

At a person’s request you can lower or increment these limits, but you should be aware that if you cause an accident you are legally responsible to pay for the damages and courts in Panama can take years to solve cases and you could end up without a license and with a big lawyer’s expense if you are not properly protected.

Damage to thirds policies start from $130 a year – but offer low limits and do not protect for medical expenses for the people in your car. For $160-175+ you can get higher limits, medical protection for yourself and others in your car and roadside/legal assistance.

Companies differentiate themselves by offering a great number of benefits such as legal service, discounts, extraterritorial coverage, or towing services – which you should be aware and take advantage of.

To get more information on car insurance or to get a quote, contact our customer service department at forlacol@gmail.com or by phone (507) 6676 5151.