A Guide to Obtaining Insurance in Costa Rica as a Foreigner

If you are moving abroad to Costa Rica to live you will probably want to get insurance for everything from car insurance to home insurance. Unlike most countries you will not have a lot of options when it comes to insurance as there is a state monopoly on insurance in Costa Rica. The only place that sells insurance of any kind in all of Costa Rica is the Instituto Nacional de Seguros (INS) and agents of the Instituto Nacional de Seguros. No one else is allowed to sell insurance in all of Costa Rica. Many expats find that it is easier to deal with the agents of the Instituto Nacional de Seguros as opposed to dealing with the Instituto Nacional de Seguros directly.

The insurance offered by th Instituto Nacional de Seguros is varied and coverage is offered for both businesses and individuals.

You can get accident insurance to cover accidents that are job related around the world. Eligibility requirements are that you must be between the ages of 15 and 60. Children can be insured between the ages of 12 and 21. And for an extra premium you can be insured up to a maximum of 70 years.

Student accident insurance, called seguro estudiantil, is available for school children and students. It covers any accident in Costa Rica. Eligibility requirements state that the child must be registered at a school that is recognized by the Costa Rican Ministry of Education (MEP), the National Board of Superior Education (CONESUP) or at a daycare center that is registered with the Costa Rican Ministry of Health.

Housing insurance, called seguro de hogar, is offered with two different variations. The options are either seguro de hogar comprensivo or seguro de hogar 2000. The seguro de hogar 2000 provides coverage for all risks that your property ay face including fire, natural distaer, earthquakes, falling trees or airplanes, loss of rent and more. While the seguro de hogar comprensivo offers coverage for your housing at its most basic level. However it can be upgraded to cover accidents and risks and civil liability. Typically this insurance is chosen for houses that are made of concrete and are in good condition. It is important to know the difference between these types of home insurance so that you are adequately covered if you have purchased a home in Costa Rica.

Theft insurance is offered as a general policy and as a cell phone specific policy. Theft insurance, called seguro contra robo, provides coverage for burglary and theft in your home or business. Possessions and damages are covered. Cell phone theft insurance, called seguro contra robo de cellulares, provides coverage for loss or theft of cell phones. This is only available for new GSM phones and the premium is 7.25 percent of the value of the phone. You must insure within 30 days of buying the cell phone and you can only renew the policy once.

Six different types of life insurance (seguro de vida) policies are offered. Vido colectivo is for groups of at least 20 people between the ages of 15 and 65. Vida en dolares is for people between the ages of 15 and 75. It allows you to put money into an account and earn interest. Vida universal is offered for the ages of 2 up to 70 and allows flexibility in the premium and payment intervals. Via global uses a savings account to earn interest as well. Vida temporal serie econimica is for the ages between 15 and 60. It is a low cost policy that only provides coverage for a predetermined period. Vida temporal en dolares offers coverage for a choice of a 5, 10, 15, or 20 year period. The ages that this is for start at age 15 up to age 60.

When you get your license plate for your car insurance coverage is provided. While this is the case it is beneficial to purchase additional coverage. With additional coverage anyone that drives your car is covered. The basic only covers civil damage while the additional insurance covers the other risks.

Credit and debit card insurance is available to cover 90 percent of charges made in the event of fraud.

Travel insurance is also available in four different policy types. Aeroseguro travel insurance provides coverage for accidents or medical conditions that occur during flights. Viajero en Colones provides coverage for travelers that are traveling a minimum of one week and a maximum of 26 weeks either in or out of Costa Rica. The payout for this policy is in Colones. The viajero en dolares is identical to the viajero en colones policy except that the payout is in American dollars. And the viajero con asistencia is for travelers that are making international travel for a minimum of one week and a maximum of 26 weeks.