I am happy to report that after my accident about 3 months ago I successfully received my insurance settlement from INS. I had heard many horror stories about INS being a sham, not paying out claims, etc. However, I can honestly say, I received my INS settlement.

It took approximately 5 weeks to receive payment. The payment was made out to the owner of the car, which was a corporation. In order to cash this check, I had to get a personeria juridica (document showing who is registered at the legal representatives of a Costa Rican corporation) showing I was the President of such corporation.

I of course found this out after picking up the check and had to go to the Registro and request this document in person. (You can also request this of your attorney, but it’s something that you can do on your own).

The insurance company decided that my car (Toyota Prado) was a total loss, since the cost of parts was more than 80% of the value of the insured amount. I therefore took the liberty of selling my car for parts ($4,500). I later found out I could have probably sold it for $1,000 to $1,500 more, but I guess you live and you learn.

I think I was in a rush to move past this all and when a mechanic offered me $4,500, I said ‘OK’ and left it at that. My advice is that if your car is a total loss, make some phone calls to different car dealers or mechanics and see what type of offers you get. That way you’ll know what your car is really worth.

The payout from INS was for approximately $14,000. Not very impressive, but my car was a little underinsured (which I knew, but was willing to take the risk to save money on my monthly premium).

In total I received a total of about $18,500 between the check from INS and what I received from selling my car for parts. Unfortunately this was not enough to replace my car, but at least they paid me most of the money.

I found it odd that INS made me pay for the remaining portion of my insurance for the rest of the term. (INS bills by semester, or 6 months). They also gave a value to the motor. I guess that part of my car was good despite being in a roll-over accident! Who knew.

So, to recap:

• My car was insured for 13,000,000 colones or approximately $22,807
• 20% deductable taken by INS: -$4,561
• Payment of ‘outstanding policy’: -$700
• 2% retencion (still not 100% on this one) -$344
• Value given to my car by INS as-is: $3,103
• Total Check: $14,099 Approximately (based on 570 exchange rate)

I am still dealing with the court system to get the people who hit my car found guilty. I am also asking that they pay my deductible ($4,561). They barely had any damage done to their vehicle, yet mine was totaled. Ironic.

I guess the last part of the story will be the outcome of the court hearing, which should be in the next month or so. So I will be patient and hopefully the system will work for me.

You can see the first part of Becky’s story Dealing With Costa Rica’s Insurance Monopoly (INS) After An Accident. Part I

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Andrew Makarik

to@welovecostarica.com

Andrew Makarik is the main editor of WeLoveCostaRica, a fan of this sunny country. He is also a loving husband and a has a lovely daughter. By being a devoted family man and the biggest Costa Rica fan, he wants to make more people feel at home there. WeLoveCostaRica unites people and helps them find new home or a new travel destination. This website is a friendly community where everyone can find not only information, but also new friends and travel pals. Andrew is also passionate about IT and programming, so he himself maintains a friendly atmosphere in this cozy environment of WeLoveCostaRica.com.