Real Estate in Costa Rica is a rewarding experience. Depending on your life style, family needs can include a golf cart, car, truck, boat or motorbike. At this time of year the new insurance rates are ready. Instituto Nacional de Seguros ( INS ) calculates rates somewhat the same way as property taxes are assessed according to the vehicles value. Payment is submitted, recorded and a receipt along with windshield sticker are issued. It’s called paying the Marchamo (Label) and is a requirement by law. Car insurance is available in several levels, starting of course with the required base rate. Payment must be received by Dec 31. or interest can apply. If your car is leased or has a loan, the finance company would require more then the base rate.
Follow this calculator supplied by INS. Simply type in your cars plate number (Placa), fill in the security protocol , then hit Consultar. Next scroll down to the bottom and you will see the new base rate.
Where to Pay;
All INS offices and the Bank of Costa Rica porcess In addition, local banks offer an online payment system. Check with your bank on how to do the procedure by online transfer. Remember at some point you will need to pick up the sticker.
Thinking of buying used;
Car or golf cart, truck, etc? Be wise and inquire that the Marchamo is paid up to date. If it hasn’t been paid, there would be a retro active payment plus interest. Through a lawyer there is a possibility to have that retro active charge removed, but again that can take months and there is no guarantee of success. Contact your Lawyer prior to payment of the vehicle, it’s easy to check. And can generally be negotiated in the agreed price. I will be adding a list of Lawyers on my website in the near future.
Away Owners; Get in touch with your lawyer or property manager by Dec 31st to ensure the Marchamo has been paid.
Need Help? Join my email list to receive insights to Lifestyle, Buying, Selling and Owning property in Playas del Coco, Hermosa, Playa Panama , Ocotal and the Popagayo Area.
Receive Costa Rica Homes and News Here:
Owning and Living in Costa Rica