How much is car insurance in Nicaragua?
Carol Cobb
I pay US $660 a year in auto insurance here in Nicaragua. My policy has collision coverage, property damage liability, medical payments, and bodily injury liability. I have a $100 deductible. I drive a 2006 Honda CRV. I have had two fender benders in 11 years and the company came to the scene of the accident and handled everything. All I had to do was pick up the check and take the car to the repair shop.
I pay US $660 a year in auto insurance here in Nicaragua. My policy has collision coverage, property damage liability, medical payments, and bodily injury liability. I have a $100 deductible. I drive a 2006 Honda CRV. I have had two fender benders in 11 years and the company came to the scene of the accident and handled everything. All I had to do was pick up the check and take the car to the repair shop.
Posted February 5, 2014
Maria Acosta
The cost of car insurance here in Nicaragua depends on the car model and how old your car is. A smaller car like a sedan, for example, probably costs around US $500 - $550 a year. You’ll pay more than that for a larger, more expensive car.
Also, you won’t get full coverage insurance if your car is more than 7 years old. Instead, you’ll only have liability insurance.
The cost of car insurance here in Nicaragua depends on the car model and how old your car is. A smaller car like a sedan, for example, probably costs around US $500 - $550 a year. You’ll pay more than that for a larger, more expensive car.
Also, you won’t get full coverage insurance if your car is more than 7 years old. Instead, you’ll only have liability insurance.
Posted September 10, 2014
Diony Fuentes
Car insurance premiums depend on what car you have but the price ranges from US $200 up to $700 per year for full coverage. That includes liability and collision. Full coverage for a small car or a sedan is around $200 per year and $700 per year for trucks such as Toyota Prado and Land Cruiser. You don't need full coverage in order to drive here in Nicaragua. You only need the mandatory coverage which is only about $15 to $30 per year.
Car insurance premiums depend on what car you have but the price ranges from US $200 up to $700 per year for full coverage. That includes liability and collision. Full coverage for a small car or a sedan is around $200 per year and $700 per year for trucks such as Toyota Prado and Land Cruiser. You don't need full coverage in order to drive here in Nicaragua. You only need the mandatory coverage which is only about $15 to $30 per year.
Posted September 12, 2014
John-Marc Gallagher - GPS Real Estate
When I bought a new car here in Nicaragua, it was financed through the bank so the bank demanded I have car insurance with full coverage. That costs about US $600 per year. I maintained full coverage up until last year when I opted to just take just liability as my car is now 8 years old. Liability cost $65 per year. It is not a million-dollar policy because nobody sues for a million dollars here in Nicaragua.
The terms of car insurance in Nicaragua is...
When I bought a new car here in Nicaragua, it was financed through the bank so the bank demanded I have car insurance with full coverage. That costs about US $600 per year. I maintained full coverage up until last year when I opted to just take just liability as my car is now 8 years old. Liability cost $65 per year. It is not a million-dollar policy because nobody sues for a million dollars here in Nicaragua.
The terms of car insurance in Nicaragua is different than it is in the States. In case of an accident, of course, the police will be involved but they will not take it to court. The district attorney will not sue you, and the state will not sue you, either. What the state does, is to make sure that the person at fault pays damages to the person or the car that was hit. So for example, if I hit another car, that owner will have an idea of how much it will cost to repair his car and my insurance will pay for that repair. There is no whiplash and no massage-therapy involved at all.
If I kill someone in a car crash, the government will not send me to jail for 25 years for involuntary manslaughter. Instead, I will have to pay a restitution to the person’s family. If I kill someone in a traffic accident, I will go to jail immediately but I only go to jail long enough for the two private parties involved to come to an agreement as to what that person’s life was worth. So as long as the family of the person is in agreement with what I pay them using my insurance partly and maybe partly out of my pocket which can be around $5,000 to $10,000, the courts will not put me in jail for involuntary manslaughter. The court is more interested that both parties are taken care of as opposed to the state being compensated for the involuntary manslaughter. I am not trying to cover myself with a hundred million dollars worth of car insurance in case I kill someone in a traffic accident.
I think I have a $110,000 or $120,000 rider on my liability. If you need to pay for the hospital expenses of the person you hit, it will not cost $10,000 per day; it is only around $100 per day. A person will not consume $100,000 in medical expenses. Rather he will consume only about $1,000, and for that amount, you would rather pay out of pocket. Therefore, for me, having a liability rider on your car insurance is more cost efficient compared to paying $600 per month for full coverage of car insurance.
Posted September 20, 2014
Carlos Roman Gutierrez Solis - Casa Granada Properties
Regular, basic car insurance in Nicaragua costs US $55 per year. This is the minimum requirement when the police stops you on the road, checks your papers, and asks for your car insurance and driver's license. Car insurance with full coverage will cost $650 per year. This covers theft, damages, fires, when the driver hits someone, third person liability, and personal and passenger injuries during accidents.
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Regular, basic car insurance in Nicaragua costs US $55 per year. This is the minimum requirement when the police stops you on the road, checks your papers, and asks for your car insurance and driver's license. Car insurance with full coverage will cost $650 per year. This covers theft, damages, fires, when the driver hits someone, third person liability, and personal and passenger injuries during accidents.
(Station wagon, Granada, Nicaragua, pictured.)
Posted July 11, 2017