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Auto Insurance Shock

I need some viewpoints on Auto Insurance. I live in Armenia and drive a 2007 Chevy Vivant that I paid $25,000 cash. I have the basic insurance you get when you buy the car. Some liability (I think). I have a neighbor who wants to sell me full coverage insurance for $700 USD per year. (In the US it would cost me $500 from Progressive). I am not sure if $700 is too high, too low or just right.

What I find interesting is that when she was discussing the auto insurance rates with me she never asked about our driving records, defensive driving courses, how many miles we would drive in a year, or a day, or a month, etc., just fork over $700.

Now on the other hand she wants to charge me about $300 a year for Homeowners Insurance. We have a $100,000 USD house with over $35k in household goods. To get the homeowners insurance I had to do a complete inventory of the house with pictures of every room. In addition, she has to have someone form the insurance agency come to the house and look at our stuff. (Not too comfortable with this part...someone I do not know coming into my home to "look around.")

So…what do you all think about the $700 per year auto insurance?

Thanks

By Rikito on Dec 27, 2007, 08:27 in Friendly Talkzone.

dwr says on Dec 27, 2007, 08:48:

1,500,000 pesos a year is about right for a new 50,000,000 peso car. Cover colision, robbery, third party, ect.. Ask about chofers jail insurance. If you ever, god forbid, hit and kill someone, they will hold you in a special jail cel. Make sure the insurance you are buying is from one of the big insurance companies here in Colombia. Mafre has been good to me. You can ask them to divide the payments up without interest in most cases.

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vicshere says on Dec 27, 2007, 08:54:

hey rikito 1,400,000 is a little high...but not much cause its a new car...remember your insurance in Colombia usually or most likely has roadside assistance included....check your deductible....it can be as high as 1,000,000 or as low as 300,000...I paid 700,000 3 years ago for a car worth 15,000,000 with 500,000 deductible

listo

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wendell13 says on Dec 27, 2007, 09:59:

Simply not true about going to jail. My girlfriend ran over 2 policia nacional on their moto. Both cops had minor injuries. Not only did she not go to jail , she did not pay a fine. I was with her at the time.

When people make blanket statements about Colombia, they simply aren't true.

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ColombianoGringo says on Dec 27, 2007, 10:05:

For those who read Spanish, here is the Codigo de Transito. This will tell you about all the traffic laws and penalties in Colombia. You can pick up a small paperback copy for about $3.000 COP. I had to look this up because a friend got his car impounded for not having his insurance up to date.

http://www.colombia.com/noticias/codigotransito/

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Atrevido says on Dec 27, 2007, 10:08:

I agree that sounds about right. When I had full coverage the best benifit they offered was sending a lawyer directly to the scene of the accident before the Guarda arrives. I hit a moto the lawyer got off with paying the guy $100.000.

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wendell13 says on Dec 27, 2007, 10:11:

If anyone has lived any amount of time in Colombia they learn that rules and regulations are not uniformly enforced. That is one blanket statement that is true.

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dwr says on Dec 27, 2007, 10:13:

Wendell, read my post again. Hit and Kill. I have had several acquaitances that have had to live through such ordeals. Blank statements about Colombia? Your a dick!

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wendell13 says on Dec 27, 2007, 10:20:

Would you say that to someone in person or are you just an internet tough guy?

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dwr says on Dec 27, 2007, 10:34:

pretty much an internet tough guy in this case. I have been driving down here for 20 years and have some knowledge to pass on to Rikito. I also own a car and pay insurance on it so I know a little bit about the cost. I have friends and experiences based on many years as an expat in Colombia. Your only input is to call BS on what I have to say? Yeah, you are a dick. Sounds like you the cookie cutter Gringoinbogota talks about. Or are you really in Colombia?

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ColombianoGringo says on Dec 27, 2007, 11:09:

chorizo, a little OT in this thread. Maybe you can post them here.

http://poorbuthappy.com/colombia/post/fotos-de-alumbrados-navideos-en-...

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Rikito says on Dec 27, 2007, 11:27:

Thanks for the responses. It makes me feel a little better even though I am feel I am paying way too much for the auto insurance. I kinda feel like a country dog in the city here. If I run I'll get bit in the ass...if I stand still I'll get screwed.

It is not life that matters, but the journey.

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miamimike says on Dec 27, 2007, 11:36:

Thats High! Rikito--You are PAYING WAY TOO Much! I pay $900 yearly here in Super High Risk Miami! In Erie, Pennsylvania(my old home town) the same insurance would be maybe $400 yearly. Sounds like she is giving you the "Gringo Price" LOL

"Wait a minute. What did you just say? You're predicting $4-a-gallon gas? That's interesting. I hadn't heard that." -- Feb. 28, 2008 --George W. Bush, Washington, D.C.

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Rikito says on Dec 27, 2007, 12:38:

Nah...checked with Coseguros, Bancolombia, Citibank, and one other. They were all within about $100-$150 of each other. The big problem in Colombia is that very few people bother to get insuracne at all. So when you arte in an accident you are in deep do do if you are not insured.

Is she giving me the gringo price? Maybe, but at least she is nice to look at with a great chest that she is proud of...why not it's all real!

It is not life that matters, but the journey.

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vicshere says on Dec 27, 2007, 12:40:

she getting returns on her investment wise girl

listo

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Atrevido says on Dec 27, 2007, 17:45:

Gringoinbogota I beg to dissagree. Body work is way cheaper than in the US...but of course you get what you pay for.

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gringoloid says on Dec 27, 2007, 18:10:

Rikito....I'm paying $1500 usd per year in Bogota. Anybody in bog playing less?

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Robert Jorge says on Dec 29, 2007, 01:04:

I am not an actuarial(sp?), but I wonder what the risk stats are for Bogota compared to the highest risk county in the US (Miami/Dade)? I imagine Bogota is a higher risk.

--"I believe in making the world safe for our children. But not for our children's children, because I don't think that children should be having sex." - Jack Handy

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Robert Jorge says on Dec 29, 2007, 01:11:

But Miami is F-ing crazy. When I moved there from Indiana, my insurance quadrupled. I had to go from $250 deductibles to $1500 deductibles just to be able to stay afloat. And that was on a 4 cylinder Ford Ranger!

I now pay $1000 per year for excellent coverage and reasonable deductibles on a 300hp Mustang GT. But, I live in sleepy north Florida. I am 36, not 26. I own my own house, am married, and have zero points on my driving record. So that all factors in.

--"I believe in making the world safe for our children. But not for our children's children, because I don't think that children should be having sex." - Jack Handy

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tomtom33 says on Dec 29, 2007, 01:27:

The word is actuary. My guess is that there is greater risk in Bogotá. And because of import duties and shipping costs, cars are more expensive here. All other things being equal, I would expect auto insurance rates to be higher in Colombia than in the US.

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robi666 says on Dec 29, 2007, 01:29:

The price seems right.

The SOAT is a compulsory insurance that covers damages to persons (it is very low on coverage). Everybody must buy it.
You can go to jail if it happens you break a penal law, like it would be anywhere in the world, but I'd guess that in Colombia it will be more difficult.
(Artículo 148°. Funciones de Policía Judicial. En caso de hechos que puedan constituir infracción penal, las autoridades de tránsito tendrán las atribuciones y deberes de la policía judicial, con arreglo al Código de Procedimiento Penal.)

For what I see, en la costa, everybody who's driving an old car, just buy the SOAT and get along with it.
In Medellin, people tend to be more responsible and buy an additional insurance. You choose...

"I am a citizen of the most beautiful nation on earth. A nation whose laws are harsh yet simple, a nation that never cheats, which is immense and without borders, where life is lived in the present."

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