car insurance

rogerramjet1

New member
Sep 10, 2015
433
0
0
Hi
I spoke to an insurance person ( in passing!) about the approximate price to insure a brand new suzuki vitara $23000 list price. She didnt look in the system but told me i should expect to pay 80000 peso per year to insure it.
Does this sound reasonable?
 

caribmike

Gold
Jul 9, 2009
6,808
202
63
I paid around 6000 a month for a Seguro full for a 2014 Tucson full List price 2014: 37500 USD

The car was financed by Banreservas. Insurance was Seguros Banreservas which I can highly recommend. Never had a problem with them.

My new car, a Grand Cherokee Overland I am with La colonial and will pay around 6000 again for a full insurance.

So, I would say your 8000 is a bit too much for a car valued 23000...
 

AlterEgo

Administrator
Staff member
Jan 9, 2009
23,097
6,247
113
South Coast
It doesn’t sound outrageous to me (Mike, it’s 80,000 per year, not 8,000 per month). Full coverage for a three year old Toyota Venza was 65,000 the first year, and that was 4 years ago.  We only carry legal minimum now
 

SKY

Gold
Apr 11, 2004
13,470
3,604
113
Biggest rip off around. Get the Ley (minimum) for about 6,000 pesos a year. This will cover you in an accident. I had an accident once that was not my fault at all with this. They sent a lawyer to court and straightened the whole mess out. As for collision, after the deductible you are robbed also.

After 12 years you will have the money for a brand new car with what you save.

I know Dominicans that are multi millionaires (in US dollars} that take the minimum.
 

caribmike

Gold
Jul 9, 2009
6,808
202
63
@sky

When you buy a car on a loan you do not have that option. Full insurance is required.
 
Jan 9, 2004
10,898
2,226
113
Hi
I spoke to an insurance person ( in passing!) about the approximate price to insure a brand new suzuki vitara $23000 list price. She didnt look in the system but told me i should expect to pay 80000 peso per year to insure it.
Does this sound reasonable?



Check around......prices vary......just make sure you compare coverages.....not just prices.

And.....some insurers have a better reputation than others.....seek recommendations.

Your driving distances/location may dictate what coverage is best/right for you.

As I have clients all over the Island, I still carry full insurance. Just paid 26,000 for full coverage on one of my vehicles, a 2007 Toyota Corolla.

Note that if you have a loan on a vehicle, the bank will likely dictate that you carry full insurance.

After the loan is paid you can then opt for minimum coverage if you desire.

I would not recommend minimum coverage unless your vehicle is very old, you drive mostly locally, and you are willing and have the means to self-insure if you have an accident/claim.


Respectfully,
Playacaribe2 
 

JD Jones

Moderator:North Coast,Santo Domingo,SW Coast,Covid
Jan 7, 2016
11,698
8,129
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Biggest rip off around. Get the Ley (minimum) for about 6,000 pesos a year. This will cover you in an accident. I had an accident once that was not my fault at all with this. They sent a lawyer to court and straightened the whole mess out. As for collision, after the deductible you are robbed also.

After 12 years you will have the money for a brand new car with what you save.

I know Dominicans that are multi millionaires (in US dollars} that take the minimum.

They can afford to. They pay cash for a vehicle, get the minimum, and hope for the best. If they have an accident, they buy another car. Different world.
 

SKY

Gold
Apr 11, 2004
13,470
3,604
113
@sky

When you buy a car on a loan you do not have that option. Full insurance is required.



I buy a new car for cash and never take any loan. Loans on cars are a whole new rip off. Buy with cash the car you can afford.
 

ju10prd

On Vacation!
Nov 19, 2014
4,210
0
36
Accountkiller
Just renewed my insurance for a 2011 Suzuki Grand Vitara with a value of 590k, fully comprehensive for 25k with Atlantico Seguros.
 

beachcomber

Member
Oct 15, 2003
117
1
18
I have used Monument for over 10 years but they've been steadily increasing without any claim the last time I went in to pop with money in my hand to pay the girl she was so hostile I had to question why are you being so abusive to someone with money in their hand a long-standing client she said she had to write out a new insurance with the excuse of putting it up yet again I said I'd think about it and went to check the price with Jenny's Market who have just started doing insurance that price was exactly 1/2 of Monument so it would appear checking around is worth it ..and I think it's fairly standard practice for insurance companies the longer you're with them the more you pay regardless of no claims if that exists in the DR...I Don't know personally anyone who's ever got anything back off the insurance company's so I would go for the minimum if you have that option...
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
113
Oh.. not $80,000 US dollars...

you should have said so earlier....


your Insurance should be about $25,000 PESOS annually.... depending on coverage/deductible etc
 

Casino127

Member
Jan 13, 2012
230
7
18
I am paying 1750 pesos a year for a 2012 sonata N 20 for the minimum . Doesn t cover the car body.
 

cobraboy

Pro-Bono Demolition Hobbyist
Jul 24, 2004
40,964
936
113
2010 Explorer, $600,000 value, RD$32,000 for full insurance. I asked why so high? The response was "parts are expensive."
 
Jan 7, 2016
827
2
0
Have full coverage, low deductible insurance with Banesco Seguras for two years now and only pay 12,000 DP per year and it includes Air Ambulance Evacuation to Santo Domingo Hospitals in the event of injury.
 

SKY

Gold
Apr 11, 2004
13,470
3,604
113
I would rather depend on a Dominican loading me on his truck and rushing to the nearest clinic than wait for an Air Ambulance.
 

cobraboy

Pro-Bono Demolition Hobbyist
Jul 24, 2004
40,964
936
113
I would rather depend on a Dominican loading me on his truck and rushing to the nearest clinic than wait for an Air Ambulance.
That coverage is like $5 a yaer on health insurance.