In Panama Auto policies, the "Liability" or "Responsabilidad Civil" portion protects you for damage that your car does to others…damage for which you are legally liable. This coverage pays for bodily injury that you may cause to other persons, as well as, legal defense, cost of bail bonds, and emergency first aid to others.
RC also pays for property damage that you may cause to other vehicles, structures (light post, fences, houses etc.) up to the limits of coverage.
I recommend that my clients carry minimum limits of $25,000 per person that you may injure, $50,000 per accident (you may cause injury to several people) and $25,000 property damage (try not to hit a BMW, Audi or Mercedes) = $25/$50/$25.
My auto limits are $100,000/$300,000/$100,000 limits.
Generally, there are no deductibles associated with "liability" claims.
"Medical Payments" or "Gastos Medicos" option covers medical expenses incurred by you and your passengers who may be injured in an automobile accident. There may also be coverage, if as a pedestrian, a vehicle causes bodily injury to you or a member of your family.
It does NOT matter who is at fault and "Medical Payments" may also cover policyholders and their family members when they are injured while riding in another persons car or when they are hit by a car while on foot or bicycling.
I recommend that my clients carry this valuable coverage with a minimum limit of $5,000 coverage per person/$25,000 coverage per accident (more than one person affected).
I carry $10,000 per person/$50,000 per accident on my personal vehicle!
"Comprehensive" or "Comprensivo" option, covers damage to your car caused by something "other than" a collision. This coverage typically includes claims caused by fire, theft, flood, vandalism, explosion, earthquake and falling objects (trees,rocks).
This benefit is paid after a "deductible" is met (what you must pay out-of-pocket). If you have a loan against the vehicle, this coverage is mandatory.
"Collision" or "Colision" option is designed to pay for the repair or replacement of the policy owner's vehicle in the event of an accident (collision with another vehicle, tree etc.), no matter who caused the accident. Collision coverage usually requires the payment of a deductible.
In some Panama Auto Policies, there is a provision for return of the deductible or a %, if the insured is found "not guilty" of causing the accident by the Panama Transito courts. You must present a court "resolucion" to the insurance company for this refund of deductible.
Collision coverage provides for the repair or replacement of your insured vehicle, up to the Actual Cash Value. Total loss may be paid when the damage exceeds 75% of the insured value.
Actual Cash Value takes into account depreciation of your car due to age, wear and tear.
Here is an example of "Full coverage" which includes all of the above described benefits with liability limits100/300/100 for a 2014 Toyota Yaris $$$ value $11,500 = $670.00 per year. You may receive an additional 5% discount for prompt payment.
Stand alone liability + medical payments coverage $100/$300/$100 = approx. $300.00 per year.
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Call Carmen 322-1605 or email: firstname.lastname@example.org Kevin = 6674-1063
Kevin Bradley - Insurance in Panama