Under the new ATTT Tansito guidelines and to comply with SOAT regulations, to CANCEL an auto insurance policy, there must be “proof of sale” for the insurance company to affect the cancellation. You must prove that a traspaso (transfer of…
Effective June18, 2018 the ATTT authorities will be able to verify the validity of insurance policies through a compulsory traffic accident insurance Platform (SOAT).
In the Republic of Panama, your Automobile Insurance Coverage is only valid if you are driving with a current/valid drivers license. Please check the expiration date of your license. If you have been in Panama for more than 90 days, your foreign drivers license may not be considered as valid. You must obtain a Panama drivers license if you intend to live here or extend your visit beyond 90 days!
To be safe and legal while driving an auto in Panama, you must keep the following documents in your vehicle:
1. A current copy of the vehicle registration (registro unico vehicular)
2. A current copy of your auto insurance policy ( you should verify that the policy has been registered to the SOAT) site.
Auto insurance in Panama is similar to coverage issued in the USA/Canada and Europe. Protection for Basic third party liability, Medical payments, Collision and Comprehensive/Fire/Theft are available at very reasonable rates.
While the Panamanian Government requires proof of basic liability coverage in order to obtain a license plate, there is a good chance that the person who smashes into your car will NOT have auto insurance.
Most every company issuing auto insurance in Panama offers emergency roadside attention for accidents and breakdowns.
The purpose of this article is to remind everyone who drives in our very "special" traffic to put the Roadside Assistance stickers on their windshields. If you suffer a mechanical breakdown, flat tire or collision.
Although your Panama insurance policy is in Spanish, a "deducible" is the amount of money which the insured party must pay before the insurance company's own coverage plan begins. It is practical for insurance companies to include a deductible in their policies to avoid paying out benefits on relatively small claims. A typical Panama auto insurance policy, for example, may carry a $500 deductible for "colision". If the owner of that car accidentally hits another car while parking and both drivers agree the damage is minimal, he or she would pay the $500 repair bill out of his or her own pocket. Insurance companies would not encourage a claim for such minor damages.
The drive through Mexico and Central America is a wonderful experience, however, it's not an adventure for everyone. The following pages contain advice and detailed accounts of experiences while driving through Mexico and Central America. Check out this siet:
In some states in the USA, Uninsured Motorist property-damage coverage is available. Uninsured Motorist (no-fault) auto coverage would pay for medical bills and pain and suffering if you are hit by an uninsured driver. If your car is crunched by an uninsured driver and you have UM property-damage coverage, you'll be able to get your car fixed under this coverage, rather than using your collision coverage. Generally speaking, UM property-damage coverage carries a lower deductible than collision coverage...
In Panama Auto policies, the "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.