This is the part 2 of 2 to my short series on driving in Ecuador…
The only obligatory car insurance (and the only one most local drivers have) is called the SOAT. This serves as a liability coverage, but covers only damages to the other person you injure in an accident (up to $3000), not their car itself. This coverage costs a whopping $20 per year.
There are of course a few companies offering full coverage insurance, or full liability, or against theft.
Full coverage insurance: covering the damages you could inflict in an accident, your car itself against accident or theft, and your person, can be had starting around $400 a year plus 16% tax, for a total of $464 (Insuring a $10,000 car).
How much you pay does depend primarily upon how old you are, and how much your car is worth.
For more car insurance information or to hire a policy, contact Katty Mejer, a recommended insurance broker, (bilingual) in Quito at kmasesores at hotmail.com .
If you liked this, you’d love my weekly newsletter, revealing everything you need to know BEFORE you invest in Ecuador. Unsubscribe at any time: