How To Get Panama Car Insurance

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Panama Car Insurance

Panama requires that every driver of a vehicle to have 3rd party basic liability insurance.  Such policies generally include roadside assistance, medical payments, and some provide legal services too.

Two types of Panama car insurance packages are available on top of the basic liability insurance:

  • Collision (colisión)
  • Comprehensive (cobertura completa)

Collision only provides coverage for accidents having injuries or death.  Comprehensive offers more coverage than basic insurance by covering damage to
the car or replacement cost if it is stolen and pays the cost for the other vehicle’s damage if you are at fault.

Not every Panama vehicle insurance company insures foreigner’s cars.  Those which do will require a copy of the foreigner’s passport, driver’s license and foreign title &   registration.  Comprehensive insurance will require the car to be inspected with photos and verification of mileage.

Panama insurance premiums are based on the Panama driving record (foreigners generally will have a clean driving record in Panama).  Premiums will increase in the case of an accident where the policy holder is at fault.

If the policy holder maintains a clean driving record the premium can be negotiated when it is time to renew the policy.

In Case of an Accident

Panama law requires that cars be moved where an accident takes place to allow the traffic to flow freely.  However, drivers tend to keep their cars where they stop after an accident until a traffic policeman or insurance company representative arrives.  Panama car insurance companies tend to arrive at the accident scene faster than the police do and can assist with filling out the accident forms and take photos of the       accident scene.

Panama Accident Report Form

An official Panama Accident Report Form must be kept in the car and provided to a Panama car insurance agent at the accident scene.  If the police show up first the accident report can also be filled out then.  The report describes the accident and any damages.

You can download a Panama Accident Report Form when you Click Here (PDF).

Use the Panama Accident Report Form for minor accidents when a party admits liability.  Otherwise, a police report is required.  Both reports will have similar information such as driver information, car information, insurance information, and description of the accident.  The Panama car insurance company representative will make sure that enough information is provided in order to file a claim.

Filing a Panama Car Insurance Claim

If the Panama car insurance company representative does not show up the policy holder has up to 72 hours to file a claim at an insurance office providing the following documents:

  • Copy of your Passport;
  • Copy of your Driver’s License;
  • Vehicle Repair quotes (if damaged); and
  • Accident Report Form or a Police Report  (depending on the severity of the collision)

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