Why Has Doubled The Price of Compulsory Insurance?
Starting this month, the Mandatory Personal Accident Insurance (SOAP) will double in value over last year by the greatest coverage introduced in the law. This was estimated by the Superintendent of Securities and Insurance, Alejandro Ferreiro, and the president of the Chilean Association of Insurers, Mikel Uriarte, with an estimated value amounts range between $ 10,000 and $ 12,500.
The reason is that from this year substantially increased the coverage paid to traffic accident victims by the Mandatory Personal Accident Insurance (SOAP), commonly called “auto insurance” and that all drivers must cancel the patent with .
This means that the insurance is from the year 2004, insurance companies will increase to:
- Building 300 units of payment in case of death or total permanent disability of the victim (before was only 150 UF).
- For permanent partial disability paid building 200 units as a stop (before 90 UF).
- For hospitalization or medical care coverage will reach 300 units of development (the previous limit was 90 UF).
The coverage will also experience increased bed days, paying now:
- Up to 4 units building in room (down from 3 UF);
- UF 6 in intermediate care (down from 3 UF) and
- Building 11 units in intensive care (down from 3 UF).
Additionally, hospital costs now included dental care, prosthetic devices, implants and any other performance required for their rehabilitation, the insurance is always from January 2004.
The SOAP was created in Chile in 1986, through Law 18 490, which
established a Mandatory Personal Accident Insurance, which is acquired by motorists as an obligatory, to renew their registration certificate. The Superintendent of Securities and Insurance, Alejandro Ferreiro, stressed that the new provisions introduced by Law 19 887 August 2003
directly benefit the victims of traffic accidents because they allow better protection in case of death, disability or injury suffered by persons as a result of an accident that has involved an insured vehicle. “While these changes mean an increase in the cost of insurance, social security benefits derived from this increase in coverage are clearly superior and justify the changes,” said the superintendent Ferreiro.
