Posted: Tuesday, February 28, 2023. 11:42 am CST.
By Zoila Palma Gonzalez: Earlier this year, the Organization of Insurance Companies of Belize Limited (ORINCO) issued an advisory informing that the premium on motor vehicle insurance will register changes effective March 1, 2023.
Regardless of the insurance company you are using, there will be changes to the premium.
ORINCO noted that this was necessary due to inflation.
“These rising costs have had a negative impact on the results of motor insurers, which if left unaddressed could undermine the stability of the industry,” ORINCO said.
For third party act/ private use, motorists will now pay for 1 year insurance of $350, $150 for 3 months and $300 for 6 months.
Depending on the type of vehicle, for example, a 4runner, the insurance premium would be around $335 for the year, $168 for 6 months and $120 for 3 months.
Notably, this demonstrates a significant increase in what motorists will now pay to insure their vehicles.
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