Discounts on Car Insurance in Panama for Accident-Free Drivers
The regulations seek to recognize and reward the responsible behavior of drivers who, during one year of insurance validity, have not been involved in any accidents.
In its third debate, the National Assembly approved Bill 53, which grants a 25% discount on the cost of car insurance premiums to policyholders who have not had any accidents during the coverage period. The legislative initiative, which received 46 votes in favor, one against and one abstention, modifies articles of Law 68 of 2016, which regulates basic mandatory traffic accident insurance, and adds provisions to Law 12 of 2012, which regulates nsurance activity in Panama.
Recognition of the “Good Driver”
The regulations seek to recognize and reward the responsible behavior of drivers who, during the one-year period of their insurance, have not been involved in any accidents. In these cases, they will be granted a 25% discount on their policy renewal, a benefit that can be used with the same insurer or another of their choice. This discount will not be cumulative and will be lost if the insured is responsible for an accident with the same insurance company within the national territory. Additionally, the benefit amount can be used to pay for the new annual policy or as part of the payment for other types of insurance offered by the company.
