Chile Forum

Hi Everyone!

I'm going to Chile towards the end of this year in November or December to enjoy a few nice trips to Vina del Mar during the summer and see some business opportunities within the country. I'll be staying for a minimum of 6 months or exactly 6 months, and if I don't see any light at the end of the tunnel in Chile (as far as work goes) then I'll come back to the states but I won't leave any earlier than 6 months. I was reading on the forums that leasing a car is not really a smart option in Chile (I was considering it) and it looks like I will have to just buy a small SUV ("jeep") when I get down there. I know the Suzuki Vitara (not Grand Vitara, I want 4 doors) is a popular car in Santiago from what I remember, they are about $7.5 million to $8 million pesos used for a 2007 or 2008 model.

Now I have my budget written down for "gastos communes", cell phone service, internet, apartment rent...but I know nothing about car insurance! Currently in California I pay about $1500/year but I heard from a few Chilean friends of mine that I'm looking at roughly $400 USD at most for my 6 month stay ($35.000 CLP a month), how accurate is that? What is the difference with RIC and SOAP insurance? Which are the popular car insurance companies in Chile?

I appreciate any advice! Thank You!

I pay about USD70 (that is seven - zero ) annually for a Toyota 4x4 pickup, for SOAP, the obligatory coverage. In practice it doesn't really do much as real insurance, except meet the legal minimum. The carrier is Magallanes. It is my leaky and characteristically flawed understanding that SOAP covers costs related to death, permanent incapacitation, and medical for the driver, persons transported in the insured vehicle, and third parties affected in an accident. Doesn't cover property damage to your vehicle, or property or similar losses of third parties.

The carrier RSA has a page that explains better (in Spanish, naturally, get used to it)
http://www.rsagroup.cl/Portals/0/Produc ... 20soap.pdf

Edit -- found this in Engrish, here and excerpt follows http://www.svs.cl/sitio/english/asegurado/seguro.php

1. WHAT IS THE OBLIGATORY INSURANCE FOR PERSONAL ACCIDENTS?

The Obligatory Insurance for Personal Accidents (SOAP) is insurance required by Law, which must be contracted by all owners of motorized vehicles, trailers, mobile homes or other similar vehicles, at the time of acquiring Vehicle Registration.

2. WHAT DOES THE SOAP COVER?

The SOAP provides coverage in the event of death or bodily injury as direct consequence of accidents in which the insured vehicle participates.
It also covers medical expenses related to pre-hospital attention and ambulance service, hospitalization, medical attention, surgery, dental care, prosthesis, implants, pharmaceutical and rehabilitation costs of the victims.

3. WHEN DO I NEED TO CONTRACT SOAP?

The SOAP must be purchased once a year, and must be presented to the respective City Government when paying for the corresponding Vehicle Registration.
When purchased, a Certificate is given by the insurance company to the vehicle owner, which contains, among others, vehicle and owner information. .

4. DOES THE SOAP COVER DAMAGE TO THE VEHICLE CAUSED BY AN ACCIDENT?

No. This insurance does not cover damage to the vehicle.
The SOAP only covers the risks of death and injury to people as a consequence of accidents and the reimbursement of consequential medical and hospital costs.

5.HOW DO I KNOW IF A VEHICLE HAS THE SOAP?

This information can be obtained by requesting the vehicle’s Certificate of Entries from the National Registry of Motorized Vehicles, managed by the Civil Registry and Identification Service of Chile or the Local Department of Transit that issued the Vehicle Registration for that particular car.

6. WHAT HAPPENS IF I DO NOT PURCHASE THE SOAP?

Not having purchased the SOAP constitutes an infraction of the Law of Transit, and is subject to a fine. Also, the vehicle may have its registration revoked by the Chilean Police Force and sent before the corresponding Local Police Court.
Additionally, in the event of a fatal accident, neither the owner nor his or her beneficiaries will be covered by this insurance.

35,000 a month for proper insurance that actually covers your car and other peoples' (usually with a 3rd party damage limit of ~10M pesos) sounds about right. I pay something close to that for a 10-year old pickup truck. You can get some example quotations and policy documents immediately from here, which searches for the best price amongst several underwriters:

http://www.segurosfalabella.cl

You might need to make up a RUT number to get a quote if you don't have one (hint, 8 digits plus a matching checksum digit that's 0-9 or K) and it might vary a little bit from the reai quote but should give you an idea.

Cheers,

James.

PS. You still must have the SOAP as well, but it doesn't cost a lot.

jehturner wrote:35,000 a month for proper insurance that actually covers your car and other peoples' (usually with a 3rd party damage limit of ~10M pesos) sounds about right..

You mean property damage. Medical is covered with SOAP.

The 35.000 per month for property damage typically comes with an 8 or so UF deductible, about USD380 right now.

Here are some test RUTs. Don't use for anything but testing on that insurance quote site. No not mine:

71.234.567-8
76.009914-7
76.943.080-6
76.866.370-K