Ecuador: insurance premiums not being reduced for older vehicles

Posted on August 20, 2012 • Filed under: Business, Ecuador

The stage is clear for insurers and insurance producers: the number of restrictions on imports of vehicles and spare parts that the Government has imposed since 2009 has appreciated the cost of used cars. And as a result, the latter have not lost their value and insurance premiums have not dropped as normal and predictable was just four years ago. To this must be added the costs of repair claims by contrast, have risen. Commercial VP Colonial QBE Insurance, Pablo Camacho, specifies that the trend is for used vehicles continue to rise in price. Read Article

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