The new rates must be calculated in bolivars from the official exchange rate of the largest value published according to the Central Bank of Venezuela (BCV)
The vehicle civil liability policy (RCV) in Venezuela experienced significant changes after the publication of new standards and rates in the Official Gazette of September 2024.
We leave you 10 key points that you should know:
1. Mandatory and coverage: The RCV policy is an indispensable requirement to circulate in Venezuela, covering damage to third parties but not to the insured vehicle or its occupants.
2. New calculation base: Since 2024, premiums and coverage are calculated in euros, using the highest exchange rate of the Central Bank of Venezuela (BCV), which has raised costs.
3.Official rates: The annual rates vary according to the type of vehicle, from 15 euros for motorcycles to between 33 and 114 euros for private vehicles, with adjustments by weight and type of cargo transport and passengers.
4. Informal market and risks: There is an informal market with policies at very low prices, offered by unregulated cooperatives, which are considered fraudulent and do not guarantee effective coverage.
5. Insurers Chamber Alert: Drivers are warned about the risks of acquiring illegal policies, including alleged unrecognized binational policies.
6. Economic impact and benefits: Although the increase in rates is seen by some as a blow to the pocket, experts say that it guarantees real coverage in case of accidents, being less expensive than facing the damage without insurance.
7. Requirement of authorities: Traffic and police officers demand the RCV policy issued by authorized insurers, under penalty of fines.
8. Additional insurance benefits: Legal insurers offer additional benefits such as criminal defense and expanded coverage, unlike informal cooperatives.
9. Automatic renewal: RCV policies are automatically renewed at the expiration, unless the insured requests cancellation one month in advance.
10. Recommendation: Drivers are urged to acquire their RCV policies only through insurers duly authorized by the Superintendence of Insurance Activity (Sudaseg).
*For the creation of this note, artificial intelligence was used
*Also read: BCV dollar exceeds Bs 80: in less than a month 15.62% has increased
*Journalism in Venezuela is exercised in a hostile environment for the press with dozens of legal instruments arranged for the punishment of the word, especially the laws “against hatred”, “against fascism” and “against blockade.” This content was written taking into consideration the threats and limits that, consequently, have been imposed on the dissemination of information from within the country.
