Auto insurance

Hello, I recently got insurance.  To what I understood they do only one year and if you cancel before no refund

@gainkeeper We pay about $1400/year, but the amount will vary based on the value of your vehicle and the amount of coverage. Our car is valued at about $52,000 here, about 30% higher than the new purchase price in the US.

@gainkeeperwhat is ”Casa” coverage ?

@ddmcghee, Could you tell me who your insurance carrier is? My vehicle is half the value of yours, but I have a rate similar to yours.  I drive a 2023 Kia K2700 4-door 4x4. Thanks in advance.

@Tekel Ours is with Seguros Sura. We have a 2019 Toyota 4Runner. We have been shocked at how much higher the valuation is here than when we bought it in the US!

As ddmcghee pointed out, what you pay for insurance here is all about the value of the vehicle, but also (I believe) how much you want to get reimbursed in the event of a total loss.  I'm not sure if all insurance providers give you this choice, but.... I just bought a 2014 Jeep Grand Cherokee Limited.  My insurance agent quoted me a high, medium, and a low policy choices.  The medium quote was for me to get reimbursed for exactly what I paid (in the event of a total loss).  My annual cost is about $920 USD.  However, if I wanted to receive MORE than what I paid for the vehicle, I could have chosen the higher policy and paid more annually.  Or the lower policy with a less reimbursement.  Again, that's for total loss.  All the other aspects of the policy are normal stuff for full coverage. 

That's just my experience.  I told my agent that I wanted a provider that wouldn't give me a lot of hassle when filing a claim.  I don't want to fight with them for 2 or 3 months just to get reimbursed.  She gave me Seguros Reservas because she's had good experience with them.  I've had the Jeep for a week, so I can't comment on how well this insurance company is.

Reservas insurance is decent.  None of them is good when it comes to a claim!

@SandyS_retired

Thanks for the info