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lars forsberg of Longboat Retirement – Best Places In The World To Retire User Account
You DO need insurance to drive a vehicle in Panama.
 
In fact, if you rent a car in Panama, you will REALLY pay for insurance!  You'll find that if you price a rental car online - it sure seems cheap, but when you get to the rental car desk, it gets more than twice as expensive.  Panama will make you get expensive insurance on your rental car, so don't be surprised (or shocked) when you see the bill.
 
If, however, you have your own car, it is quite cheap to insure it, so don't fret.  If you are spending a great deal of time in Panama, like I try to, you may be better off buying a cheap car and leaving it there.  Pay a couple hundred bucks a year and save the crazy rental car insurance costs.
Eddie Montes of Panama Property Rentals – Best Places In The World To Retire User Account
Road along the locks of the Panama Canal, Panama, pictured.) – Best Places In The World To Retire – International LivingYes, you do need Panamanian automobile insurance if you are going to drive in Panama. It is required by law in Panama. If you own a car, you definitely need to have insurance.  In the States you have policy and your policy moves around with the driver. Here in Panama, although I am not 100% sure, I believe that the policy goes with the vehicle. 
 
I have a car and I have insurance on it. The price of car insurance here in Panama is similar to the price in the US or maybe a little bit cheaper. The insurance coverages are similar, too. The typical car insurance policy would cost around US $60 to $100 per month for similar coverage as what you would have in the US and with a similar type of deductible.
 
(Road along the locks of the Panama Canal, Panama, pictured.)
Bill Hamilton of Bill Hamilton – Best Places In The World To Retire User Account
You need Panama automobile insurance to drive in Panama. If you don’t, you can’t drive. You can’t get your registration without an insurance certificate.
 
I have a Ford Ranger pick-up, the new one. I bought it brand new and I went for the high end policy, which covers you for everything, and that cost me US $800 a year. 
 
Terry Bradford of Origen Real Estate Panama – Best Places In The World To Retire User Account
Yes, if you live in Panama and you drive, you should get Panamanian car insurance.
 
We pay US $155 per year on insurance for our 2004 Audi here in Panama. Liability is covered, but collision is not, because of the age of the car.
 
90% of the time, expats do not ship their cars from their home countries to Panama. They just buy cars here.
Nelson Vega of Panasurance – Best Places In The World To Retire User Account
Yes, every car in Panama must have valid insurance, third party damage coverage as a minimum.  An active insurance policy is required for the annual renewal of the car tag.
 
Many factors will deem the insurance invalid such as DUI, expired driver license, immigrant legal status, etc., but it will depend on each case.  Legal advice is recommended to avoid any issues that can be costly.
 
Many people overlook the importance of having car insurance until they face the consequences of accidents, which are frequent, because, even though Panama has a good road system, it does have heavy traffic, and the driving habits here are not the world's best.
Roy Cannon of Gestoria Cocle - main office in Penoneme – Best Places In The World To Retire User Account
In Panama, the legally required automobile insurance is tied to the car, not to the driver.  

But note, the insurance becomes invalid if your foreign driver's license is invalid (ie. if your last entry stamp in your passport is more than 90 days old)

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