Five common mistakes when buying insurance in Costa Rica

After several conversations a day about coverage, you start noticing patterns. These five mistakes explain most cases where someone ends up disappointed with their insurance.

1. Comparing only the premium

It is the easiest thing to compare and the least informative. Two plans with nearly identical premiums can have deductibles that differ by several hundred dollars, different hospital networks, and exclusions that look nothing alike. The premium is the price; the coverage is the product.

2. Postponing the decision until things “settle down”

Insurance is bought when you do not need it, because that is the only time you can buy it. Every year that passes the premium rises, and any condition that appears in the meantime becomes an excluded pre-existing condition. Waiting has a cost that never shows up on a quote.

3. Insuring assets instead of income

Plenty of people insure the car without hesitation and carry no life or disability coverage. But your ability to generate income is worth considerably more than your vehicle. If you had to pick a single policy, the one protecting your income is what holds up everything else.

4. Not reviewing the policy when life changes

Coverage bought at 28, single and debt-free, rarely fits at 38 with a mortgage and two children. The milestones that warrant a review: marriage, the birth of a child, buying a home, starting a business, a significant change in income.

5. Not knowing who to call

Buying online or through a channel that never contacts you again works fine until the day of the claim. At that point, having an identifiable person who knows your case and coordinates with the insurer is the difference between a process that takes weeks and one that takes months.

None of these mistakes is irreversible. If you recognize any of them in your current situation, message me and we will review it at no cost.