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Insurance

Dominican Republic - Insurance


Health insurance is readily available and is essential given the low quality of the public hospitals. There are several providers although many people will purchase through the banks, so that is a good starting point, especially Banco Popular and Banreservas. The word for insurance is seguro. As well as via the banks the other main providers are Monumental and ARS Universal and there are also insurance brokers who deal with all of the companies and all of the policies. A standard policy will cost around US$25 a month per person, with a discount if the whole family is covered. Most can be paid monthly or quarterly as well as annually. It is extremely important to check the policy details. They will all have a cut off at a certain age, some as low as 65, and they will all have a maximum limit on each item, whether it be medications, in patient daily rate, doctors’ fees or whatever. There will also be a maximum payout in any one year. There is also a slowly increasing Social Security scheme in the country, so the working expat should check whether they are covered under this and if so, what the level of coverage and the various limits are.

Motor insurance is compulsory and again is easily available. Everyone has to have Third Party cover which is around US$ 50-100 dollars a year depending on the value of the vehicle. Comprehensive cover is only available for cars less than three years old and is considerably more expensive at over aUS$2000 a year. Do be aware that it is very difficult to actually have a pay out from a motor insurer and they will find all sorts of reasons not to pay.

Home insurance is available but is rarely taken out. In the case of a mortgage the bank will insist on building insurance and also on life assurance. However the vast majority of people do not bother insuring homes as the construction is almost always concrete and less likely to have fire damage. It is possible to have hurricane insurance but this depends on the number of glass windows (many homes have only open shutters with no glass) and given the location of the DR it is expensive. Theft insurance is also very expensive.


Useful Resources

seguros Universal
http://www.universal.com.do/Inicio

seguros Monumental
http://www.lamonumental.com.do/

seguros Humano
http://www.arshumano.com

This guide was compiled with the help of Lindsay de Feliz, a British expat blogger living in the Dominican Republic. Visit her blog at yoursaucepans.blogspot.com.


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Cigna

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