When renting a car in Panama, basic insurances are required.
TPL/PLI. Third Party Liability coverage is a mandatory insurance that the Government traffic regulations require for all drivers in Panama. The TPL Insurance covers up to 10,000 USD and is included in certain rates. This coverage must be paid in addition to the rental rate, unless the rate expressly mentions that it is included.
Third Party Liability is a car insurance that covers against death and or bodily injury to any third party; in an accident caused by or arising out of the use of the insured vehicle (people inside the car are not covered by TPL). Liability Insurance Products purchased on third party travel websites are not accepted in Panama Cost USD 19.99/per day, plus taxes
SLI Supplemental Liability Insurance requires the purchase of TPL/PLI and is offered for those wanting to increase the liability protection coverage limit. Supplemental liability insurance (SLI) extends the coverage to a maximum of USD/300,000.00 per accident. Cost USD 7.00/per day, plus taxes
LDW Loss Damage Waiver is a combination of collision and theft coverages. LDW covers partial or total damages to the vehicle and total theft. Therefore, PARTIAL THEFT, damages due to meterological phenomena, damages caused by vandalism, or any political or social movement are not covered. In the case of accident or theft the customer is only responsible for paying deductible (or excess) of 10% of the total value of the car.
Loss Damage Waiver is optional and is typically purchased by customers that are not covered for vehicle damage or loss by their Credit Card Company (or insurance linked to a credit card). To be able to use this benefit, the Leasing will request the Lessee to provide a document given by the banking institution, on which they can confirm and/or verify that the cardholder is covered with this insurance and the banking institution will be accountable for all the expenses in case of an accident or any mishap during the validity of the lease; as to establish that this will be done through a reimbursement in favor of the cardholder. This document must have a verifiable phone number and/or email address for a confirmation and should indicate that the credit card has the LDW coverage (Loss and Damage Waiver) and its covered by this same credit card.All the bank institutions that provide this credit cards must be regulated by the SSRP- Superintendencia de Seguros y Reaseguros de Panama which is the Panamanian Govermental Institution that regulates all and every single insurance companies in Panama. If customer does have the appropriate approval and coverage from its credit card institution they will have to sign a statement of personal responsibility for the total value of the car for refusing to purchase the CDW insurance with Europcar Panama (FLEET CAR COMPANY PANAMA, S.A.) and will therefore, in the event of an accident, be fully responsible for all damage and/or repairs.
For all customers declining LDW an additional credit card AUTHORIZATION USD 5,000-10,000 (amount depends on vehicle rented) will be secured at time of rental. Cost USD 25/per day, plus taxes
SPLDW Super Low Damage Waiver requires the purchase of LDW and reduces deductible to zero for deductible earmarked for material damage only, except for specific cases in which there is presumed negligence. Coverage will only apply if the customer abides by the clauses in the rental contract, which means that any breach of contract will annul the protection and the customer will then assume full responsibility for all damages incurred. Cost USD 24.99/per day, plus taxes
PAI Personal Accident Insurance when purchased covers medical expenses in case of an accident in the rental vehicle, up to USD/3,000 and covers injuries expenses to passengers (according to the number of passengers allowed by the manufacturer) and the driver of the vehicle. Exclusions apply. Cost USD 7.99/per day, plus taxes
THW coverage of Total Theft, PARTIAL THEFT is excluded from the coverage. This coverage protects the customer from payment for total theft, by paying a deductible equivalent to 10% of the commercial value of the vehicle. Except for luxury vehicles in which the contracting of the insurance policy for the risk conditions according to the insurance company establishes, the amount to be paid corresponds to 20% of the value of the vehicle. Cost USD 14.99/per day, plus taxes
WWI Glass and Tire Protection when purchased will waive a portion of the cost for replacement for tires and glass. Exclusions apply.The deductible (excess) 20 percent will be charged per occurrence. Cost USD 7.99/per day, plus taxes
RSA Roadside Assistance service is optional. Roadside Assistance Coverage provides travel assistance service at no cost for battery charge, opening of the vehicle if the keys are left inside, flat tire replacement, and refueling.
Note: Renter is responsible for the gasoline provided, key replacement and tire repair. COST USD 2.99 per day, plus taxes