Starting July 1, the Cooperativa de Seguros Multiples will begin competing in the compulsory insurance market with a new policy known as the Seguros Múltiples Compulsory Insurance.
The newest option will be listed on the selection form that will be distributed in all the places where tags are renewed.
The Seguros Múltiples Compulsory Insurance plan offers customers access to 35 service centers islandwide, direct deposit of insurance claim payments, visits to the customer’s home or place of business in the case of a claim, and service seven days a week.
“Starting next week, Cooperativa de Seguros Multiples will begin competing in the island’s compulsory insurance market. As leaders in private car insurance coverage in Puerto Rico, we now have the opportunity to dominate the compulsory insurance category,” said company President Roberto Castro-Hiraldo.
“We’re a cooperative and a Puerto Rican company that aims to protect Puerto Rico and this opening allows us to expand our services,” he said during a news conference Wednesday.
Cooperativa de Seguros Múltiples is one of several competitors in the compulsory insurance market, which is also occupied by the Compulsory Insurance Joint Underwriters Association (known as ASC by its initials in Spanish) and Point Guard, among others.
The launch of Seguros Múltiples Compulsory Insurance is backed by an advertising campaign, which will begin on today and will feature the participation of professional basketball player Carlos Arroyo and include presence in television and print, digital, radio and promotional activations and sports media. It represents an investment of $1.2 million.