Rated or Un-Rated Mexico Insurance - Online Car Insurance Review!
Where Do You Live?
There are numerous differences between US, Canadian and Mexico automobile Insurance policies. Mexico practice of law dictates that only companies who are certified and allowed within Mexico can provide “liability” coverage for bodily injury or property damage you are deemed to have done to others. Mexico does NOT require that insurance companies be rated for fiscal strength or analyzed for the ability to pay claims in case of a loss
Your US or Canadian policy may extend physical damage coverage within past the US border for a limited number of miles. (Most do not) Take a minute and check with your US or Canadian insurance company before you leave on vacation. Car Insurance for Mexico is sold a la carte, with numerous unrated insurers limiting coverage in order to appear to reduce price, as there is no “standard” policy coverage.
It should not be surprising, that the insurance companies with the best reputation for paying claims fairly tend to be rated companies. Claims for Property Damage you cause to others are settled on an “actual cash value” basis, guided by Insurance Law. Check Kelly Blue Book or N.A.D.A. Guide (nada.com) for correct ACV values
All claims must be placed in Mexico for insurance coverage to apply. Mexican Car Insurance rates, coverages, and claims paying ability vary greatly among Mexican insurers. It’s OK to ask questions such as, does the insurer include Legal Assist, Bail Bond, and Roadside Assistance and is it included in the rate? Are the more serious claims handled in the United States, saving you the time, frustration, and expense of traveling multiple times to Mexico to fullfill your legal obligations? Does your carrier allow repair your car, pick-up, RV or SUV in the US or in Canada, and not just Mexico? Are you purchasing a snail mail paper policy from a neighborhood agent? or an electronic easily verified policy? Is the agent selling coverage from non-rated or unrated insurance companies? This knowledge will assist you enormously in the regrettable event of an accident
Most Mexican Car Insurance policies do not cover Vandalism or Partial Theft, but coverage may be included by with the better programs. Auto Insurance for Mexico is written on a “named perils” basis and “Full Coverage” includes Physical Damage to your vehicle. Dozens of US agents, mini marts, even towing companies and other middlemen distribute coverage at the border, but you should ask yourself how many agents specialize in Mexican Car Insurance and NO Other types of Insurance? Half a dozen ?
For knowledgeable Mexico Car Insurance information look directly for agents who do not sell Mexico policies as a sideline, but as a specialty. Many agents offer auto insurance from un-rated insurance carriers who often pay higher than normal commissions? The only way they can afford to pay higher commissions is by limiting what is covered, or by reducing or trying to skimp on claims.
As the economy proceeds in a state of uncertainty, it might be most important to get good value for your money by buying a Car Insurance for Mexico policy from a financially secure insurer.
You’ll benefit by buying coverage with an experienced specialist. Everyone is always happy and thinks they got a GREAT deal, until they have an accident!
Leave a Reply