Rated or Un-Rated Mexican Auto Insurance - Car Insurance Online Review!
March 14, 2009 by amabq · Leave a Comment
There are numerous differences between US, Canadian and Mexico automobile Insurance policies. Mexico law mandates that only insurance companies which are licensed and admitted within Mexico can provide “liability” coverage protecting you against damages you could do to others. Mexico does NOT however mandate that insurance carriers be rated for financial strength or claims paying ability
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. Losses for Property Damage you do to third parties are adjudicated on an “actual cash value” basis, as dictated by Mexican 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 broker offering un-rated insurance company policies? This knowledge will assist you enormously in the regrettable event of an accident
Most Mexican Auto Insurance policies do not cover Vandalism or Partial Theft, but coverage may be included by with the better programs. Car Insurance for Mexico is offered on a “named perils” format. “Full Coverage” includes Damage to your automobile. 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? Maybe 6 ?
For knowledgeable Mexican 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 reducing coverage or reducing pay outs for 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 Mexico Car Insurance policy from a financially secure insurer.
You’ll benefit by buying coverage with an experienced specialist. Remember, we’re always satisfied and we always believe we have found a fantastic policy, until we have a loss!
How To Choose Reliable Mexico Auto Insurance Online - Canadian Traveler Car Insurance Review!
March 4, 2009 by amabq · Leave a Comment
US and Canadian travelers take extra care in choosing an insurance company at home, but fail to protect themselves adequately while driving in Mexico on vacation or business. This is understandable because Mexico insurance coverage can be confusing.
In Mexico Napoleonic Law is applied and practiced, so it is vital that you have protection against the real risk of being “Detained” if you do damage either property damage or bodily injury to third parties in an accident. Every US and Canadian car insurance excludes “Liability” coverage in Mexico and most domestic insurers will not pay for physical damage to your vehicle while you are motoring South of the Border.
In order to help secure a reliable Mexican Auto Insurance policy, smart travelers begin by reviewing the financial strength, rating, and claims paying ability of their Mexico Car insurance carrier as a first step and then compare online coverage and rates that meet their needs as a second step.
Buying insurance from a independently evaluated “A” rated company who provides solid “liability limits” with broad features and quality benefits is the preferred method to buy car insurance for Mexico. The technique discussed is not realistic if you buy coverage at one of the sellers who congrigate near the border, still over the past few years it is getting easier to buy broader coverage that can be comprehended and bought at less expense (fees) if you buy over the internet.
At the very least, explore carriers with an “A” rating or higher (As ranked by A.M. Best, or S and P ) who are admitted and accredited to sell Mexico car policies.
If an internet site does not show on the opening page that the insurance company they represent is “A Rated” (this includes Mexico domiciled Insurance Companies), 9 times out of ten they are selling insurance from un-rated or non-rated insurance companies.
A.M. Best (ambest.com) and Standard and Poor’s (who rate global, foreign, and domestic insurers) are considered to be the industry standard rating agencies in the insurance marketplace. In fact, many insurance companies do business with other insurance companies and the minimum standard for most insurers is an “A” rating.
When shopping for Auto Insurance for Mexico, motorists should ask themselves. Can I buy coverage from an insurer who has an “A” Rating for financial strength and claims paying ability or am I being asked by an agent or broker who runs a website or local agency to accept and purchase coverage from an unrated insurer who may pay the agent more commission in order to peddle their coverage?
(Keep in mind, annual written premium or the size of an insurance company as a measure of strength or claims paying ability is a questionable measure of fitness. The answer to this question when an broker might not wish to reveal the true nature of your risk could be to say “Why they are the 1st , 2nd, 3rd largest insurer in (any country).
First look at the insurance company rating ( “A” is Standard), next the policy limit and features, and finally the price. Exploring this Car Insurance for Mexico buying process will assist you in measuring, learning and comparing quotes on a clear equal basis and assist you in getting what you pay for should you ever be unfortunate and have a car accident in Mexico.
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