Rated or Un-Rated Mexican Auto Insurance – Car Insurance Online Review!
Post date: March 12th, 2009 |
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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 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) For this reason, its a good idea to check with your US or Canadian broker or insurance company before you leave home. Auto insurance for Mexico coverage is sold bit-by-bit, with more than a few unrated insurers reducing benefits in order to appear to be a good value, as there are no “standard” policies.
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. You can check Kelly Blue Book in the US for accurate 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 major claims handled in the United States, sparing you the frustration, and expense of journeying many times to Mexico to fulfill your judicial responsibilities? Does your carrier allow repair your car, pick-up, RV or SUV in the US or in Canada, and not just Mexico? Are you buying a postal service paper policy from a local broker,or an electronic internet immediately verified policy? Is the agent selling coverage from non-rated or unrated insurance companies? This knowledge will help you greatly in the event of a car accident
Most Mexican Auto 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. Hundreds of US insurance brokers, gas station outlets, towing companies etc. offer policies at the border, but you should ask yourself how many agents specialize in Mexico Auto Insurance exclusively? 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. Numerous agents sell car insurance from non-rated insurers who generally pay higher 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 Mexico Auto Insurance policy from a financially secure insurer.
You’ll benefit by buying coverage with an experienced specialist. Remember, everybody is always pleased and believes they found a fantastic deal till they have a claim!