What is the Best Auto Insurance 2020 for you?
Despite the little culture that exists in Mexico of keeping ourselves insured in various areas of life, it is increasingly common for people to look for the best auto insurance so that they can circulate through the country without worries and above all, taking care its integrity and its heritage.
This is important because insurance, as Quálitas explains , is “a contract by which the insurer, against the payment of a premium, is obliged to relieve the insured of the consequences of a harmful and uncertain event.”
Likewise, the insurer undertakes, under the agreed terms, “to compensate the damage or pay a sum of money” depending on the accident in which the owner of the car is involved. Therefore, the benefits that can be obtained when we have an insured car are different, the important thing is to know how to choose the company and the plan that best suits you, so below we will provide you with the information that will help you choose the best one option.
Do you know that there is a Commission that regulates and takes care of the interests of Insurance users? Meet the National Insurance and Surety Commission CNSF Here.
Index of Contents
? Why should you have your car insured?
Having a vehicle is an investment that can represent many benefits for you; However, you must consider that by acquiring it you are also contracting responsibilities, one of them is to look for the insurance that best suits your needs.
Insurance for your car is a protection that you can acquire through companies specialized in the sale of this type of services, which serve so that in the event of any accident or natural disaster, you can face them in a favorable way.
Although insurance is often seen as an expense for family finances, the reality is that it is the opposite. These are investments that prevent you from losing large amounts of money in case you suffer a mishap, as it is something that no one is exempt from.
Since January 1 of this year, the authorities established that it is now mandatory for all drivers who travel on the country’s highways to take out auto insurance that guarantees their protection and that of third parties.
This decree, which was published in the Official Gazette of the Federation , specifies that the minimum amount that must be contracted for Material Damage is 50,000 pesos, and in case of not contracting insurance, drivers could be credited with fines that go 20 to 40 days of minimum wage.
Hiring insurance, based on the search for the best insurer that meets your needs, is a task that as a citizen you must fulfill, especially if you take into account any of these reasons.
- Heritage protection: when you buy the best auto insurance, you are taking care of part of the heritage and that of your family, because in an accident, you know that you can recover part or all of your car.
- Legal security: by having your car insured you can access the support of experts in legal and juridical matters, in case you are involved in an accident.
- Medical support: when a car-related accident occurs, it can have consequences related to your health; However, having insurance you can obtain medical assistance for yourself and even for the companions who travel with you.
- Roadside assistance: road mishaps can occur at any time and range from a tire failure until your car breaks down in the middle of your trip, but with insurance you can request a tow truck to help you in those cases.
Without a doubt, there are different reasons why you should take out insurance for your car, because with this you will not only be complying with what the law establishes, you will also keep yourself protected when traveling, alone or in the company of your family.
Meet the Mexican Association of Insurance Institutions (AMIS) that promotes insurers in Mexico and the growth of their market Here .
What is auto insurance for?
According to the National Commission for the Protection and Defense of Users of Financial Services (Condusef), of the people who have insurance, only 36% have a car insurance, which is a situation that the authorities want to change.
The importance of a greater number of Mexicans looking for the best auto insurance is due to the fact that accidents can occur at any time, so we should all be prepared to know how to face and solve these problems.
One way to deal with these accidents is by looking for the best auto insurance for you, which helps you avoid ending up in debt and being protected when you drive anywhere in the country. Auto insurance serves, mainly, to save time and money on a regular basis, since the costs of repairs or the expenses of healing in case of injuries, are covered, in many cases, by insurers.
According to the Mapfre Foundation, the main objective of auto insurance is the repair or compensation of “accidental damage caused to third-party vehicles and the insured vehicle.” Therefore, it is important that you approach the best insurer so that you can hire the protection that best suits your needs and those of your family.
How can I buy insurance for my car?
There is information from the Mexican Association of Insurance Institutions ( AMIS ) that indicates a worrying fact: more than 70% of the vehicles that circulate in our country are not insured.
So that this situation can change little by little, the Condusef recommends that you take out insurance, so the first step in this task is to identify the eventualities you want to protect yourself from, for example, theft, accidents or damage caused to third parties.
Finding the best auto insurance might seem like a pretty complicated matter, but Condusef, in collaboration with AMIS, created an Auto Insurance Simulator, which serves to “find affordable insurance for all types of pocket.”
The former president of the Condusef , Mario Di Costanzo, explained at the time that one of the advantages of this simulator is “to allow interested parties to know that there are insurance with similar coverage at different prices, where appropriate, that for the same money you can get a broader protection ”.
With this tool you can compare and choose the product that suits you best, depending on your budget and the eventualities you want to protect yourself from. In order for you to know which is the best auto insurance for you and your needs, you must bear in mind that there are three basic elements on which you should base yourself: the insurer, the type of coverage and the cost of the insurance.
Which is the best insurer according to Condusef?
As we have already mentioned, when you are looking for insurance for your car, you must consider certain essential elements, one of them related to insurers, that is, the companies in charge of providing this service.
Although there are a large number of insurance companies in the market, it is important to know how to choose the one that complies with everything established when hiring insurance, so that there are no complaints or problems in the future.
In this regard, it should be noted that from January to May 2017, claims related to auto insurance represented a total of 42% of the complaints received by the National Insurance and Bonding Commission ( CNSF ), that is, 7,197 of a total of 17,255.
Therefore, so that you can be sure that you are going to choose the best insurer, the Condusef presented a list detailing the rating they have, obtained from the opinion of users about the services by the adjusters.
The best insurers and the auto insurance best evaluated by the Condusef 2020 are:
| Aseguradora | 2020 qualification | Evaluated | Adjusters |
| Inbursa | 8.6 | 137 | 63 |
| HDI | 7.4 | 33 | 22 |
| AXA Seguros | 5.5 | 25 | 21 |
| Seguros Sura | 3.6 | 3 | 3.17 |
| AIG Seguros | 4.3 | 3 | 3 |
| Quálitas | 4.2 | 62 | 54 |
| Zurich | 4.2 | 12 | 12 |
| Mapfre | 3.6 | 23 | 21 |
| ABA Seguros | 3.4 | 33 | 32 |
| Seguros Bancomer | 3.4 | 10 | 10 |
| GNP | 5 | 2 | 46 |
| Seguros el Águila | 2.1 | 2 | 2 |
Although it is possible to use other simulators on the market, they compare the products of few insurers based on their cost, which makes them ineffective. On the contrary, the Condusef simulator covers 92% of the market, so you can have a broader panorama of the options you have to choose an insurance for vehicle safety.
When you already know which insurance company can offer you the best auto insurance for you and your needs, you must take into account another basic element that is part of everything related to the protection of your vehicle, we refer to coverage.
What are the most common coverages for auto insurance?
So that you can hire the protection that best suits your lifestyle, you should not ignore the coverages that each insurer handles, which are applied based on the needs of each client. The GNP insurer explains on its official site that coverage is “a protection granted by the insurer in the policy and which is generally established in the clauses of the insurance contract, called a policy.”
Among the types of coverage that are most commonly found in the market we can mention:
- Legal assistance: many insurers such as AXA Seguros ( see official site ) offer this type of advice so that their clients, in the event that they are involved in an accident, can have support in situations such as a lawsuit or simply advise them with the Ministerial procedures that must be carried out in the event of road accidents.
- Material damage: a coverage of this type serves to protect people in case of material damage or loss when their car is involved in situations such as collisions, fires, natural disasters and even vandalism, it all depends on each insurer.
- Medical expenses: in some cases, auto insurance includes coverage that covers medical expenses, that is, immediate care for the driver and passengers of the insured car that is involved in an accident. In addition, in some cases they cover hospital and funeral expenses, depending on what each insurer offers.
- Total car theft: a protection of this type works when the owner of a vehicle is stripped of it, so as soon as possible you should notify your insurer and provide other information, including the policy number and the Ministry’s agency Public where you will make the corresponding complaint. On some occasions this type of coverage also includes a location system so that the insurance company can search for the stolen unit.
- Civil liability : it is a coverage that all motorists must have, since since 2020 began it is mandatory that any car that travels on the roads of Mexico, have civil liability insurance (also known as third party damage), the which covers the damages caused to people or property involved in a road accident.
It is important to note that compulsory liability insurance was established in the Federal Highway, Bridges and Motor Transport Law as a way to prevent, and where appropriate, repair the damage caused by an accident. In Mexico each year around 4.2 million vehicle accidents are reported, which according to the Condusef, cause 16,600 deaths, almost a million people injured and 4,000 citizens who are disabled as a result of road accidents.
Therefore, choosing the best auto insurance becomes a task that all citizens should fulfill, especially if these statistics are considered as a way to prevent fatal situations in families.
What are the costs to buy the best auto insurance?
When you are looking for the best auto insurance you can buy, the cost of what this implies is possibly the first thing you think about; However, you should know that more than an expense, it is an investment that will save you a lot of headaches.
The cost of insurance will depend on various factors, which depend on each insurer since they are in charge of using up to 30 variables to calculate the amounts of each insurance.
For example, companies may consider the age of drivers when setting prices, as well as their marital status and profession. Experience behind the wheel is also an important factor, because it can help define how responsible a driver is.
The type of car and the use for which it was purchased are still among the points that an insurer takes into account to stipulate costs, in which you must pay close attention to choose the protection that best suits your budget.
The newspaper El Universal details in one of its notes that the price of insurance policies depend on the make, model and year of the car, as well as the area where it will circulate, as this “allows insurance companies to evaluate the rates of theft and accidents ”.
What should you consider when hiring insurance?
When you are looking for the best insurer to provide you with the insurance that your car needs, you should not only compare the costs that are in the market and the coverage that is offered, it is also necessary that you pay attention to other types of factors.
Condusef is an institution specialized in financial matters, so it recommends that once you have chosen the best car insurance , you pay close attention so that during the hiring process you do not be fooled, in case any of the following occurs situations.
One of the most common problems is that you provide incorrect information, to which you should pay close attention as this could invalidate your insurance. Also, you must make sure you never sign blank documents that can be altered later.
Searching for the best insurer, the one with prestige in the market, will help you to have confidence that the procedure for hiring your insurance will not have modifications and the agreed terms will be fully complied with.
When you already have the insurance contract, you should check that your policy has all the elements that we show you below, according to information from Condusef:
- Name and address of the insured and of the company that provides the vehicle protection service.
- Description of the vehicle with all its particular characteristics.
- Contracted coverage, established from the mishaps or situations in which a person wishes to be protected.
- Sum insured, that is, the maximum amount that the insurer will cover in the event of accidents.
- Premium, which is the amount of coverage contracted.
- Deductibles, that is, the payment that the insured must make when an accident occurs, stipulated in a fixed amount in pesos or as a percentage of the total value of the car.
- Total premium, which is equal to the total amount to pay for the protection provided by the insurer.
- Frequency with which the premium payment will be made.
- Term of the contract.
- Endorsement number.
- Payment method, depending on what each insurer handles.
- Policy number.