• 7 out of 10 cars in circulation do not have insurance, with the risk that this implies for the owner and third parties. • There are currently around 390 different types of car insurance on the market, offered by 27 insurers.
Few people know the new obligations that came with the start of 2019 for motorists, which include at least having third party damage insurance in the event of a road accident. It is estimated that 70% of the cars that circulate are not insured, in other words, only 7.4 million have insurance.
Failure to contract at least one civil liability insurance may involve the payment of a fine of up to 4 thousand 100 pesos, and the obligation to prove that the insurance was contracted to release the car.
In the first half of this year alone, insurers reported that one million 194 thousand car accidents or mishaps were recorded nationwide and that on average, a "laminating" blow costs about 15 thousand pesos or theft of a car part 4 thousand pesos; hence the importance of becoming aware of being protected against these risks and preventing significant economic instability of Mexican families. Additionally consider the number of insured cars that were stolen per hour in 2018, of 11 units the average.
Given this civil obligation that all motorists must-have, the National Commission for the Protection and Defense of Financial Services Users (CONDUSEF) recommends that you quote with different insurers to find the product that best suits your needs and at the best price. There are currently around 390 different types of car insurance on the market, offered by 27 insurers.
For this, the simulators are a good option, since you can compare the insurance premium, the coverages, the amounts of deductibles that are charged, as well as the additional services that can be counted when contracting the policy.
Another important aspect that you should take into account when quoting, are insurance exclusions, so it is recommended to read them carefully. For example, whether or not it covers flood damage.
One of the first aspects to consider is the risks that we must have covered, and in this situation insurance companies have grouped them into three types of coverage: a) Basic, b) Limited and c) Extensive.
Basic Coverage It covers the damages caused to third parties either in some good (car, house, fence, motorcycle, etc.) or directly the damages caused to people outside the insured vehicle; In the same way, this coverage considers the physical damages of the occupants of the vehicle of a third party, or the compensation in case of disability or death, among others. In this type of insurance is the Standardized Automobile Insurance Standard.
Limited Coverage It essentially includes the following:
• Total theft. The Company will pay the compensation established on the front page of the Policy if the vehicle was fully stolen.
• Liability for damages caused to third parties in property or in persons. This coverage operates exactly the same as the basic coverage.
• Medical expenses. In this coverage, the insurance company will cover the medical expenses that the occupants of the vehicle have, as a result of a car accident.
It should be noted that given the competition that exists in this type of product, insurers offer other coverage such as road assistance, legal assistance and extension of liability coverage for damages to third parties when the insured drives another vehicle.
Comprehensive coverage. It is a modality that, in addition to what is stated in the limited coverage, has a wide range of coverage and services such as material damage, guaranteed deposit, glass, tires, special equipment and refund of the deductible, among others.
It is important to highlight that the Insurance Institutions have additional coverage that adapts to the needs of each user, which can increase the amount of the premium, as an example we have:
• Auto replacement to continue your activities with a period of 10, 15, 20 or 30 days in case of theft or accident that causes damage to your car.
• Medical expenses for pets traveling inside your car and
• suffer injuries due to an accident.
• Adaptations, conversions, and special equipment, wheels, stereo, speakers and sunroofs.
CONDUSEF analyzed the results of different simulators for auto insurance, in order to show the price comparison obtained according to the following assumption:
Standard Chevrolet Aveo 1.5 liters, 4 cylinders, 4 doors, 2017 model, with Wide Coverage and annual payment.
For this, the simulators of 17 Insurance Institutions and the application of auto compare were consulted. It should be noted that the prices of this insurance were found to range between $ 7,013 and $ 14,798, representing a 111% difference between the cheapest and the most expensive.
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