Auto Insurance
Being a driver in Mexico and wondering what auto insurance is can be more common than you might think. According to official figures, more than 70% of drivers are not insured, and they don’t have a detailed understanding of what auto insurance is. Only 7.4 million vehicles have insurance, according to government records.
For this reason, it’s essential to know that auto insurance is a policy that provides financial protection to the driver against unexpected events such as traffic accidents, theft, collisions, or damage to third parties.
Individual Auto Insurance is a contract between the car owner and an insurance company. In the event of an accident, the policy allows the insured to cover physical and material damages that occur during the traffic incident.
Coverage:
Coverage is usually divided into packages, with the most common being comprehensive, limited, and basic.
Comprehensive coverage generally includes all types of coverage, limited coverage is lower than comprehensive because it excludes coverage for material damages. Basic coverage only includes the basic coverages, excluding material damages and vehicle theft.
Although these coverages may vary depending on the insurer, they are typically handled in this way.
General Conditions:
Deductible:
An example of a deductible is 5% for material damages. This means the insured must cover 5% of the total cost of their vehicle's repair.
Premium:
Sum Insured:
Liability Insurance:
Benefits of Auto Insurance
The advantages of auto insurance depend on the type of coverage purchased from the insurance company. To provide a better understanding, at least three benefits of having auto insurance are listed:
Covers damage to third parties: Auto insurance is financial security that covers drivers who cause damage to third parties. Typically, this coverage can be acquired with at least a liability policy.
Covers material damage: The insurance can cover the repair of the vehicle in case of an incident that harms the vehicle. The coverage percentages and conditions vary depending on the insurance company.
Provides roadside assistance: When you have auto insurance, you can receive assistance on the road during unexpected breakdowns or situations that require timely roadside assistance.
Obviously, the level of benefits will depend on the choice of the various types of auto insurance available in Mexico. Although there are many options to choose from, it’s always better to have insurance and not use it than to need it and not be insured.
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