Having a Mexican auto insurance policy is essential when traveling to Mexico. With so many Mexican insurance companies competing for your business and all the policy variations, getting a Mexico insurance quote and understanding all the details can be extremely challenging. Many US travelers traditionally stop at the Mexico border and purchase the lowest Mexico insurance quote presented to them assuming it will take care of their needs. The true risks become apparent in the event they have to file an auto claim in Mexico. Price is important, but having insufficient insurance coverage in the event of a loss could potentially cost thousands of dollars out-of-pocket or jail time in Mexico if restitution cannot be paid! Let us look at the top 8 suggestions to consider when getting a Mexico insurance quote.
- You can avoid arriving at the Mexico border and potentially having to deal with long lines, heat, and the stress of a last-minute decision by shopping online and getting multiple Mexico insurance quotes from different Mexican insurance companies.
- Once you buy a policy and your on way to Mexico, it is too late. Review the policy details for each Mexico insurance quote you are considering before you make a purchase. This will give you an idea of any red flags that may apply to your situation before driving in Mexico. For example, if you are towing a boat or trailer into Mexico, what are the policy exclusions and requirements?
- Decide between a fixed deductible and percentage deductible for filed claims. A Fixed deductible amount is specified in the policy and identifies the maximum out-of-pocket cost in the event of a loss. A percentage deductible is based on a percentage of the value of the insured car and could be as high as 5% of the value. On a high valued car, the fixed deductible option will cost a few dollars more, but will be well worth it if the car is in an accident or is stolen. Cars with loans are usually required to have a fixed deductible policy before entering Mexico.
- Only look at quotes from A.M. Best rated Mexican insurance companies with a rating of A- or better. A.M. Best is a company that reviews the financial stability of a Mexican insurance company and assigns it a letter grade. There are a lot insurance companies offering Mexico insurance, but less than 10 of them are rated by A.M. Best. Many of the online companies will only provide you quotes from A.M. Best rated companies with a rating of A- or better.
- Determine the type of policy you need. The lowest Mexico insurance quote will always be for a liability only policy which only covers the third-party that you cause injury or property damage to while driving in Mexico. If you are only concerned about your car in the event of an accident or total theft, a standard full coverage policy would be ideal. For total protection, you should purchase an enhanced version of the full coverage policy and make sure that partial theft and vandalism are not excluded.
- Consider how much liability coverage you will need. With Mexico insurance, liability and property damage coverages are combined into a single limit. For example, if you select a liability limit of $50,000, the maximum the insurance company will pay for any third-party injuries and property damage combined is $50,000. The lowest recommend amount is $50,000 and if you can afford it purchase a higher limit. The price different between $50,000, $100,000 and $300,000 could be as low as $25-$50. The risks of not having enough coverage make the higher limits worth considering.
- You should include evacuation coverage as a part of all your Mexico insurance quotes. An ambulance ride from Rocky Point, Mexico to Phoenix, Arizona is about 4-5 hours and could cost you as much as $12,000 out-of-pocket. A helicopter ride and potential plane tickets for family members would be a much better solution.
- If you will be driving in Mexico for more than 20 days, a six month policy will cost less than a daily rated policy. When set up your Is the lowest Mexico Insurance quote for auto insurance really the best deal? When your request your online Mexico insurance quote, make sure to select see the option to see all the daily, 6 month, and annual quotes to see the best rates.
Although many travelers will continue to stop at the Mexico border to purchase insurance, you can now see the importance and feel confident that the Mexico insurance quote you select to purchase will be the best deal for your Mexico adventure!
And now that you know all about getting a great quote, start your own Mexico insurance quote right here on GotMexico.com.