Auto Insurance Coverage for Mexico is similar to coverage in the United States. However, there are some key differences to be aware of. While Mexican traffic laws are very similar to the ones in the United States, their application is what sets them apart.
While guilt prevails over the assumption of innocence in Mexican law, innocence prevails over the assumption of guilt in the US.
The financial responsibility law in Mexico requires any person involved in an accident to have the means to pay for injuries or damages that they may have caused. If you do not have the means, you go to jail until the authorities resolve the matter. This is why it’s vital to make sure that you purchase auto insurance for Mexico to cover you when you are driving in the country.
What is included in Instant Mexican Auto Insurance Coverage?
Contrary to the broader coverage of a standard car insurance policy from the US, a Mexican car insurance policy for tourists is a named peril policy.
In Mexican tourist car insurance, there are 5 basic risks, which are as follow:
- Bodily Injury Liability
- Property Damage Liability
- Medical Expenses
- Fire and Total Theft
- Collision, Upset, and Glass Breakage
A product that you can purchase for an additional premium is being developed by some companies that offer auto insurance coverage for Mexico. The product will cover other expanded coverages, which should be evaluated on an individual basis.
You should find out if your insurance provider offers Mexican auto insurance. If so, what type of coverage do their policies provide.
The Key Differences Between Auto Insurance Coverage in Mexico vs. The United States
In Mexico, insurance coverage premiums (rating) is based on the vehicle, vehicle value, vehicle type, and location of the vehicle. The actuaries (people who calculate rates) determine the risk based on those factors alone
In the United States, those factors are important, but the primary factor is the driver him/herself. Things like, how long you’ve been driving, your accident and criminal history, claims history. Other factors that affect the rate may include your professional associations, or what you do for a living, miles driven in a particular year, etc.
How to Buy Instant Mexican Auto Insurance
Purchasing Mexican car insurance is similar to buying US insurance. The best way to purchase instant Mexican insurance is to go online and research several trustworthy companies. Compare different providers and quotes to find one that offers what you need.
Buying Mexican car insurance online can save you a significant amount of money. Also, it provides a convenient way to get the policy you need from the comfort of your home.
You can buy a Mexican insurance policy at the border zone as well. However, you should know these policies tend to cost a lot more.
In addition, it is a good idea to buy the policy you need for Mexico well before you begin your road trip so that you have ample time to choose one that gives you complete coverage in case you get into an accident.