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Theres been quite a lot of buzz out there recently about Mexican insurance rates and policies being all the same because they are Regulated. A handful of border providers have been claiming that the Mexico Department of Insurance regulates Mexican auto insurance rates and policies. This is true, but they are spinning things this way to make people assume that they can safely buy, un-rated bare bones Mexican insurance policies at the border. The sales implication is that car insurance for Mexico costs the same wherever you go, and all policies are the same, but nothing could be further from the truth. Prices and coverage are NEVER the same in Mexico. Each and every Mexican insurance company offers different terms, conditions and prices, and it definitely pays to shop around. Regardless, the wise Mexican auto insurance shopper thinks about stability, terms, conditions, price and value.

Comparison Shopping Pays

When trying to sell a weak policy some Mexican auto insurance providers claim that it doesnt really matter where you buy your insurance. After all, they say, it is regulated - implying that all policies are the same so all you need to look out for is the lowest price. Thats inherently false! It definitely pays to do some comparison shopping for terms and conditions as well as price before you make this purchase. That point alone rules out the possibility of buying car insurance for Mexico at the border. You cant do any comparison shopping at all when youre at the border, so your risk is far greater to be taken for a ride. Savvy travelers compare and contrast several A-Rated Mexican auto insurance policies online offered by financially stable insurers and buy one that suites their needs before they head south of the border.

For Example: Take a look at A. M. Best's Financial Strength Ratings
 
Secure                                      Vulnerable       
A++, A+ (Superior)               B, B- (Fair)       
A, A- (Excellent)                    C++, C+ (Marginal)       
B++, B+ (Good)                     C, C- (Weak)       
                                                  D (Poor)       
                                                  E (Under Regulatory Supervision)       
                                                  F (In Liquidation)       
                                                  S (Suspended)    

The Not Rated (NR) designation is assigned to companies that choose not to be rated by A.M. Best.

Please note: Since it costs approximately $10,000 per year to be rated by A M Bests worldwide, you have to wonder why would any multi-million dollar insurance company choose to remain unrated?

Dont Believe the Hype

After maybe hearing from your neighbor that Mexican insurance rates and policies are the same wherever you go, you may assume that you can just buy it from the first booth or shack that you run across. Heres the thing: Rates vary by considerable amounts depending on many circimstances. In fact, its not unheard of for one provider to charge up to 100 percent more for the same policy with the same exposure while providing much less coverage. They get away with this because of the common misconception that rates and policies are the same everywhere. After all, thats the way it works in the US so why not Mexico? Wrong. Unfortunately, some providers will try to take advantage and luckily, you dont have to fall for it.

When comparison shopping for regular US or Canadian car insurance, you arent likely to see major disparities in coverage. Thats not true about Mexican auto insurance. You are sure to be flabbergasted when you see some of the variations in coverage and terms and conditions from one Mexican insurer to the next. For example do you wish to be forced to repair ONLY in Mexico? Or would you like to be able to repair in the US or Canada as well? Do you understand the meaning od partial theft. Dont be blinded by the hype. Make sure to read the fine print and to fully understand the details and features of a policy before buying it.

You dont want to end up owing more than you were expecting. As long as youre careful, you should be able to land a fair deal. Mexican Insurance; “Regulated” Does NOT Mean “Rated”!

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