How much is High Risk Car Insurance?

In Mexico, purchasing auto insurance is mandatory. In addition, having auto insurance is a good investment to protect yourself in case of theft and vehicle accidents. Protecting your heritage and, above all, your physical integrity and that of your family is the most important thing. WHY IS AUTO INSURANCE NECESSARY? If these statistics don't convince you to buy car insurance, listen to this: On average, an accident can cost you as responsible $24,000 pesos. Instead, auto insurance can cost you as little as $2,000 pesos a year. Do the math and you will see that it is convenient for you to be protected. WHERE IS IT MANDATORY TO HAVE AUTO INSURANCE? Since 2014, the gradual mandatory nature of the Vehicle Civil Liability Insurance was established, which covers the transit of vehicles through the national territory and that cause damage to third parties in their property, bodily injury, temporary and/or permanent disability, or death. All insurers that have auto insurance cover this concept. However, although it is mandatory, its mandatory nature was not imposed on all vehicles immediately, but rather gradually, according to the model and value of the vehicle. As of 2019, no matter the model or value of your vehicle, your car must have mandatory insurance. In case of not having it, the owner of the vehicle may be subject to fines of between 20 and 40 UMAs (between $1,612 and $3,224 pesos). States where it is mandatory to have auto insurance In addition to the Compulsory Civil Liability Insurance, to drive on federal roads, other states also decreed the need to have car insurance: Entity Obligatory insurance Mexico City Civil Liability Mexico state Responsibility Policy Lower California Civil Liability chihuahua Civil Liability Sinaloa Civil Liability Jalisco Civil Liability Nayarit Any policy issued by an institution endorsed by the CNSF Morelos basic Queretaro Civil Liability San Luis Potosi Civil Liability New Lion Civil Liability Tabasco Civil Liability Tamaulipas basic Veracruz Civil Liability Yucatan Damages to third parties The fines for not having the policy are between $1,212 and $8,060 pesos depending on the entity where the infraction is. Read all about compulsory auto insurance here. RELATIONSHIP BETWEEN CONFUSED AND INSURERS What is Confused? It stands for National Commission for the Protection and Defense of Financial Services Users. This is the institution in charge of providing guidance, attention, and receiving claims from users of financial services. That is, banks, AFORES, investment companies, and insurance companies, among other products in Mexico. So when you receive any financial service endorsed by the authority that has a complaint, you can go to the Condusef to follow up and determine if it is necessary to apply a sanction. Within the Condusef, the Bureau of Financial Entities brings together different information about various sectors. Among them are insurers. In the Bureau, users can compare all the insurers that operate in Mexico on topics such as: Your offer of financial products See in detail claims, controversies, percentage of resolutions favorable to the user, and response times User service performance index Sanctions and their amounts Compliance with Condusef records If they have financial education programs And the evaluation of the Condusef to the product of the insurers What is high-risk auto insurance? Let's be honest. Now, some cars and drivers are simply more prone to accidents than others. And the fact that they are high risk is reflected in your car insurance premiums. Your driving record will determine if you need high-risk car insurance. For example, if you have been convicted of Driving Under the Influence (DUI), such as drugs or alcohol, or if you have multiple speeding tickets, you may be considered a driver. high risk, and require special high-risk auto insurance. Recent history is the most important factor. Accidents or violation tickets in the last 12 months will count more than an incident that occurred five years ago. How to reduce the cost of your high-risk insurance First, get a free auto insurance quote online to get a realistic picture of how much it would cost based on your driving record. Even if you're considered a high-risk driver when it comes to auto insurance right now, here are some steps you can take that may lower the premiums insurance companies can offer you: Take a preventive driving course. Check with an agent for approved courses. Trade-in your car for a model with a better safety record or safety features. Obey all traffic laws. Going three years without receiving a ticket could result in a decrease in your premium. Drive defensively. Substantial discounts are available if you can avoid an accident for three years.

In addition, having auto insurance is a good investment to protect yourself in case of theft and vehicle accidents. Protecting your heritage and, above all, your physical integrity and that of your family is the most important thing.

WHY IS AUTO INSURANCE NECESSARY?

If these statistics don’t convince you to buy car insurance, listen to this:

On average, an accident can cost you as responsible $24,000 pesos. Instead, auto insurance can cost you as little as $2,000 pesos a year.

Do the math and you will see that it is convenient for you to be protected.

WHERE IS IT MANDATORY TO HAVE AUTO INSURANCE?

Since 2014, the gradual mandatory nature of the Vehicle Civil Liability Insurance was established, which covers the transit of vehicles through the national territory and that cause damage to third parties in their property, bodily injury, temporary and/or permanent disability, or death.

All insurers that have auto insurance cover this concept.

However, although it is mandatory, its mandatory nature was not imposed on all vehicles immediately, but rather gradually, according to the model and value of the vehicle.

As of 2019, no matter the model or value of your vehicle, your car must have mandatory insurance.

In case of not having it, the owner of the vehicle may be subject to fines of between 20 and 40 UMAs (between $1,612 and $3,224 pesos).

States where it is mandatory to have auto insurance

In addition to the Compulsory Civil Liability Insurance, to drive on federal roads, other states also decreed the need to have car insurance:

Entity Obligatory insurance

Mexico City Civil Liability

Mexico state Responsibility Policy

Lower California Civil Liability

chihuahua Civil Liability

Sinaloa Civil Liability

Jalisco Civil Liability

Nayarit Any policy issued by an institution endorsed by the CNSF

Morelos basic

Queretaro Civil Liability

San Luis Potosi Civil Liability

New Lion Civil Liability

Tabasco Civil Liability

Tamaulipas basic

Veracruz Civil Liability

Yucatan Damages to third parties

The fines for not having the policy are between $1,212 and $8,060 pesos depending on the entity where the infraction is.

Read all about compulsory auto insurance here.

RELATIONSHIP BETWEEN CONFUSED AND INSURERS

What is Confused? It stands for National Commission for the Protection and Defense of Financial Services Users.

This is the institution in charge of providing guidance, attention, and receiving claims from users of financial services. That is, banks, AFORES, investment companies, and insurance companies, among other products in Mexico.

So when you receive any financial service endorsed by the authority that has a complaint, you can go to the Condusef to follow up and determine if it is necessary to apply a sanction.

Within the Condusef, the Bureau of Financial Entities brings together different information about various sectors. Among them are insurers.

In the Bureau, users can compare all the insurers that operate in Mexico on topics such as:

  • Your offer of financial products 
  • See in detail claims, controversies, percentage of resolutions favorable to the user, and response times
  • User service performance index
  • Sanctions and their amounts
  • Compliance with Condusef records
  • If they have financial education programs
  • And the evaluation of the Condusef to the product of the insurers

What is high-risk auto insurance?

Let’s be honest. Now, some cars and drivers are simply more prone to accidents than others. And the fact that they are high risk is reflected in your car insurance premiums.

Your driving record will determine if you need high-risk car insurance. For example, if you have been convicted of Driving Under the Influence (DUI), such as drugs or alcohol, or if you have multiple speeding tickets, you may be considered a driver. high risk, and require special high-risk auto insurance.

Recent history is the most important factor. Accidents or violation tickets in the last 12 months will count more than an incident that occurred five years ago.

How to reduce the cost of your high-risk insurance

First, get a free auto insurance quote online to get a realistic picture of how much it would cost based on your driving record.

Even if you’re considered a high-risk driver when it comes to auto insurance right now, here are some steps you can take that may lower the premiums insurance companies can offer you:

  • Take a preventive driving course. Check with an agent for approved courses.
  • Trade-in your car for a model with a better safety record or safety features.
  • Obey all traffic laws. Going three years without receiving a ticket could result in a decrease in your premium.
  • Drive defensively. Substantial discounts are available if you can avoid an accident for three years.
By aamritri

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