Road accidents are on the rise and car thefts, although they bring a slight decrease, do not stop. During the first quarter of the year, traffic incidents, where the cars involved had insurance, increased 42%, vehicle thefts from January to March reached 15,036 units and annually 62,102 thefts, according to data from the Mexican Association of Institutions Insurance (AMIS).
In addition, according to ALD Automotive, a car rental company, with data from the Center for Road Safety and Experimentation (Cesvi), in the rainy season and cyclones, road accidents, especially on the highway, increase by up to 20 percent. .
The probability that you face a car accident, whether it is theft of the unit, an accident or damages due to natural events and you do not have money to attend to the damages is high. In Mexico, only 30% of automobiles in circulation have insurance protection.
The foregoing despite the fact that it is mandatory to have one to circulate on federal highways.
Among the reasons why people do not take out insurance are: because they do not have the money to purchase it; they think they don’t need them; they consider them expensive or do not know how they work, according to data from the 2021 National Survey of Financial Inclusion.
For this reason, this Thursday the National Commission for the Protection and Defense of Financial Services Users (Condusef), will present the new car insurance simulator, a microsite that will be available on its website and that will help people looking to hire a product of this type to compare between various insurers and find the protection that best suits your income and unit.
What to compare?
When looking for car insurance, it is important to review various elements, for example, investigate what protection it contemplates for the cost it has. Many times when contracting this product not all the coverage it contains is reviewed and when making a claim it is discovered that there was no protection for that event.
It happens in cases of auto parts theft, many people make the claim to the insurer, however, if partial theft coverage was not contracted, the request for payment for the loss does not apply.
The cost of insurance for your car will depend on the coverage you hire. For example, there is basic coverage that has protection in case of damage to third parties.
There is limited coverage, which in addition to civil liability includes theft of the vehicle.
In the broad coverage, which is one of the most complete, all the aforementioned protections are included, civil liability, theft and also material damage and loss due to accidents, medical expenses for occupants, road and travel assistance and legal protection, according to data from the AMIS.
In addition to these protections, there is the plus coverage, where payments for partial theft and other more specific issues are contemplated. Although the issue for theft of auto parts can be added to the comprehensive coverage.
The premium, which is the cost you will pay for the insurance, whether monthly, semi-annually or annually, will depend on the coverage you hire, among other factors.
Another element to compare is the deductible that each company has on these products. It is a fixed amount that you must pay when you face a claim. After that, the insurance takes care of the expenses.
The contracting area also influences the cost of insurance. That is, if it is a high-risk neighborhood, city or state for this crime, the insurance could cost more.
The gender and age of the contracting party are other elements that impact the premium. “On the characteristics of the driver, two elements above all have weight: the driver’s age and history. A young person behind the wheel is not the same as an older adult; the insurer assumes greater risk compared to the first”, reported AMIS.
If the insurance is contracted online, check the conditions of the contract, the payment options and verify that the platform is safe to enter your data.