Although until a few years ago car insurance was not mandatory in Mexico, this changed as of 2019.
No matter the model of your car, you must have civil liability insurance that guarantees the payment of the damages that you may cause to third parties (goods and people) in a road accident.
This should not be taken lightly, because, depending on the severity of the accident, the amount of damages can amount to several million pesos. For this reason, more than an obligation, auto insurance should be considered as a protection for your finances and family assets.
This measure aims to protect victims of traffic accidents that, according to the Mexican Association of Insurance Institutions (AMIS), are the second cause of death in Mexico. The standard began to be implemented gradually from 2013, but it was in January 2019 that it became mandatory for all types and models of vehicles in Mexico.
What should you know about mandatory auto insurance in Mexico?
There are several points you should know about mandatory car insurance in Mexico:
-Contracting the insurance is completely the responsibility of the owner of the vehicle.
-If you do not have auto insurance that at least guarantees coverage for damages to third parties, you will have to pay a fine of up to 40 days of minimum wage. The amount varies according to the entity of the Mexican Republic.
-The minimum amount that the material damage insurance must have is 50 thousand pesos. For injuries and compensation for deaths is 100 thousand pesos.
-It is recommended that your insurance has an insured sum greater than 1.5 million pesos for civil liability, since the costs of damages can reach that amount or more.
-Liability insurance is the lowest in cost.
If you already have comprehensive, limited or civil liability auto insurance, well done! You already comply with this protection measure that benefits everyone.
If you don’t have auto insurance yet, don’t worry, click here to quote yours.
Although civil liability insurance is compulsory, we recommend that you hire a more complete option that also covers your car against theft and accidents, and that includes other benefits such as medical expenses for occupants, assistance services and legal defense, among other things.
At Seguritlán we offer you individual car insurance that you can 100% customize, adding and removing coverage according to your needs.
Quote your car insurance today and protect your road with the best coverage.
