Buying Tips: Know Your Mexican Insurance Company
We get many calls from customers who would like to know more about Baja Bound and how we do business. Although choosing an agency is important (should you need guidance with a policy or claim), it may be more important to know how the insurance company who backs your policy will pay you should there be a claim.
ACE and HDI Seguros work in a tourist friendly manner with real U.S. repair rates:
- Repairs may be made in the U.S. or Canada when possible
- U.S./Canadian repair rates are used for U.S. repair, not Mexican repair rates for U.S. repair
- Claims may be settled in U.S. dollars
- U.S. toll free numbers are available to follow up on claims
- Claims service is available 24 hours a day
Why is it important that repairs and claims may be paid at U.S. and Canadian rates?
No other feature of Mexican insurance is more important than how the insurance company will pay your claim. Other insurance companies who do not pay your claim at U.S/Canadian rates may pay you in Mexican pesos and/or at Mexican repair rates. What this means is that if you have a claim with some other companies you may be required to have your vehicle fixed in Mexico or they may pay you a fraction of the cost of the claim because repairs are more expensive in the U.S. and Canada. This may be OK if you live in Mexico, but if you are a visitor and need to get home, this can be very inconvenient. If you decide to leave and get your car fixed at home, you may end up paying up to 2/3 of the repair out of your pocket. That does not sound like full coverage to us! Our repairs and claims are settled in the U.S. and Canada whenever possible.
How are claims paid?
Claims are paid in a similar fashion to that of the U.S. Once the claim is filed, all the necessary paperwork will have to be submitted and reviewed. If the vehicle was damaged, a repair shop will be selected and the repair will begin. If the vehicle was stolen and not recovered within a certain period, the insurance company will either pay you if you are the registered owner and/or your lien holder.
Important points to consider if you have a claim:
- Report the claim in Mexico before leaving. They may need to send out an adjuster.
- Obtain all necessary police reports before leaving Mexico.
- If the vehicle was stolen, you will need to report it to multiple authorities. An adjuster can help you with this.