Tips to choose the best auto insurance

Before buying or renewing insurance for your car, read the advice of an expert that will help you choose the most suitable for your needs.

The best auto insurance will always be the one that guarantees the best coverage in case the worst happens, says the magazine Dinero Inteligente, Eloy López, insurance consultant since 1995 and director of the Integral Financial Forecast office.

In its latest issue, the publication was given the task of going to the experts to offer the best recommendations not only in the subject of insurance, but of equity banking , afore, mortgage , investment fund, among other financial issues.

Most people choose their auto insurance not for the most convenient reasons.

“Almost everyone does it to protect their car against theft , they do not know that the chances of getting your car stolen are much lower than those of being involved in an accident,” says López.

“If you drive, there will always be the possibility that you have an accident and you or your companions are injured, including injuries to outsiders,” says the expert. “And the owner of the car is responsible.”

When he talks about “the worst happening”, López thinks, for example, of an accident in which the driver ends up being responsible for the death of a person. How much does it cost to take the life of a human being ?, surely more than anyone has in their account to face unexpected events.

The cheap is expensive

A good part of the auto insurance sold in Mexico could be insufficient to face a catastrophic accident . Why?

Because, in addition, people tend to buy the cheapest auto insurance, not the one that provides the best protection.

If a person has scarce economic resources, it could be justified to decide based on the price but, according to López, even people with enough income to pay for better coverage opt for the cheapest.

“80% of the people with whom I talked about car insurance chose the cheapest one,” says the expert.

In the basic coverage standardized auto insurance, premiums are around 58 pesos per month. They do not cover theft, but accidents do: they guarantee 250,000 pesos for civil liability.

The best coverage is one that will allow you, even if something very serious happens, do not pay huge amounts of money, or do not get rid of your savings to face a catastrophic accident.

Following that recommendation, Lopez assures that one of the best options in the market is the Mapfre policy, known as Coverage 14.

It is a broad coverage to which you can also upload the maximum amounts insured in important items such as civil liability.

Tips to buy insurance:

Consider the company’s coverage. GNP, AXA and Inbursa have adjusters throughout the country. Some use external adjusters because they do not have national coverage.

Take into account the network of repair shops. A wider network will allow a better and more agile service. For López, AXA has the best network of workshops and is the company that makes the fairest payments in case of loss. In case of total loss of the car, GNP is the one that pays better, according to the expert.

Consider the agility of the insurer. Inbursa is one of the companies that arrives faster to the place of the incident, even offers a guarantee of punctuality.

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