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Auto insurance is a tool that will allow you to deal with any unforeseen event that may affect your vehicle and your economy. Since  2019 in Mexico it is mandatory to have insurance to travel on the streets and highways of the country, if you do not do so you may receive a fine that can rise up to  4,000 thousand pesos. If you are going to take out car insurance, here we explain which are the best-rated car insurers in the country.

Before purchasing insurance, you must compare prices with different insurers and know the plans and coverage that each one offers. There are different online comparators where you can make your quote instantly, which show you the different plans and the most economical prices. 

car insurance plans

Don’t just let yourself be carried away by the cheapest price, it is also important that you know the prestige of the insurer and its track record, as well as the comments and references given by its clients.

This is very important since when you have an incident with your car,  the quality of the insurer’s service will greatly influence response times, claims, or resolutions in your favor.

The National Commission for the Protection and Defense of Users of Financial Services ( CONDUSEF )  evaluates insurers regarding complaints and claims regarding auto insurance.

What is the best car insurance company?

These are the best car insurers rated by CONDUSEF. The best-qualified insurers for the client to make a claim easily are  Seguros Monterrey, Mapfre, and Chubb. The favorable resolution of complaints among all insurers was 14%, among the companies that resolve the most in favor of the client are  Seguro Afirme 40% of favorable resolutions, Followed by Inbursa Seguros 34% and Mapfre 24%.

In terms of response times, insurers take an average of 18 business days, the companies that resolved complaints in the shortest time were  Axa Seguros with an average of 11 days, Banorte with 13 days, Chubb with 13 days, Inbursa with 13 days and Mapfre 13 days.

Which car insurer is best?

The auto insurers best evaluated by PROFECO shows that there are only 8 best-evaluated insurers. In first position is GNP with a rating of 9.6, then HDI with an evaluation of 9.3, followed by Chubb Seguros with 8.9, Seguros Inbursa with 8.7, Seguros Banorte with 8.6, AXA Seguros with 8.3, Mapfre with 8.0 and Quálitas with 7.8.

Best auto insurers in Mexico 2024

This is the list of the best insurance companies evaluated according to data that is evaluated by institutions such as PROFECO and CONDUSEF, you can access real data on the criteria that are taken to obtain a rating. This allows the consumer to have the best options when purchasing car insurance, mainly looking for rates, quality of service, and the possible costs involved in the policies.

Based on the aforementioned, these are the best car insurers according to CONDUSEF:

• AXA Insurance.
• Quálitas.
•  Zurich
•  Sura.
•  GNP Insurance.
•  Monterrey Insurance.
•  Banamex Insurance.
•  ANA Insurance.
•  MAPFRE.
• Chubb Insurance.
•  Inbursa Insurance.
•  Banorte Insurance.
•  ANA Insurance.
•  BBVA Bancomer.
•  Insurance General.
•  Insurance first.

What are the worst insurers in Mexico?

Being able to distinguish a good insurer from a bad one depends on several factors, as they highlight very important points. What aspects are evaluated?

• Ratings issued by CONDUSEF, CNSF or the Bureau of Financial Entities.
• Sanctions and claims.
• Information is offered on the insurer’s own website.
• General conditions.
• Conditions for Risks.
• Premium receipt.

Best car insurers in Mexico

According to CONDUSEF, the best-evaluated insurers in Mexico are GNP, Axa, and Mapfre.

These three insurers have Comprehensive, Limited, and Civil Liability coverage packages.

In Mexico you can find a range of insurers that can help you protect your car such as AXA Seguros Auto, Seguro Quálitas Auto, GNP Seguros, Seguro de Auto Mapfre, Chubb Seguro Auto, among others that offer a variety of coverage and services, adapted to your needs and budget, giving you the confidence that you will be supported at all times. 

Furthermore, by choosing a recognized insurer, you benefit from their experience in the market and their financial strength, which gives you greater security and peace of mind.

What benefits do car insurance have?

Car insurance helps you in case of any unforeseen event with tow truck service, tire change, power supply and gasoline service. In addition, it protects you against damages to third parties and in case of theft or total loss, it provides the financial protection you need. If you have an accident, you are covered for the payment of medical expenses suffered by any person occupying the vehicle.

These are the main benefits that this insurance gives you:

– You are supported: Your insurance will cover basic or specific aspects according to the coverage of your policy. When you suffer an accident, the insurance company will support you and give you all the attention you need even if it affects third parties, hitting their car or worse, affecting a person.

– You protect your assets: No matter the model or age, if it is new or used, if you have already paid for it or acquired a loan, your car is an investment that you cannot let lose. By insuring your car you guarantee that in the event of theft or total loss due to material damage, you will be able to recover a significant percentage of the value of your vehicle.

– You have support for medical expenses: In the event that you suffer an accident and it causes injuries to you or your companions, the medical expenses are covered by the insurance company, preventing you from having to pay out of pocket to cover them.

– Road assistance included: When we say support, we mean completely, and the best thing is that you do not pay for it, since it is included in your insurance, so in case of breakdown, tire change, power supply, gasoline delivery, bills with tow truck services in emergencies.

– Legal defense and legal advice: Can you imagine all the legal procedures and processes you have to go through when you crash and third parties or property of the nation are injured? By taking out your Auto Insurance you will forget about these issues, since you will have the support of experts in case of legal assistance for an accident with your car.

What doesn’t your auto insurance cover?

These are the exclusions that your car insurance does not cover:

1. Coverage that you have not contracted and that is not specified in your policy. 
2. Damage suffered or caused by the car when it is driven by a person who does not have the appropriate driver’s license to drive the vehicle.  
3. Loss or damage caused directly or indirectly by war operations or acts of terrorism. 
4. Damage suffered or caused by your car due to overloading or excessive traction in relation to its resistance, capacity, or number of occupants.
5. Damage suffered by the occupants results in civil liability, criminal liability or professional risks.

What type of coverage does car insurance have?

In Mexico, it is mandatory to have an auto policy to travel on federal highways.

Car insurance helps you in case of any unforeseen event with tow truck service, tire change, power supply, and gasoline service. In addition, it protects you against damages to third parties and in case of theft or total loss, it provides the financial protection you need. If you have an accident, you are covered for the payment of medical expenses suffered by any person occupying the vehicle.

The most common coverages in auto insurance are:

Broad: they cover you against all eventualities such as unit theft, property damage to your own and others, medical expenses, occupants, and legal support, to name a few.

Limited: it is the same as broad, but the material damage caused to your vehicle is omitted. That is, here you pay the repair costs of your vehicle

Civil Liability: this is practically the most common, it specifically covers material damage to third parties and medical expenses of the vehicle with which you were hit.

Special: there is a fourth option which is Premium or special coverage, these are the most expensive and offer you unique benefits such as unit loans, greater monetary coverage of benefits in theft and material damage, etc.

Advantages of having car insurance:

Have support: The policy issued to you by the insurer will cover basic or specific aspects according to the coverage. The insurance company will support you and give you all the attention you need, even if it affects third parties.

Protect your assets: By insuring your car you guarantee that in the event of theft or total loss, you will be able to recover an important percentage of the value of your vehicle. It doesn’t matter if your car is new or used, if you have already paid for it or acquired a loan, there is no doubt that it is an investment that you cannot miss.

 Have support for medical expenses: In the event of an accident that causes injuries to you or your companions, medical expenses are covered by the insurance company.

Road assistance included: If you need road assistance due to changing tires, breaking down, passing power, and sending gasoline, you will have a tow truck service in emergencies and you will not have to pay anything, since it is included in your insurance.

Legal defense and legal advice: By taking out your Auto Insurance you will forget about legal issues; Your insurer will assign you expert support in the event of legal assistance for an accident with your car.

How much does car insurance cost?

If you want to know the cost of your car insurance, you should know that it varies due to different factors such as:

• Driving record: The better your driving record, the lower your insurance premium will be. Insurers check to see if you have fines or if you have had any other accidents. The price of your insurance also increases if you are a new driver who has never had insurance.
• Type of coverage: the cost will be adjusted according to the package you choose and the types of coverage and assistance you include, although you must keep in mind that the minimum coverage required by Law in Mexico to travel in the country is the Civil Liability that covers you. against damages to third parties.
  
• Area where you live: insurers consider this information because they analyze the incidence of thefts, crashes or some other climatic factors in the area that may affect your vehicle.
• Use of the car: if you constantly use your car, you run a greater risk of an accident or unforeseen event, for this reason different insurers consider this element important.
• Type of car: according to the model, year and brand, this part is evaluated, since there are repairs on certain models that are more expensive.

How to choose the best insurance for your car?

1.- Compare prices

Rates are generated based on a series of factors that impact the cost, each insurer establishes its own criteria to estimate the cost of auto insurance for each vehicle.

The main criteria are usually: year of the vehicle, model, version, general user information (address, age, gender, marital status), and periods to cover the insurance payment. As well as the frequency of accidents and thefts for each vehicle model, frequently known as accident rate.

The price also varies depending on the coverage package to be contracted, but there are several options to get a cheaper price.

2.- Check the service coverage

Another point to consider is the staff of adjusters distributed nationwide. That is, the network of workshops and valuation centers that your policy includes, as well as the guarantee of service standards upon arrival at the scene of the accident and delivery times at the workshops.

If you want to avoid headaches, take out your car insurance policy with insurers that provide you with the greatest support. Some insurers provide coverage in the national territory, as well as in the United States and Canada.

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3.- Pay attention to the deductibles

The deductible is another factor that you should take into account when purchasing insurance for your car. What is known as a deductible is the amount that you must cover in certain cases when an accident or theft occurs. It refers to the amount in which you participate for the expenses derived from each covered event, in cases where the repair or compensation of your insured vehicle is appropriate.

The most common deductibles are 5% in case of property damage or 10% in total theft. They are percentages that are applied taking into consideration the insured sum contracted for the value of the vehicle, whether commercial or agreed value of the unit.

4.- Check the insured sum of each coverage

When purchasing a car insurance policy, you must be very clear about what the maximum insured sum will be for each coverage. This refers to the amount that the insurer agrees to pay or compensate you as a result of an incident.

5.- Pay attention to the opinions of other clients

Although you may not have thought about it, the opinions and comments of other users can be a guide for you about their experience with insurance. You can search among the opinions of the insurer or among friends or acquaintances who have contracted the service.

Before choosing your insurance

Likewise, you can make use of various tools at your disposal, for example for insurers, CONDUSEF created the IDATU user service performance index, through which CONDUSEF and the Bureau of Financial Entities report on the quality of the operation of the insurers.

With these tips you can choose the insurance that best suits you for your car, so that you are always protected against unforeseen events and that you protect your assets.

If you are looking for insurance for your car, at  SeguroInteligente.mx we advise you so that you can find a plan tailored to you at the best price.