How does Used Car Insurance work? Get a quote now! 2024

How does it work and where to buy Used Car Insurance?

In Mexico, the trend to acquire used or semi-new vehicles has had considerable growth, for 2021 an increase of 19% has been reported vs. last year. The success of this type of purchase and sale is basically due to the shortage of inventory of vehicles in the agency as well as the affordable prices that they offer. When purchasing cars, regardless of whether they are new or used, you should take out car insurance, to protect your investment from the most common risks when driving.

Hiring insurance today and even purchasing used cars can be carried out through online platforms, where in the case of purchasing a vehicle it turns out to be quite functional and practical, since within the reach of your mobile device you can access the portfolio of available models, delivery times, which in some cases are shorter than the agency, and affordable prices that you can compare with other options.

Something similar happens with insurance for used cars, through online insurance quotes like Mejorsegurodeauto.mx you can hire specialized insurance to protect your semi-new vehicle, thus having all the requirements and documents to be able to circulate within the country, at the same time. while they have coverage and benefits that financially support you in the event of any accident, thus taking care of the integrity of the occupants as well as your vehicle.

In Mexico there are different options of insurers that have experience operating car policies and have financial strength to take care of the expenses generated in the event of an accident. These insurance companies usually also have different coverage plans that adjust to the needs of your vehicle. as well as those of your budget.

Throughout this content we share information about where and how to purchase smart car insurance at the best price.

Nowadays, having a vehicle to get around has become a necessity for the majority of Mexicans, which is why purchasing pre-owned car insurance sounds like an excellent alternative so that the majority of these families have access to options that comply with to its possibilities, the same happens in the case of car insurance, where you can find economical options without losing the benefits it offers you.

Importance of taking out Auto Insurance

In Mexico, starting in 2019, all vehicles that have an engine, such as automobiles, must take out auto insurance. As a mandatory requirement, they must have Third Party Damage coverage, which can normally be contracted with insurers. As the “Standardized or Mandatory Basic Insurance”, this benefit as such aims to pay for the damages that the insured generates with their vehicle to third parties, whether material or personal property.

Through these insured sums that the Federal Roads, Bridges and Transportation Law requests (50 thousand for material damage and 100 thousand for bodily injuries), the insurance is responsible for covering said damages. But what happens with the insured’s damages? In this case, he will have to take care of them, unless he chooses to take out more complete used car insurance, such as the Broad Coverage or Limited Coverage plan.

If you do not have an active insurance policy, you could be subject to a fine or even your car could end up in the corralón, which is why nowadays, taking out car insurance is not an option but an obligation.

Another benefit of purchasing insurance is that you will be able to have coverage that cushions any type of financial loss that could occur in the event of an accident or mishap such as theft, material damage, medical expenses, damage to third parties, etc.

If for some reason when purchasing used cars, the vehicle is temporarily or permanently deregistered before the Public Vehicle Registry (REPUVE), it will not be necessary for you to immediately contract insurance for used cars, since you will have a period of grace to register your car again and subsequently take out car insurance.

How to contract Used Car Insurance?

To contract insurance for used cars is done in the same way as contracting traditional insurance, that is, we recommend that you go through the entire process of quoting and evaluating options to finally choose the best car insurance in Mexico, remember that today you will be able perform this task quickly and easily, without spending time or money, through tools such as Mejorsegurodeauto.mx, it will be enough to enter basic information about your vehicle and your personal data to quote your insurance with more than twenty available insurers and subsequently contract your insurance. .

Some of the requirements to carry out this contract are:

• Have a valid driver’s license and be of legal age +18
• Present an official identification such as INE or Passport
• Valid vehicle registration card
• Vehicle license plate number
• Proof of address no older than 3 months
• Vehicle purchase invoice
• Previous car vehicle policy without it being available

What coverage should I hire for a Used Car?

It is important to keep in mind that as such there is no Insurance for Used Cars, however there are options that better fit this criterion, such as insurance with Limited coverage or Civil Liability, this is because, in If your car is more than eight years old, taking out comprehensive coverage simply makes your policy more expensive.

On the contrary, if your car is less than five years old, you could consider the comprehensive coverage option, which offers more specialized and exclusive benefits such as zero deductible, replacement car, tire insurance, property damage, etc

Now, if I contract Limited or Broad coverage, should I contract another policy that includes mandatory insurance? Fortunately, you will NOT have to re-contract a second insurance, since all plans already include this benefit.

Although you do not have a specific idea of ​​the benefits offered by the coverage provided by car insurance, we share it with you below:

Coverage available for Used Car Insurance

It is important to mention that the benefits depend exclusively on the insurer contracted, as such these tend to be the most common, however they are not mandatory, each insurance company has developed its own plans and their benefits, which is why we suggest that you investigate each of them. them and be convinced of what you hire for your safety.

Where can I get Auto Insurance?

To quote and contract your insurance for used cars, there are different alternative insurance companies, which in addition to being recognized nationally and internationally, are registered with the National Insurance and Bonding Commission (CNSF) and are constantly regulated and evaluated by institutions. such as the Mexican Association of Insurance Institutions (AMIS) and the National Commission for the Protection and Defense of Users of Financial Services ( CONDUSEF ).

Below we mention some that meet the requirements mentioned above:

• AXA insurance
• GNP Insurance
• Migo Insurance
• La Latino Seguros
• HDI Insurance
• The Eagle Insurance
• General Insurance
• Affirm Insurance
• Insurance El Potosi
• ABA Insurance
• Banorte Insurance
• Mapfre Insurance
• Bx+ Insurance
• Inbursa Insurance
• ANA Insurance
• Atlas Insurance
• Zurich
• AIG

Each of these insurers has an alliance with Mejorsegurodeauto.mx , whereby simply entering personal information and your vehicle you can quote your used car insurance policy in minutes, compare prices, benefits and coverages and hire immediately while you are accompanied by a expert executive on the subject.

In addition, you can obtain benefits such as discounts and exclusive promotions from 20% depending on the insurance company contracted.

How much does Used Car Insurance cost?

As such, there are no standard insurance prices for used or new cars; these are calculated based on different criteria to determine how likely it is that the insured will be involved in an accident or a loss such as theft, thanks to the information provided. Below we list the insurance that evaluates the probability of theft, safety (braking system, airbags), among others.

Some of the criteria that determine the cost of your insurance are:

• Model
• Brand
• Year (Seniority)
• Gender
• Age
• Home

In some cases, your driving history, number of violations, mishaps, etc. could also be considered.

Regardless of whether your car is used or new, you must take out your car insurance.