There is a saying in the insurance industry: “The bitter taste of a poor claim experience lingers much longer than the sweet taste of a cheap policy.”
Like you, we want the best price for the best product, delivered by a quality insurance company. We continuously monitor this constantly changing market so that we can offer our customers insurance options that are competitively underwritten by financially solid insurance companies. Following is an overview of the criteria we use in selecting insurance companies:
Financial Strength and Stability: With one* exception, all companies we represent in Mexico, or the multi-national parent company of the Mexican company, have an A.M. Best & Co. rating of a rating of “A-” or “Excellent or better. Following is a description of A. M. Best & Co. and that company’s financial strength ratings.
A.M. Best & Co. is an internationally recognized independent company specializing in the analysis and rating of the “financial strength” of financial institutions. “Financial strength” in this sense is the ability to pay claims. Ratings are given in Alpha characters representing financial strength and a Roman numeral representing financial size, see charts in the left column.:
Except for Quálitas*, all companies we represent in Mexico, or the multi-national parent company, must have an A.M. Best & Co. rating of a rating of “A-” or “Excellent" or better.
Following are the A.M. Best ratings for the companies we represent:
|ABA Seguros||A-||XV (US Parent Company)|
|ACE Seguros||A+||XV (Switzerland Parent Company)|
|Grupo Nacional Provincial||A||IX|
|HDI Seguros||A||XV (Germany Parent Company)|
|Quálitas Compañía de Seguros*||B-||(domestic Mexican Company)|
ABA Seguros: In November 2012 the parent of ABA Seguros agreed to sell the company to ACE Seguros. The purchase is pending approval by regulators.
* Quálitas Compañía de Seguros: Quálitas is the largest insurer of motor vehicles in Mexico. We have checked out Quálitas with highly professional insurance agents in Mexico and have received nothing but extremely positive feedback about the company.
Claim Service: Our policy administration system issues approximately 100,000 Mexico Tourist Auto policies per year. Obviously with this volume, some of our clients have claims, which gives us an opportunity to subjectively access the quality of claim service provided by our companies.
A subjective ranking of claim service in April 2010:
Competitiveness: Competitiveness is measured in three dimensions: Coverage, Service, and Price. Price competitiveness various based upon the risk characteristic (vehicle value, length of policy term, type of vehicle, etc.). Companies change rates from time to time.
Coverage: Some customers want the best coverage they can find while others want the most economical coverage available. For this reason the Quote Results screen displays quotes for two types of policies: “Standard Coverage”, which is the most economical, and for “Extended Coverage”, which offers coverage upgrades that are among the very best available in Mexico.
Standard Coverage is pretty much the same for all companies. A Standard policy provides less coverage and accordingly, has a lower cost.
The Extended Coverage is a package of upgrades offered by all five of our companies. These upgrade packages vary somewhat from company to company, but all are quite a bit broader than the Standard policy and they are broader than products offered by other companies. You can learn more about these upgrade packages detail in Special Coverage Upgrade Packages.
Price: We display the quote results for all companies on one screen so that you can compare price. One of our five companies is almost always more competitive than companies we do not represent, and, except for Quálitas, our companies are all rated “A-” by A. M. Best & Co.
If you find it cheaper somewhere else, remember the saying we mentioned earlier: “The bitter taste of a poor claim experience lingers much longer than the sweet taste of a cheap policy.”
When you buy from motormexico.com you can be comfortable that we have done our home work in selecting insurance companies who provide the best combination of financial strength, quality claim service, competitive coverage, and competitive premiums available in Mexico’s insurance industry. We don’t want the lingering bitter taste of a poor claim situation any more than you do!
|E||Under regulatory supervision|
|Less the 1||I|
|1 to 2||II|
|2 to 5||III|
|5 to 10||IV|
|10 to 25||V|
|25 to 50||VI|
|50 to 100||VII|
|100 to 250||VIII|
|250 to 500||IX|
|500 to 750||X|
|750 to 1,000||XI|
|1,000 to 1,250||XII|
|1,250 to 1,500||XIII|
|1,500 to 2,000||XIV|
|2,000 or greater||XV|
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