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.

Strength Rating: The Best's Rating represents an opinion based on a comprehensive quantitative and qualitative evaluation of a company's balance sheet strength, operating performance and business profile.

Size Rating: To enhance the usefulness of ratings, A.M. Best assigns each company a Financial Size Category (FSC). The FSC is designed to provide a convenient indicator of the size of a company in terms of its statutory surplus and related accounts. Many insurance buyers only want to consider buying insurance coverage from companies that they believe have sufficient financial capacity to provide the necessary policy limits to insure their risks.

Following are the A.M. Best ratings for the companies we represent:

ABA Seguros A++ XV (Swiss Parent Company, Ace, Ltd.)
ACE Seguros A++ XV (Swiss Parent Company, Ace, Ltd.)
El Águila A+ IV (U.S. Parent Company, Great American)
Grupo Nacional Provincial A- IX (Mexico Company)
HDI Seguros A XV (Italian Parent Company, Assicurazioni Generali S.P.A.)
Quálitas Compañía de Seguros* B IX (Mexican Company)

*Quálitas Compañía de Seguros: Quálitas was added to our portfolio in April 2010. Quálitas is the largest insurer of motor vehicles in Mexico. In 2011 the company applied to A. M. Best & Co. for it first financial rating, which was “C”. Continued improvement resulted in an upgrade to “B” in 2015. We have checked out Quálitas with highly professional insurance agents in Mexico and received very positive feedback about the company.

Claim Service:After all, isn’t this what it is all about? 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:

  1. ABA, HDI, El Águila
  2. ACE Seguros
  3. Grupo Nacional Provincial, Quálitas (Average, not as good as others).

Overall, our experience is quite positive with all companies. Grupo Nacional Provincial and Quálitas ranking shown above are based on service delays in settlement of a couple of claims and is not due to failure of the company to pay in accordance with their contractual obligation.

COMPETITIVE: Competitiveness is measured in three dimensions: Service (claim service), Quality of Coverage, and Price.

Service: Please see the preceding section (Claim Service)

Quality of Coverage: Some customers want the best coverage they can buy 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 “Extended Coverage”, which offers coverage upgrades that are among the very best available in Mexico.

Standard Coverage form is pretty much the same for all companies. A Standard policy provides less coverage than the Extended form and thus has a lower cost.

The Extended Coverage form is a package of upgrades offered by all six 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 competitiveness: Pricing may vary widely based upon individual customer circumstances, such as vehicle value, vehicle type (car, RV, motorcycle, etc.), length of policy term, driver age, etc.

Competition is good for everyone. To be sure we are competitive in the market we monitor the price competitiveness of our six companies and of the industry at large. Where significant adjustments are in order, we bring them to the attention of our insurance company partners.

Our system gives customers the convenience to compare price and coverage from six major insurers on a single Quote Results page. This convenient comparison saves customer time searching multiple websites which ultimately show the same results. In almost every circumstance at least one of our companies will be the company to beat in an “apples to apples comparison”. Typically, if we are not competitive in a given situation it is because an exact comparison of coverage is not available.

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 homework 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!
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Strength Rating 
Letter Rating Categories
A++, A+ Superior
A, -A Excellent
B++, B+ Good
B, B- Fair
C+, C Marginal
C, C- Weak
D Poor
E Under regulatory supervision
F in Liquidation
S Rating suspended

Size Rating  

Amount
(in millions $ US)

Size
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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