Only 3 out of 10 vehicles in Mexico have valid insurance

To avoid fines of up to 4,100 pesos, auto drivers should frequently check the validity of insurance policies, due to the obligation to have civil liability coverage, as a requirement to travel on federal highways throughout Mexico, recalled the insurer Sura Mexico.

To avoid fines of up to 4,100 pesos, drivers are advised to check frequently that their policy is in force.
To avoid fines of up to 4,100 pesos, drivers are advised to check frequently that their policy is in force.

The head of Mobility Solutions for Insurance SURA Mexico, Karen Montaño, said that "in the last five years there was an annual average of 360,000 road accidents nationwide, a considerable incidence rate despite the fact that the trend continues to be low".

In a statement, she added that "the low insurance culture in the country puts at risk the safety of drivers and pedestrians in the Mexican Republic."

According to the decree published in the Official Gazette of the Federation (DOF), as of January 1, 2019, motorists who do not have civil liability insurance will be subject to fines ranging from 20 to 40 minimum wages, as many times as the default is incurred.

The compulsory nature of auto insurance in Mexico City was established in 2016, however, specialists and authorities estimate that only three out of every ten vehicles circulating in the country have a valid policy.

Due to the low level of insurance in Mexico and the economic impact of accidents, calculated at more than 120,000 million pesos per year by the Mexican Association of Insurance (AMIS), as of 2019 all cars must have this coverage.

The document "Go Safe", issued by the National Commission for the Protection and Defense of Users of Financial Services (Condusef), highlights that the measure applies to all motorized vehicles, including motorcycles and motorcycles.

Therefore, Seguros Sura Mexico recommends motorists to constantly review their policies in order to comply with this measure before the authorities, and in case of not having current insurance, approach a consultant for the acquisition of insurance that suits their needs.

Data from the insurer say that the highest socioeconomic levels have a greater penetration of car insurance, compared to the lowest, with a gap of more than double, since of every ten people of socioeconomic level C +, eight claim to have insurance, in contrast to the three out of ten users of lower socioeconomic levels who claim to have their vehicle insured.

Also, the data revealed by Seguros Sura show that, at an older age, insurance participation increases, that is, for every 100 people over 55, 40 have auto insurance, in contrast to 27 out of 100 young people adults between 25 and 34 years, a trend that is the product of new forms of mobility.

via: Plano Informativo