Hold tight because this Mexican auto insurance cost comparison covers a ton of ground. We will dive into the big insurers with some real life comparisons on coverage offered and the ratings for each insurer.
Then we will show a few examples of rates using some standard car types. Keep in mind, things are always changing and rates aren’t static so these are just examples to get a feel for the industry.
Why is this important?
It’s not overly important for most folks. You can save some time and jump right into our Mexican insurance quote form to price your policy. We use the highest rated insurance companies so you have options available and multiple price points.
Spoiler alert, the pricing between many of the major companies is very similar.
If you really want to understand the industry and gain confidence before purchasing, this post is for you. I remember learning about the auto insurance requirement for Mexico before my first trip many years ago. I researched and shopped around and was worried about scams because it was all new to me.
I researched things like:
Is “X Mexican insurance company” real?
Will my USA car insurance work in Mexico?
Why do I need Mexican car insurance?
And so on.
At the end of the day, a few things are true.
- You 100% need a Mexican auto policy if you plan on driving your car across the border.
- 3rd Party Liability only is pretty cheap and will keep you legal (but won’t cover damages to your car)
- Full coverage is often reasonable and you can buy short term policies.
- It’s very easy to buy a good policy online or at the border.
What is the difference between Insurers and Agencies?
The insurance companies in Mexico are similar to those in the USA but they are offering products specific to the Mexican market. In the US for example, you might buy Farmers Insurance through John Doe Agency that represents that insurer.
In that case, Farmers is the insurance company (insurer) and John Doe Agency is a separate business that is appointed to sell Farmers Insurance (the agent). The business hierarchy is no different in Mexico. Chubb, El Aguila and GNP (the three we sell) are all insurance companies and Cross Border Coverage is an agency that sells products from those folks.
It’s important to understand the divide between the two. This is why claims run directly through the insurance company and not the agency. Customer service for claims and general assistance does however remain important to us on the agency level.
We are a digital agency, making it possible to grab an instant policy online without stopping at an office. Many border crossings also have physical agencies if you want to grab a policy at the border.
Mexican Auto Insurance Companies and A.M. Best Ratings
Roughly 10 or so insurance companies serve the Mexican marketplace. Some are localized to Mexico only while a few are global entities with a Mexico division. A.M> Best ratings are a great way to assess the financial strength and credit rating for various companies.
Some of the major insurers for Property and Casualty in Mexico are:
GNP – AM Best rating is A- which is excellent.
Chubb/ABA – AM Best Rating is A+ which is top of the line.
El Aguila – AM Best Rating of A-
Qualitas – AM Best rating of B+
Mapfre – AM Best Rating of A
Overall, these ratings show the strength and stability of each company which is a good thing to know when you carry policies under the brands. There are plenty of great options out there but these are from some of the most stable players in the market.
How Much Does Mexican Auto Insurance Cost?
Well…it depends on a few factors. The amount you pay is determined by the value of your car (or motorcycle, boat, RV, home, etc.) and the duration of your policy. A single day Mexican car insurance policy is much cheaper than an annual policy.
As you will see soon, the cost between 6-months and annual policies is often quite close however. There is also a limit on the daily rates in terms of value. After a week or so, it becomes more cost effective to purchase a 6-month or annual policy.
Lastly, the depth of coverage will influence costs for Mexican insurance. Liability only policies are less expensive than full coverage and those in turn are less expensive than extended coverage.
Mexico Auto Quote Examples
Vehicle: 2017 Toyota 4 Runner worth $23,000
Example #1: 5 Days of Full Coverage
As you can see in the screenshot below, a temporary Mexican auto insurance policy for this vehicle is available, offering both full and extended coverage options. The 5-day policy runs $93.34 on the low end and $110.23 on the high end. You also have the tabs to move into 6-month and annual quotes for the same vehicle.
Example #2: 6-months of Liability Only
If you want liability only for the same vehicle, a 6-month policy will run around $170 as you can see below. Pay attention to the tabs that show the $50.54 option for the five day short term policy or $180.70 for the annual plan of liability only coverage.
Example #3: One year of full coverage
If you want the highest levels of coverage for the same vehicle for a full year, the extended plans run from $500 to $700 for that entire year. Most buyers will select the lowest price option from the bunch as the coverage offered is generally the same.
Mexican RV and Camper Van Insurance Sample Quote Costs
Let’s run the same situation for Mexico RV insurance to get a feel for that market. RV’s generally carry higher values and the costs for insurance can rise based on the year, make, model and value. If you have a camper van like a Sportsmobile or Westfalia, they are listed in this category as well.
Vehicle: 2017 Dolphin LX Class A worth $50,000
Example #1: 5 days of temporary coverage
Given the value and nature of a Class A, the $146.47 of extended coverage from ABA seems like a great value for this trip. You can also bump up to 6-months one 1-year using the tabs seen below.
Example #2: Six Months of Liability
Pay attention to the tabs for our 5-day and annual options to see those rates. For six months, we are looking at $169.85 for that entire time period. Liability limits your coverage but keeps you legal. If you want the lowest cost option, this is the one.
Example #3: One Year of Full Coverage
So, your RV is valuable and you want to maximize protection on the road for an extended trip. Or, maybe you cross back and forth with some regularity. For the best level of coverage at the best price, look to ABA for the $720.92 of extended coverage. That’s a very competitive rate for the higher level of coverage.
As you can see, the prices for Mexican auto insurance vary based on your vehicle, value and duration. I recommend playing with the quote tool to find the right fit based on your needs. Remember, cheaper isn’t always better and it can pay to have full or extended coverage in the case of an accident.
