Nothing could be worse than getting involved in an automobile accident in Mexico without the proper levels of insurance coverage, especially if you were the one who caused the damage. In the past travelers to Mexico could carry levels of liability insurance (covering you for damage caused to others outside of your vehicle) that were relatively low due to the fact that legal and medical costs just don’t add up like they do in the US or Canada. Basic liability policies could be purchased at the border or online, and generally $100,000 of protection was more than sufficient.
A recent change to Mexico liability law now means that it’s imperatively important that visitors to Mexico have the proper levels of protection from a well respected, financially stable insurer. Jim Labelle, CEO for Arizona-based International Insurance Group explains these new changes, “Historically, the Mexico courts have limited the maximum damage award for a negligent accident which caused a fatality to 750 days multiplied by the daily Mexico minimum wage, which in effect came to about $50,000 US dollars. This recent change now increases the maximum damage award to 5,000 days multiplied by the daily Mexico minimum wage, or roughly $300,000 US dollars”.
Americans and Canadians who have always purchased Mexico Auto Insurance with low liability limits should immediately consider purchasing increased liability limits comparable to what they use in their home country. Also, make sure that your insurance is purchased only from A rated, financially stable Mexico insurance companies.
To get free, online quote from International Insurance Group for your Mexico Auto Insurance, click here.