Introduction
As you diligently pay for your car insurance each year, you expect protection in case of an unexpected accident. However, the Mexican Association of Insurance Institutions (AMIS) warns that some companies pose as auto insurers, leaving policyholders unprotected when they need it most.
The AMIS Warning
AMIS’s General Director, Norma Alicia Rosas, emphasized the importance of verifying whether a company offering car insurance is genuinely authorized to operate as an insurer. She stated, “We must ensure that the company claiming to be an insurance provider is indeed authorized by the regulators.”
Regulatory Bodies in Mexico
In Mexico, insurance institutions are regulated by two key organizations:
- Comisión Nacional de Seguros y Fianzas (CNSF): This body regulates insurance companies and grants authorization to operate, in collaboration with the Secretaría de Hacienda y Crédito Público (SHCP).
- Comisión Nacional para la Protección y Defensa de los Usuarios de Servicios Financieros (Condusef): Condusef primarily focuses on supervising and protecting users’ rights in the insurance sector. It acts as a mediator and advocate for users, promoting transparency and financial education.
How to Verify a Valid Insurance Policy
To avoid falling victim to fraudulent insurance companies, AMIS recommends the following steps:
- Check official lists: Ensure the company’s name appears on the official lists maintained by the National Insurance and Guarantee Commission (CNSF).
- Validate policy authenticity: Confirm that your car insurance policy is genuine by checking its status on the CNSF’s website: polizasvigentes.amis.com.mx.
- Verify vehicle details: Make sure the insured vehicle’s characteristics match the actual car, as there are instances where existing policies for other vehicles are fraudulently used.
Types of Car Insurance Coverage
Car insurance typically offers three main types of coverage:
- Mandatory Civil Liability Coverage: This covers damages to third parties’ property and persons, fulfilling the minimum legal requirement in most Mexican entities.
- Limited Coverage: This includes civil liability, total theft of the vehicle, legal assistance, and sometimes medical expenses for occupants and roadside assistance.
- Comprehensive Coverage: This offers all the benefits of the previous coverages, plus protection for damages to the insured vehicle, even if the driver is at fault.
Importance of Car Insurance
According to AMIS, car insurance serves as a crucial protection for victims of traffic incidents. Pedestrians and cyclists account for nearly 70% of victims in accidents caused by private vehicles.
Key Questions and Answers
- Q: How can I verify if an insurance company is legitimate? A: Check if the company’s name appears on CNSF’s official lists and validate your policy’s authenticity through the CNSF website.
- Q: What types of car insurance coverage are available in Mexico? A: There are three main types: mandatory civil liability, limited coverage, and comprehensive coverage.
- Q: Why is car insurance important? A: Car insurance protects victims of traffic incidents, with pedestrians and cyclists being the most affected group in accidents caused by private vehicles.
