All You Wanted to Know about Buying Mexican Auto Insurance
If you are about to set off to Mexico by car, it is important that you get yourself proper coverage by buying Mexican car insurance first. The Mexican law doesn’t recognize any foreign auto insurance so your U.S. policy will not be of any use south of the Mexican border.
Here’s what you need to know before buying a separate cheap Mexican auto insurance policy.
How can I buy Mexican auto insurance?
You can easily purchase Mexican auto insurance online. You may do some research beforehand and then decide which Mexican insurance provider in the U.S. is your best fit. Oscar Padilla Mexican Insurance is the largest and the oldest in the industry and has been offering Mexico auto insurance for more than 60 years.
You can visit our website and quickly get a free quote. Our online system is easy to use and adjusted to anyone considering buying Mexican auto insurance. All you need to do is provide the number of days you plan to stay in Mexico, the year, make, model, and value of your vehicle. You’ll get your quote in no time!
Buying your Mexican auto insurance policy on Oscar Padilla website is easy as well. You’ll be able to print your policy in minutes after providing a few more details, such as whether you’ll be towing something, a valid driver’s license number, the license plate number of the vehicle, and the name of the registered owner or primary driver.
Can I buy the insurance for a leased or rented car?
If your car is financed or leased, you will first need an affidavit from your lien holder or leasing company. If your contract terms allow it, you will be able to drive into Mexico. Also, you can get coverage for a vehicle rented in the U.S.
In case you want to rent a car in Mexico, you will need to obtain your insurance there, and it can easily double the price of renting a car. Just be sure to read the fine printing to see what is included in the policy.
What is minimum liability coverage?
Having Mexican auto insurance is mandatory for all drivers in Mexico. All motorists need to have at least liability coverage from a Mexican insurance provider to show proof of financial responsibility.
Each Mexican state has their own sets of laws in combination with the federal regulations. Therefore, the legal requirements for minimum liability coverage can vary from state to state. In many Mexican states, the compensation amount in case of a fatality is between $300,000 and $500,000 (per fatality).
In the event of an accident that you are held responsible for, you need to have sufficient liability insurance coverage to pay for the resulting damages and injuries. Otherwise, you are likely to be incarcerated until you are able to fulfill your financial responsibility.
That said, if you are wondering how much liability insurance is enough to purchase, it is recommended that you buy at least $300,000 in coverage. More liability insurance is always better so it’s advisable to consider higher liability amount when buying Mexican auto insurance.
