Having a car means being able to travel with your family and friends wherever you want.
Vacations, parties, work, the supermarket, you can go to many places from your vehicle, however, having it protected is an obligation and protection for your investment.
Here we share 5 insurance policies for used cars so that you can drive with peace of mind.
What insurance is best for me on a used car?
When you have to insure a car, it is not only about new vehicles, any car in circulation must have protection.
And, when we travel in our car, we not only obtain benefits such as independence, security, comfort and it is even very useful when we have an emergency.
It is also an asset with which we acquire certain obligations such as keeping it insured.
So, regardless of whether it is used, your car must be protected and to do so, you must identify which used car insurance is best to achieve this goal.
One way to know which option is the closest to your protection needs and your budget is to use a car insurance simulator.
With this tool, you can not only know which insurance is best for you to insure a used car, but you can also have insurance information in one place that you might not know if this type of platform did not exist.
With a simulator you will avoid wasting time going from website to website or making calls and more calls, the time savings are significant.
The information from each insurer will be at hand and visible to make comparisons and see which insurance is best for you if your car is used
Is used car insurance mandatory?
In Mexico, in 2023, the reform to the Law of Roads, Bridges, and Federal Motor Transportation came into force, where it was decreed that all motorists and motorcyclists must necessarily take out insurance with basic Civil Liability coverage, to be able to travel on roads, bridges, and federal highways.
According to the National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF), failure to contract at least civil liability insurance may involve the payment of a fine of up to 4,100 pesos, and the obligation to prove that insurance was taken out for the car to be released.
Faced with this obligation, CONDUSEF suggests the use of a simulator to quote different insurance companies for the different products on the market to identify which ones best adapt to your protection needs and your budget.
According to this organization, in Mexico, there are approximately 390 car insurance policies, offered by 27 insurers.
What does used car insurance cover?
Given the wide range of car insurance, a simulator can help you compare aspects such as the insurance premium, the type of coverage, the deductible amounts to pay in the event of an accident, and/or the additional services that you can obtain depending on the type. of contracted policy.
According to CONDUSEF, insurers divide the coverage they offer to users into three types: basic, limited, and broad.
Basic Coverage
. It covers damage caused to third parties, whether to property (car, house, fence, motorcycle, among others) or direct damage caused to people other than the insured vehicle.
This coverage considers physical damage to the occupants of a third party’s vehicle, or compensation in the event of disability or death, among others.
This type of insurance includes Standardized Basic Automobile Insurance.
Limited Coverage.
Although it changes depending on the insurer, it fundamentally covers:
Total theft. The compensation established on the Policy cover will be paid if the vehicle was stolen in its entirety.
Liability for damages caused to third parties in property or people. It is the same coverage as basic insurance.
Medical expenses. It will cover the medical expenses incurred by the vehicle’s occupants as a result of a car accident.
With the current level of competition among insurers, some companies add to this coverage road assistance, legal assistance, and extension of civil liability coverage for damages to third parties, when the insured drives another vehicle.
Comprehensive coverage.
This is a modality that, in addition to what is indicated in the limited coverage, has a wide range of coverage and services such as material damage, guaranteed deposit, glass, tires, special equipment, and refund of the deductible, among others.
Also, insurance companies have additional coverage that adapts to the needs of each user and that can be added, depending on the level of policy contracted.
Some examples of these extra coverages are:
Substitute car in case of theft or accident.
Medical expenses for pets that travel inside your car and suffer injuries due to an accident.
Adaptations, conversions, and special equipment, wheels, stereo, speakers, and sunroof.
How much does used car insurance cost?
The cost of insurance will depend on several factors. Below, we present the five used car insurance policies, taking as an example a mid-range vehicle with the following characteristics:
