How to find the cheapest car insurance in Mexico?

Did you know that 7 out of 10 drivers are insured, since currently in 16 states it is mandatory to drive with a valid policy. For this reason, one of the most common questions is what is the cheapest car insurance? Below we will talk more about this and some factors that you should take into account.

Index: In this article you will find
Importance of car insurance
Factors affecting the cost of insurance
Risk type
Driver profile

Insurer criteria

What does it depend on to be economical?
Is it good that my car insurance is affordable?
Advantages
Disadvantages
SOC can help you find the most affordable insurance

Conclusion

Importance of car insurance
The importance of having car insurance is to provide you with protection and peace of mind in risky situations, preventing them from affecting your assets and your health.

Here we give you a broader overview of why you should have vehicle insurance:

You will pay less in the event of an accident: it mainly protects your investment, your assets and your family, giving you peace of mind from facing unexpected expenses that could destabilize your economy.
There are road accidents on the rise: this will not prevent traffic incidents, but it does represent an important resource to reduce the effects on your economy and reduce the risk in the event of an accident.
Not having it will cost you: if you drive without having a valid insurance policy, the fine ranges from $1,612 to $3,224 in accordance with the provisions of the Traffic Regulations. This does not exempt you from being arrested again. Be careful with that!
The need for a better insurance culture: it has been proven that the rise of this sector contributes to better market conditions, as they create better conditions and more competitive prices.
Factors affecting the cost of insurance
The cost of car insurance is paid to obtain financial protection against risky or unforeseen situations that may affect your assets, your health or your life, so the cost will depend, for example:

Risk type

This factor determines the price of auto insurance and the type of coverage you want. Civil liability insurance that only covers damages required by law will be much cheaper than one that includes extensive coverage.

Driver profile

Consider that people between 18 and 30 years old suffer more accidents, in the same way being a man or woman can affect the price, as well as their marital status, since people with families and financial dependents are more cautious and have fewer accidents.

Insurer criteria
Each company has its own methods for evaluating risk and determining its cost. These methods can be based on statistics, studies, previous experiences, etc. This will help you know which car insurance is the cheapest.

Factors affecting the cost of insurance

What does it depend on to be economical?

Maybe you know someone who has a car similar to yours and you wonder why their insurance was more expensive or cheaper than yours. Since these are particular cases, there is no fixed cost, it may be because of this:

The model of your car: depending on which one you choose, it can affect the price and the following areas.
Ease of repair : The easier a vehicle is to repair, the cheaper the insurance will be.
Theft: if it is a model with a high theft rate, the cost of insurance will be higher.
Age: if the car parts are difficult to obtain or represent a greater risk.

Use of the vehicle:

it will not be the same price to insure one for personal use as a taxi or a vehicle to transport merchandise. Since the vehicles used for these last two points suffer greater wear.

Is it good that my car insurance is affordable?

The answer to this question depends on your needs, preferences and budgets. Having car insurance can have advantages and disadvantages that you should consider before purchasing it:

Advantages

Lower cost
Greater ease
Greater flexibility

Disadvantages

Less protection
Higher risk
Low quality

SOC can help you find the most affordable insurance

Protecting your car with insurance that gives you peace of mind is possible with SOC, you will have various alternatives since we work with the best insurance companies, having a comparison that allows you to choose the insurance that best suits your needs and the best of all is that Our advice is free of charge.

Conclusion
The coverage and benefits offered by this type of policy may vary depending on the insurer and the plan you choose; But in general terms, knowing which car insurance is cheapest can include coverage for medical expenses , compensation for damages to third parties, road assistance, among others.

That said, if you are looking for insurance for your car, at SOC Asesores we will help you find a plan that suits you and have the protection you need. Come with us!