The Importance of Using A-Rated Mexico Insurance Companies
Unfortunately, many who purchase Mexico insurance are misled by believing that they can rely on the broker, rather than the Mexican insurance company, to properly handle their claim in Mexico. The truth is, the company from which you purchase insurance for Mexico should be much more important to you than the broker that sells you the policy. Although you will want to make sure that the broker is properly licensed, and has the customer service facility needed to take care of your needs properly, it is the Mexican insurance company that ultimately pays the claim.
As the global economic environment continues in a state of uncertainty, it may be more important than ever to purchase Mexico insurance from a financially strong insurer. No matter how reputable your agent or broker, if they are placing your insurance with a troubled insurer, you could be in for some unpleasant surprises in the event of a claim. There are over 50 Mexican insurance companies in Mexico; similar to the U.S., some are good and some are... well, not so good. You can search www.ambest.com to ensure that the insurer you are using for Mexico coverage is properly rated. IIG (our agency partner) uses only A-rated insurers such as GNP, ACE, and GMAC/ABA. Many well-known insurers in Mexico are unrated because they do not have the financial strength to qualify for a rating from AM Best.
Ask your agent about the size and financial strength of the Mexican insurance companies they use; in the event of further economic problems and/or the devaluation of the peso, or natural disasters such as a hurricane or flood, how will the insurer fare?
