I was wondering what amount of liability insurance people are insuring for? In Canada it is at least a million, but when I was looking at MexPro site, the largest they had was something like 50,000 US. Any advice would be helpful.
Thanks
The Mexican People haven't caught the " Sue First Attitude" that has become so prevalent here at home! For that reason Liability Insurance is still pretty reasonable and the limits are quite low.
Obviously this will likely change in the next few years !
When purchasing Insurance a Big Part of it is based on the declared value that You place on your Vehicles!
Rob & Jean 90 Southwind John Deere/Oshkosh/Freightliner Class A Ford 460/ Toad 92 Tracker 2 wd 5sp Convert Still running Great!
"When purchasing Insurance a Big Part of it is based on the declared value that You place on your Vehicles!"
Before you make a statement like the one above you should do some research on insurance. Specifically liability insurance. The declared value of your vehicles has nothing to do with your liability exposure unless you want to figure if you drive an expensive vehicle and the other party figures your rich.
Liability ins has two coverage's. Bodily injury and property damage. The amount of the claim will be based on the other person's losses not the declared value of your vehicle.
Daryll, as most insurance companies do not commit to any vehicle insurance coverage while its driven in Mexico, and one must have Mexican liability, most purchases of Mexican insurance will come as a package, liability included.
Just as Rob notes, you will get charged most for the value you place on the vehicle.
Of course, you can drive with just liability coverage, maybe not so smart if you value your transportation. Or, if your northern insurance does happen to cover you in Mexico, just buy as much Mexican liability as is offered. As you mentioned, it does not seem excessive in amount of coverage, but then the price should also reflect that. If you still require more, perhaps there's another answer.
I will give you two examples why you should have high liability limits. (I'm an agent) We had a client that had $100,000 liability limits. Unfortunately, he suffered a heart attack, crossed the center line and hit a semi head on. Both vehicles burned completely. Tractor trailer and the full load of lumber that he was hauling reached the $100,000 in no time. The other example is a young lady who lived in our small town. (Not one of our insureds). She unfortunately had a couple of drinks and drove into the side of a house, hitting the gas line. The entire house exploded plus 3 cars in the driveway. The house was worth over $200,000 alone. The young lady only had $25,000 liability limits. Even worse? The homeowner didn't have any homeowners insurance.
D & M, In Wisconsin now, born & raised in Colorado
3 boys!!!! 20, 17 & 14
Rocky the Rat Terrier 05 Keystone Springdale 242RL 5'er
04 Dodge Ram 2500 Hemi
But, we are talking about Mexico. Liability ins over $300K isn't generally sold.
You can get a National Interstate US policy that insure your vehicles in Mexico for physical damage. It will pay to have repair work done in the US at US repair rates. Get an effective date when you enter Mexico, cancel when you leave. For me, $100K of coverage was about $5 a day.
You can get a $300K Mexican liability from Lewis & Lewis for $178.
States I have spent the night in my current rig, bought three years ago.
Have RV'ed through 49 states and been in all 50, just short of my half-century.
Don’t worry the attorneys will educate the people how to sue so they can get there 30 percent. It won’t take all that long, we have already heard some lawsuit stories. In the US you should have 500,000 min liabilty. That may not be enough because of legal fees.
I buy my Mexican insurance, annually, from the Vagabundos. The Vags have higher liability insurance policies in addition to the lower limits on their standard policy. I was told that the standard policy limits matched Mexican laws (a life, for instance, is only worth so much in Mexico and that amount (??) is apparently established in law). The higher liability Vagabundos policies were something Americans bought based on their knowledge of our own legal system an not of Mexican law.
While it is definately true that
Mex courts do not award such bogus
amounts as in the US, they usually
award just the amount for the actual
damages, the $50,000 libility
commonly offered by some US based Mex
Travel Clubs seems to low in
my opinion, I never insure with the Clubs,
I don't need their newsletter, decal,
or license plate frame, spend the
Club membership fee with a Ins Company
that has options for a higher
libility amount, that would sure spoil
your Mex trip having to use your Mex libility
policy and having it come up short,
heck there are several pickup trucks
that are worth 50k alone
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