This page contains information from different sources whose main purpose is to help our clients be better informed. This information is subject to change and we suggest that you read the general conditions directly from the links provided by each insurer for the latest information. BestMex.com assumes no responsibility for any errors or omissions in the content of this page. The information contained on this site is provided “as is” without guarantees of completeness, accuracy, usefulness or timeliness, and the general conditions of each insurer must be taken as the official text.
If at the time of quoting, you want the best coverage available for your vehicle which is commonly known as ‘Comprehensive Coverage’ (coverage that includes physical damage and total theft for your vehicle), you will need to enter the current ‘ACV’ value (also known as current market value or commercial value) of your vehicle. If you are unsure of your vehicle’s ACV, we recommend using the vehicle value websites mentioned in the insurers’ general conditions to determine the current value for your vehicle such as:
When using these websites to determine the value of your vehicle, we recommend first reading the insurers’ conditions or using the highest value you find in these guides. It is better to insure your vehicle with excess value than to underinsure it.
If when starting the quote on our website, you select a value greater than zero $0 for the value of the vehicle, our system will add Collision (property damage) and Total Theft coverage for the insured vehicle. This value will be the maximum limit to be paid for said coverage, taking into account that insurers pay the current commercial value, as indicated in the general conditions of the insurer of your choice.
Please take into account that the value that you must put on your vehicle is NOT the balance that you owe to your finance company or the bank with which you have your loan for said vehicle, nor is it the entire balance of the debt that you have with the financial or the bank. Generally the value of your vehicle is what you can expect when you sell it or put it down when you purchase a new vehicle. In the event of a total loss claim in Mexico, insurance companies in Mexico will use what is explained in the general conditions indicated below:
Adequate Value
Terms and Conditions of each insurer in reference to commercial value
MAPFRE Insurance Company
Commercial Value
Corresponds to the high value or “Suggested Retail Value” from the Kelly Blue Book Co. publication from when the Claim occurred (the retail value that, according to the publication Kelly Blue Book, serves as a starting point in a negotiation. This value considers distributor expenses, on top of which it may consider and apply specific conditions of the vehicle). In case this is not available, the Retail Value from the NADA Guide (Official Older Used Car Guide) shall be used from when the Claim occurred.
Qualitas Insurance Company
Commercial Value
Shall be determined upon the occurrence of the Guides (Official Older Used Car Guide) and in case this specialized Guide does not contemplate the Insured Vehicle, the Commercial Value shall be determined upon the occurrence of the sinister pursuant to the Kelley Blue Book Guide, Auto Market Report published by the Kelley Blue Book Co. of California, USA, under the value called “Fair Market Range”,
In the event no specialized Guide accepted by the Company considers the insured vehicles, the parties may use the prices determined by the market´s offer and demand on the date of the accident.
HDI Seguros Insurance Company
Commercial Value
ii) Effecting a cash settlement for the actual cash value of the vehicle, the actual cash value will be determined according to the average value resulting from considering the value of the Clean Trade-In and the value of the Clean Retail of the NADA guide prevailing at the date of the loss.
In no case may the value of the indemnity exceed the limit of the insured amount described in policy face.
Upon payment as provided, the Company shall have no other obligation, the insurance shall be automatically terminated, and the insured shall surrender the policy to the Company. proportionality.
In the event the vehicle suffers damages, the repair of which requires replacement of parts not readily available in the market, the obligation of THE COMPANY at the time of indemnifying the insured in cash, as stated in item e) of the fourth clause of the policy, shall be to pay to the insured the reasonable current list price of such parts as published by automobile dealerships, plus reasonable labor costs for the installation of such parts, as mutually agreed upon by THE COMPANY and the insured, or lacking such an agreement, to be determined by a recognized specialist.