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18. How much liability coverage do I need?
THE MEXICO FEDERAL 502 LABOR LAW INFORMATION
In December 2012, the Republic of Mexico announced new reforms to the Federal Labor Law (Article 502). The Labor Law is used as the basis by each State to compute payment amounts for dependents when someone dies in an auto accident. For many years, the indemnity limit in an at-fault fatality was based on 730 days of compensation. The new "reformed" law states that any dependent in an at fault auto accident must now be compensated 5,000 days.
Depending on the State in Mexico where the accident occurs, and what liability limit you have purchased, it is possible that you may need to purchase higher liability limits than in the past.
Please review these new payout amounts for the different Mexico states. Make sure you review the chart in order to evaluate the best liability limit for your needs. If you need assistance call 1-888-800-9988 or 951-657-4220.
Minimum Compensation Levels For The Dependents Of A Deceased Person In An At-Fault Auto Accident in Mexico MEX/USA Rate = 13 x 1
Many Mexico states interpret Federal Laws themselves and create their own civil and criminal laws.
Attached is a chart that shows the indemnity limits of the different states and how these states will apply them to you.
Mexico State - U.S. Dollars - Each Fatality
Baja Calif Sur $335,258
Distrito Fed. $311,271
Baja CA Norte $143,835
S Luis Potosi $104,162
Nuevo Leon $69,889
Est de Mexico $47,947
Quinatna Roo $45,445
Please note: Mexican Insurance Store offers Mexico insurance liability limits up to $500,000 dollars. For additional limits please call your domestic insurance company and purchase a personal umbrella. Personal umbrellas generally provide additional limits of $1,000,000 to $5,000,000 and many offer worldwide protection.
Understanding the implications of your individual risk while driving in Mexico based the above chart, here is no hard and fast rule concerning the amount of liability coverage that any given driver MUST purchase. On the one hand, you don't want to buy too much, on the other hand, you don't want to buy too little.
At the end of the day, the amount of liability coverage that you buy should make you feel comfortable and confident. Keep the worst-case scenario in mind, but don't feel like you need to go too far overboard. Additional advice about this subject is available in our article section. Or just give us a call 1-888-800-9988 so we can help.
Each person's financial situation and appetite for risk is different. We are able to provide liability coverage from $50,000 up to $500,000. Additionally, you could check your domestic policy limits and use them as a rough guide.