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7. What is the difference between fixed and variable deductibles?
Mexican auto insurance terminology can easily throw you for a loop. Before buying a Mexican auto Insurance policy of your own, it's smart to understand the basic differences between variable and fixed deductibles. Otherwise, you could end up with less coverage than you had bargained for.
TRAVEL TIP: Mexican insurance Rocky Point. For vacationers traveling solely to Rocky Point (or Baja, California), a pass for your car is not needed. However, you still need to acquire a tourist card as well as review car insurance for Mexico policy requirements. During the early 1920's Americans traveled from nearby Arizona and California to find the enormous flying fish abundant in the nearby waters. For native fisherman Rocky Point allowed for sanctuary from storms, thanks to the "the mount of the whale" a natural bad weather refuge, with a spectacular view! A great vacation!
Many Mexican insurance Rocky Point policies come with variable deductibles in place. Without knowing what that means, you could get the impression that you're getting quite a deal. Here's the scoop: .
Variable Collision Deductibles - With a variable deductible for collision, you will be responsible for 2% of the value of the covered vehicle or $500 - whichever is higher. If you do the math it becomes quickly apparent that as long as your vehicle is worth LESS than $25,000 you will always get the industry minimum deductible. (fixed or variable)
Variable Theft Deductibles - With a variable deductible for theft, you will be responsible for 5% of the value of the covered vehicle or $1,000 - whichever is higher. Again, unless you have a vehicle worth more than $20,000 you will always get the industry minimum theft deductible with Mexuican Insurance Store.
Fixed deductibles are best with higher value and newer vehicles. At Mexican Insurance Store, we offer the lowest fixed deductibles in the industry. Our ACE PLATINUM policies have fixed deductibles of $500 for collision and $1,000 for theft. By purchasing this type of car insurance for Mexico, you won't have to deal with any unexpected surprises if you end up needing to file a claim. No surprises means a lot less stress. .
Some United States and Canadian banks, finance, and leasing companies require that deductibles be fixed meaning $500 for collision and $1000 for theft.
GMAC requires that you purchase fixed deductibles combined with at least $100,000 in liability coverage.
The lowest deductible in the Mexican auto Insurance industry is $500.00 for Collision and $1,000 for Theft. Most policies use 2% of the value of the covered vehicle or $500.00 for Collision whichever is higher to calculate the amount paid by the insurer in a collision, and $1,000 for theft or 5% of the vehicle value for Theft claims, whichever is highest. This dedictible is called a VARIABLE deductible.
Mexican Insurance Store offers a FIXED deductible option through all carriers. This means the maximum you would ever be responsible for is $500 for collision and $1,000 for theft, no matter how valuable your vehicle.
DEDUCTIBLES FOR COLLISION AND DEDUCTIBLES FOR TOTAL THEFT
The insured is responsible for the appropriate amount for each loss. The amount of the deductible will be calculated by applying the appropriate percent of the stated value of the vehicle and considering the minimum deductibles established in the Specification of Risk page
of the policy. The insurer will only pay for the damages that exceed the stipulated amount in the Specification of Risks page of the policy, and the insured will remain the responsibility of the insured.
The payment by the insured will apply for each accident and for each insured vehicle. The insured is responsible for the appropriate deductible for each loss. The amount to be paid by the insured will apply for each of the vehicles under the policy and the insurer will only pay the damages that exceed this amount.
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