Car insurance per kilometer in Mexico: Miituo vs Kimmo vs AIG

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Car insurance per kilometer in Mexico: Miituo vs Kimmo vs AIG

Have you ever wondered, why should I pay for auto insurance if my vehicle spends more time at home or at the office than on the street? Maybe you are not the only one living with that doubt. Hence the idea of ​​car insurance per kilometer was born.

To understand the logic of this product, we seek to provide a cost service depending on the use of the car. A person who goes to and from work with an average monthly commute of 5 is not the same, 00 kilometers, to a customer who reaches 20, 000.

Hence, the offer in the insurance market in Mexico begins to set its eyes in this context. Options like Miituo, Kimmo and AIG are fighting for more clients in their portfolio. And they take advantage of the low penetration that car insurance has that currently exists. It is estimated that only three out of each 12 Vehicles have some type of insurance, despite the fact that traffic laws establish it as mandatory.

According to expert voices, this type of insurance seeks to attack part of the market that has not been captivated by traditional plans. This makes them a new option in terms of coverage, security, service, price flexibility and payment methods.

Despite the attractiveness of this option, the analysis carried out establishes that the general conditions of this type of services must be evaluated, in addition to having clarity of the distances that the vehicle travels to make the quotes pertinent that allow making the best decision.

In order to know the options currently on the market, GUROS undertook the task of gathering more detailed information on the services offered by Miituo, Kimmo and AIG in the so-called auto insurance for kilometer:

Miituo

The service of Miituo is supported by Seguros Atlas , with the characteristic that it encourages everyone to pay for what they consume based on the honesty of the users. Do not install any device or app to calculate the premium. It is based on photographs of the odometer at the end of the month to calculate the charge.

Your rate is made up of a premium per kilometer that you promise not to change during the term of the policy. At the end of each month, only the kilometers traveled are added for a total.

Miituo promises to be the cheapest and fair option than normal policies. This makes it a strong competitor in the insurance market. In addition, despite his short experience, his creative proposal has already won him the Innovation Award of the National Entrepreneur Institute (Inadem) this 2018.

The Miituo service has the characteristic of only charging you a single fee for the term of the policy. The rest will depend on how much you use your car. With this premium, you only have to choose what coverage you want, wide or limited. Both have civil liability insurance, the difference lies in deciding if you also add the property damage module, which could increase up to 70% the cost per kilometer.

Miituo Plans:

Included

$ 561

LIMITED LARGE
Deductible / Amount
Total theft 10% 10 %
Material damage Does not apply 5%
RC for damages to third parties $ 3, 000, 000 $ 3, 000, 000
Occupant medical expenses

$ 186, 000 $ 245, 000
Legal / legal defense Included
Support services Included Included

Kilometer additional $ 0. 34

$ 0. 59
One-time payment for the term of the policy (12 months) $ 561

Cost (Based on sedan car 2018)

Kimmo

Self-defined as an accessible, flexible insurance that adjusts to the needs of users, Kimmo offers to pay only for the routes that are calculated via its App, that is, while your car is parked you pay for coverage.

Kimmo offers plans supported by HDI Seguros and promises savings of up to 80% compared to any other auto insurance. According to its description, the insurance is valid for one year but is charged month by month. Or you can cancel through the application, at any time.

An attraction of Kimmo is that it allows sharing the policy with whoever shares the vehicle. Finally, an insurance premium is paid based on the user's driving style. This can be monitored in the app.

In a comprehensive way, Kimmo's offer is divided into 3 categories:

Civil Liability: By means of a fee monthly fixed, covers you for material and health damage you cause.
Theft insurance: The fixed monthly fee allows the user to have the protection of the car in case of theft

Damage insurance: Offers protection for the damages suffered by your car and its occupants in the event of an accident.

Kimmo's plans:

Included

BASIC KIMMO (wide)
Deductible / Amount
Total theft

Does not apply 10%
Material damage Does not specify Does not specify
RC for damages to third parties $ 2, 000, 000 $ 2 , 000, 000
Occupant medical expenses

$ 245, 000 $ 186, 000
Legal / legal defense
Included
Support services Included

Included
Ki Additional meter $ 0. 23 $ 0. 23
Fixed monthly payment $ 164. 20 $ 290. 02

Cost (Based on sedan car 1000)

AIG

It is about the coverage SXKM offered by AIG , aimed at moderate drivers. Unlike the previous two, it is based on the transmission of vehicle information through a mobile device. This device is installed in the car and is valid between one and 12 months.

Your PIA device (On-Board Intelligent Platform), must be installed in the car, allows you to define the driver's profile, monitor the use and travel of the car. These will be reflected in the mobile application installed on the user's phone.

The main attraction of the offer of this service is a 0% deductible in case of total theft, with the possibility of up to 0% deductible in material damage due to partial losses.

In addition to the costs offered per kilometer, AIG offers a recharge system similar to a controlled plan from a telephone company. Depending on the use you give your car is the number of kilometers you can hire in advance. And you can have packages of 250 up to 7, 000 kilometers and validities from 1 to 12 months.

AIG Plans:

SXKM
Deductible / Amount
Total theft

$ 0
Material damage $ 0
RC for damages to third parties $ 4, 000, 000
Occupant medical expenses $ 80, 000 pesos
Legal / legal defense Included
Support services Included
Additional kilometer $ 0. 90
Fixed monthly payment $ 299. 00

Cost (Based on sedan car 2018)

500

Points to consider before hiring car insurance per kilometer

  • Before defining if you are a candidate for per kilometer insurance, you must carry out a study to your driving habits. What appears to be prices well below the average for traditional insurers could rise dramatically. This if the use of the car is increased, even, above classic options.

For instance:

If you contract a service with a rate of 0. 90 cents per kilometer and you travel a distance of 5, 000 km, the bill could be $ 4, 500 pesos.
  • In all three cases there is a need to use apps for contracting, certification, claims reporting and monitoring. This despite the fact that the distance traveled certification process is different. Therefore, the profile of users could be linked to digital consumption habits.
  • This option gives you complete freedom, without the need for an insurance agent involved. There is only one monthly charge to a credit card, that is, goodbye cash payments. According to its own promoters, it is very similar to a phone plan.
    • The offer of insurers that offer this product in Mexico is still limited and depends on each insurer. The product has been well received in other parts of the world, so it could be considered a real trend in Mexico.
  • As it is a new product in the country and in search of obtaining greater market share, the offers are accompanied by attractive accessories. These add-ons include 0% deductibles or premium package benefits at no cost.

Who offers the best insurance per kilometer in Mexico?

In terms of costs, Miituo could be the cheapest option. Although your average charge is not the lowest, your one-time fee for the term of the policy is. So adding both and an average of a validity of 12 months is the lowest price.

The AIG SXKM case is not exactly the best r option of rates, but yes in benefits. Free deductibles in the event of a major claim would be an important ally for the user. That is, while for other options the theft of a car valued at $ 150, 000 pesos would generate a deductible of $ 15, 000 pesos, with AIG there is no such charge.

In a third scenario, by being designed from a mobile application, Kimmo allows the user total flexibility. Includes activation or deactivation of damage coverage at any time and cancellation of it. Also the statistics of driving patterns and projection of use.

As you can see, before issuing a final conclusion, there are several factors that could generate a different opinion. The evaluation must be based on the cost – benefit sought by the insured driver.

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SXKM PACKAGES
Kilometres 250
1000 5000 5000
Cost $ 245. 80 $ 448. 14 $ 896. 28 $ 4 , 307. 34 $ 6, 164. 98