CITI Banamex Insurance: everything you want to know about auto insurance
Auto insurance is one of the most important products you should purchase. Not only for the value of what you are protecting (your car), but for everything that your decision may encompass in economic, legal and medical terms.
If you choose well, you can save money and a lot of headaches; But if you do it wrong, you can drag that bad decision for a long time. Having all the necessary information at hand is essential to make this decision.
That is why in GUROS we have built a mega guide where we will include all the insurers in Mexico.
Our intention is to present you with all the options available for the insurance of your vehicle, regardless of whether you drive a car, a pickup or a motorcycle.
At the end of the mega guide, you will be able to choose between all the insurers, based on several options, such as the price, the type of coverage offered, what forms of payment it has, the level of care to their policyholders and even their financial information, as all are factors that greatly affect the experience you will have with your auto insurance.
On this occasion, we will analyze the options offered by Banamex car insurance, a company that is part of Grupo Financiero Banamex, one of the most important in Mexico and, with its acquisition by Citi Group, also from the world.
1. CITI Banamex Insurance Auto Insurance
1.1 Types of vehicles for which Seguros CITI Banamex offers auto insurance
The different car products from Seguros CITI Banamex offer protection for these types of vehicles:
Trucks and trucks (up to 1.5 tons)
Trucks and border trucks (up to 1.5 tons)
1.2 Vehicle uses protected by Banamex auto insurance
CITI Banamex Insurance only offers packages and coverage for private use vehicles.
1.3 Packages and Coverages of the auto insurance of Seguros CITI Banamex
Like most insurers (like Quálitas, Zurich and HDI ), Seguros CITI Banamex offers the 3 most common packages on the market, each with a predetermined range of protection.
Here you can compare the characteristics of each CITI Banamex Insurance package:
We remind you that in our blog we have another guide with the differences between the most important auto insurance coverage , so that you can compare them and choose the best one for your needs.
CITI Banamex Insurance Rating of mandatory insurance
6.9 (Position 22 of 23 insurance companies evaluated)
In the General Conditions, Seguros CITI Banamex specifies that the Standardized Basic Insurance is only for cars for private use (leaving out of this definition motorcycles, public and cargo transport vehicles, and taxis) .
This insurance meets the requirements of Compulsory Civil Liability Insurance necessary to circulate on federal roads nationwide.
1.4 Deductibles and insured amounts of Banamex auto insurance
The insured sums and the amounts that you must cover by deductible in case of having a claim are the following:
1.5 General conditions of insurance CITI Banamex Insurance car:
As we have already mentioned, a fundamental point to choose well any auto insurance is to have all the possible information. If you are leaning towards the auto insurance of Seguros CITI Banamex, we recommend you briefly take a look at its General Conditions.
You can access them by clicking here .
1.6 Insurance auto insurance quote CITI Banamex for the
In the GUROS Auto Insurance Mega Guide we seek to give you all the necessary information possible so that you can select the best insurance for your car. We know that one of the most important, if not the most important, is the cost of the coverage for your car.
For this, and as reference information, we have taken the list of the 10 best-selling models in Mexico during 2016 and we quote the cost of each coverage with CITI Banamex Insurance.
In order to obtain these data we enter the Postal Code 06600 of Colonia Juárez in Mexico City as a reference.
1.7 Insurance CITI Banamex accident and road assistance telephone number
If your auto insurance is with Seguros CITI Banamex, to report a claim the numbers you must dial are the following:
From Mexico City and Metropolitan Area: 1280 8100
Rest of the Mexican Republic: 01 55 1280 8100
From abroad: 1 800 228 2239
We recommend giving you a read from the Car Accident Guide that we have written in GUROS and that it will be very helpful to minimize the damage suffered.
1.8 Other insurance and coverage offered by Seguros CITI Banamex
Being part of a large financial group, Seguros CITI Banamex offers products within different lines of business, among which we can find:
Before the Register of Insurance Adhesion Contracts (RECAS) of the Condusef, CitiBanamex has 50 types of contracts in general in all branches (of which, .
2. Information on CITI Banamex Insurance
2.1 General Information
The insurer Seguros Banamex arises in 1995 as a new section within Grupo Financiero Banamex, in conjunction with the Dutch company Aegon NV En 2002, Banamex regains full control of the company by buying back Aegon's stake.
They have specialized in offering new products to a sector of the population that traditionally had not had access to insurance.
Countries where it operates
The now called, Seguros CITI Banamex operates only in the Mexican Republic, with a presence in the 32 state.
Number of clients and / volume of premiums (total business)
Based on your Solvency and Financial Condition Report 2017 and the statistics of the Mexican Association of Insurance Institutions (AMIS), in 2017 Seguros CITI Banamex had:
1,700, 836 policies in all branches
279, 816 auto insurance policies
These numbers represent a billing for $ 26, 772 millions of pesos in all branches; However, in the automobile industry, turnover was only 60. 43 millions of pesos.
Ranking in the Mexican insurance sector
Taking into account all the branches and the 84 insurance companies operating in Mexico, Seguros Banamex ended 2017 in position 6, with 5. 59% market share. While in the Automobile branch it held the position 28 of 33 with only 0. 06% of market share.
2.2 CITI Banamex financial information
The Financial Information documents of Seguros Banamex (open to the general public) and the AMIS data, give us the main financial indicators of Seguros Banamex:
Index Combined Insurance BCITI anamex
The Combined Index (also known as the Combined Ratio or Combined Technical Ratio) is an indicator of the operating results of the insurer.
This Combined Banamex Insurance Index, as indicated in its Solvency and Financial Condition Report, is as follows: 0. in all branches and 1. 60 in Automobiles.
Billing, cost by claims and loss ratio
As we mentioned earlier, in 2017 Seguros Banamex had a turnover (premiums of all lines) for a total of $ 26, 772 millions of pesos; while the loss ratio of all lines reached $ 18, 621 million pesos, that is, the 69.5%.
If we take this analysis only to the Automobile branch, the turnover was $ 60 millions 483 thousand pesos in 2017; however, auto accident costs barely reached $ , 134 pesos; that is, only 0. 07% of The Billing.
To the 21 August 2018, the rating agency Fitch Ratings granted Seguros Banamex the rating of 'AAA (mex)', which it has maintained since 2016 for its stable outlook.
2.3 Information on the quality of care of Seguros CITI Banamex
You should not only take into account the cost of auto insurance when choosing an insurer; Remember that customer service is of vital importance, as it will be useless to get the policy with the best price if, at the time of applying it, the insurer's service turns out to be deficient.
In order for you to have the most complete information possible, at GUROS we use different sources from official bodies to review the quality of customer service from each of the insurers we work with.
In the case of Seguros CITI Banamex, the results are as follows:
User Service Performance Index (Condusef)
Seguros CITI Banamex had a rating of 9. 24 in the IDATU of 2017, granting him the place 12 Come in 79 insurance companies.
Claims before the Con dusef
During 2017 , Seguros Banamex received a total of 313 claims in the automobile industry before the Condusef; The reasons for these sanctions were refusal to pay compensation, disagreement with the repair time of the affected property, disagreement with the time for payment of compensation, and denial or lack of attention to a cancellation request. 512
Claims submitted on total claims attended
The 311 claims to Seguros Banamex during 2017 come from a total of 55, 464 claims , this means that the claims / claims ratio in 2017 was 0. 53% .
In comparison, other insurers included in this guide have a ratio of 0. 18% ( General Insurance ), 0. 07% ( Mapfre ) or 0. 01% (ANA).
Sanctions imposed on Seguros Banamex
Of the 311 claims received by Seguros Banamex in the , only one was sanctioned by the Condusef, in the amount of $ 21, 699 pesos.
Average valuation to adjusters
If we take into account the general average (4.2), the adjusters of Seguros Banamex have a dry good rating, since their average is 6.1. However, this rating is obtained from only two evaluated adjusters.
The general average between 26 insurance companies with at least one report is 4.2.
2.4 Aggregate values
Being one more branch of the general business of Grupo Financiero Banamex, several of its added values have to do with being a client of other of its products; However, among those we can mention are the following:
Payment to 6 or 12 months without interest
0% deductible for total theft (dependent on having VIP coverage)
Agency repair and payment at invoice value in case of theft or loss
Bonuses in case the adjuster is late in arriving at the claim if delay in valuing or repairing the car
Civil and legal liability up to $ 3, 250, 000 pesos
Substitute car in case of theft or total loss for up to 15 free days
Mobile application for Banamex auto insurance
Seguros CITI Banamex mentions that within the CitiBanamex Móvil application (available for Android and iOS ) you can review information related to the Car insurance; however, we do not detect any information or sections within it for this purpose.
And when looking for an application dedicated to insurance, we only found one for AFORES.
The third application to appear is that of GNP Seguros, and it should be noted that on its website, when wanting to obtain more information about the Standardized Basic Automobile Insurance, it is redirected to the GNP site .
In the customer service chat they told us that they have coinsurance with GNP, so the policy is from Seguros CITI Banamex, but the attention and adjusters will come from GNP (insurer that is already in our Mega Guide, and you can see here ).