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Everything about BBVA Bancomer car insurance

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BBVA Bancomer Auto Insurance: everything you need to know

We know that your vehicle is more than just a car. That is why when choosing the best protection you must be well informed to know which is the best option available for your car. In GUROS we gave ourselves the task of bringing you the most detailed information with the best options for auto insurance in Mexico.

We present the characteristics of BBVA Bancomer car insurance and what makes it different from other options.

You must take into account that the price of a policy is not the only factor, since there are several types of insurance, coverage, payment methods and even technological scope that they have.

1. BBVA Bancomer Auto Insurance

1.1 Types of vehicles that BBVA Bancomer covers in auto insurance

First of all, it is important to know that BBVA Bancomer auto insurance applies only to the following types of vehicles:

Vehículos asegurados por el seguro de auto BBVA Bancomer
Vehicles insured by the BBVA Bancomer auto insurance

1.2 Uses of vehicles insured by BBVA Bancomer

Second, you should know that BBVA Bancomer offers its auto insurance for cars with the following characteristics:

  • For private use only .
  • With a maximum of 20 years of antiguaty.
  • Only if they are armed vehicles in Mexico (or legally imported by an assembly company or automotive agency).

1.3 Packages and Coverages of BBVA Bancomer auto insurance

Like most insurers, Seguros BBVA Bancomer offers the most common packages for auto insurance:

  • Wide
  • Limited
  • Civil Liability
  • To understand the important points of the coverage offered by the 3 BBVA Bancomer auto insurance packages, we present the following table:

    Vehículos asegurados por el seguro de auto BBVA Bancomer Coberturas del Seguro de auto BBVA Bancomer

    BBVA Bancomer auto insurance coverage

    If you are interested in finding out more details of all the auto insurance coverage consult the GUROS Blog and so you can decide which is the best option for your needs.

    BBVA Bancomer rating of compulsory insurance

    Rating 8. 25 (Ranking: place 12 of 23)

    Ranking del seguro de auto BBVA Bancomer
    BBVA Bancomer car insurance ranking

    This rating corresponds to the information released by the Bureau of Financial Entities , a measurement that evaluates financial entities and takes as a reference the number of Claims and Controversies received, as well as the Sanctions applied by the Condusef.

    To give you a clearer x-ray and taking as a reference the Standardized Basic Automobile Insurance (known as the Civil Liability Insurance Mandatory ) the BBVA Bancomer Insurance coverage obtained a rating of 8. 25 (of 10). This places it in the position 12 of the 23 insurance companies that offer this product.

    1.4 Deductibles and insured amounts of BBVA Bancomer auto insurance

    BBVA Bancomer in its auto insurance offers different coverages, most with normal market levels. However, in the coverage of Civil Liability they usually offer a coverage higher than the market average.

    Here is a brief table that offers the main coverage and insured amounts included in the BBVA Bancomer auto insurance:

    Sumas aseguradas del seguro de auto BBVA Bancomer
    Insured amounts of the BBVA Bancomer auto insurance

    1.5 General conditions of BBVA Bancomer auto insurance

    We are sure that this information is very important for users and if you are interested in knowing the general conditions of BBVA Bancomer auto insurance, we invite you to know its official information .

    Compara el costo con otras aseguradoras en nuestra plataforma.
    Compare the cost with other insurers on our platform. Para darte una idea de costos del seguro de auto de BBVA Bancomer

    1.6 Auto insurance quote of BBVA Bancomer for the 10 best selling vehicles

    Undoubtedly one of the most important points for users is having general knowledge of costs, therefore, at GUROS we undertook the task of making the quotation for the three BBVA auto insurance packages Most popular Bancomer.

    As a sample of this brief study, we take the list of the 10 best-selling models in Mexico , and we quote how much the 3 BBVA Bancomer packages cost at an annual payment, with the Postal Code 06600 , of Colonia Juárez in Mexico City as a reference.

    Para darte una idea de costos del seguro de auto de BBVA Bancomer
    To give you an idea of ​​the costs of BBVA Bancomer auto insurance

    1.7 BBVA Bancomer Insurance claims and road assistance telephone number

    In case of being involved in a claim and you have contracted BBVA Bancomer auto insurance, the telephone number you must contact is the following:

    For the entire Mexican Republic: 03 800 853 3683

    In addition, BBVA Bancomer offers the option of requesting assistance via its AutoAlerta mobile application.

    Finally, we highly recommend reading the GUROS guide to know what to do in the event of a vehicle accident.

    1.8 Other insurance and coverage offered by the BBVA Bancomer Insurance

    As you know, BBVA Bancomer is a multi-product company in the financial sector. The same happens in the insurance market, where it has several products:

    • Automotive
    • Home
    • Life
    • Health
    • Personal items
    • Accidents and Illnesses
    • Companies
    • Saving

    Specifically in auto insurance, in addition to the traditional packages (Comprehensive, Limited and Civil Liability), BBVA Bancomer offers its policyholders:

    Otros productos de BBVA Bancomer que te podrían interesar.
    Other BBVA Bancomer products that might interest you.

    2. Information on BBVA Bancomer Insurance

    2.1 General Information

    BBVA Bancomer has more than 87 years of financial experience. The history of the company dates back to 1280, when Bancomer was founded, under the name of Banco de Comercio. After 64 years, where it experienced the nationalization of banking in Mexico, it was re-established as Grupo Financiero Bancomer. From 1996 Afore Bancomer is created, as well as the company specialized in bancassurance: Seguros Bancomer.

    Some relevant information about the insurer:

    Countries where it operates

    Seguros BBVA Bancomer operates in the Mexican Republic, with a presence in the 32 state and in the United States.

    Financial Support

    Seguros BBVA Bancomer belongs to one of the largest financial institutions in Mexico. It has the first place in market share, counting with the 21. 3% market share. The banking operation is, by far, the one that contributes the greatest volume to the bank, but in the insurance market it also has enormous relevance.

    Number of clients and / or volume of premiums (total business)

    According to the data of the AMIS (Mexican Association of Insurance Institutions), during 2017, Seguros BBVA Bancomer had operations for a total value of $ 20 billion 148 thousand 649 pesos.

    Ranking in the Mexican insurance sector

    The previous numbers place BBVA Bancomer in position 3 of 83 in the global ranking of insurers in Mexico, with 7. 47% of the Mexican market.

    For the automobile industry, it occupies the place 13 of 23, with 4.3% market share.

    2.2 Financial information of Seguros BBVA Bancomer

    The main financial indicators of the insurer are the following:

    Combined technical ratio of Seguros BBVA Bancomer

    The Combined Ratio (also known as the Combined Technical Ratio or Combined Index) is the operating result of each insurer. That is to say: the result of dividing the expenses (of operation, administration and claims) between the income. As of the fourth quarter of 2017, Seguros BBVA Bancomer had a Combined Index in the automobile sector of 103 %, which is a 6. 62% higher than the previous year.

    Turnover, cost per claims and loss ratio of Seguros BBVA Bancomer Seguros

    According to data from the Mexican Association of Insurance Institutions, BBVA Bancomer reported on 2017 a raising of $ 20, 137, 649, 000 MN (that is, more than twenty thousand thousand lones de pesos) for the total of all premiums issued.

    On the other hand, the cost of claims in the same period reached $ 14, 853, 604, 000 millions of pesos; with which the accident rate was 68. 74%.

    According to data from AMIS in the automobile sector, BBVA Bancomer billed $ 4, 103, 800 million pesos in 2017, while for claims in that branch it had $ 3, 81, 266 million pesos, almost 75. 11% of the total.

    Financial valuation of Seguros BBVA Bancomer

    According to the Unique Insurance and Bonding Circular; your Risk level according to the credit quality rating, granted by the Fitch Ratings, it was of:

    • 'AAA (mex)': Stable Outlook

    This is the highest quality assigned to the securities issued by companies and other institutions. Internationally, a title that is rated AAA means that rating agencies take into account that it is very safe. This is thanks to the fact that the issuer, in this case BBVA Bancomer, has an exceptional capacity to honor its commitments.

    2.3 Information on the quality of service provided by BBVA Bancomer

    At GUROS we decided to use different official bodies to measure the quality of care in claims of each of the insurers with which we work and we share the data of Seguros BBVA Bancomer:

    Index of User Service Performance (Condusef)

    Seguros BBVA Bancomer had a rating of 8. 06 in the Index of Performance of Attention to Users of the Condusef (IDATU) of the accumulated of 2017, thus reaching the position 14 of 23 insurers of which there is a record.

    Claims before the Condusef

    In the first quarter of 2018, BBVA Bancomer ranked 6th out of 75, regarding claims before Condusef in the Automobile Damage line. He received 715 claims, with a favorable resolution of 34. 60%.

    The main claims were due to the refusal to pay compensation, disagreement with the repair time of the affected property and denial or lack of attention to a cancellation request.

    Claims submitted on the total of claims attended

    In the first quarter of 2018, Seguros BBVA Bancomer has a volume of 87, 814 claims and 314 claims for claims filed with the Condusef.

    In the ranking of insurers with the most claims, it is located in 7th place of 28, with 5.8% of all cases before the Condusef .

    Sanctions imposed on BBVA Bancomer

    The portal of the Bureau of Financial Institutions mentions that during 2018, BBVA Bancomer received 34 penalties of $ 1.0 012, 639 million pesos, while in the first semester of 2018 there is still no reference to any sanction received.

    Average valuation to adjusters

    The average of the evaluation of the adjusters , the work of BBVA Bancomer's service providers has a ratio of 3.4 on a scale from 0 to 10, below the overall average of 4.2 published by the Condusef.

    Compara precios y coberturas en segundos desde nuestra plataforma.
    Compare prices and coverage in seconds from our platform.

    2.4 Aggregate values ​​of BBVA Bancomer

    Next, we present the aggregated values ​​of BBVA Bancomer for auto insurance:

    • Offers four types of payment: annual, semi-annual , quarterly and monthly
    • Possibility of installment payment
    • Payment options to 3, 6 and 12 months without interest
    • Purchase online or via app
    • Network of more than 500 adjusters

    • Geolocation via App
    • Direct contact with adjuster

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