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La Latino car insurance: everything you need to know

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La Latino car insurance: everything you need to know

If you are among the 25% of Mexicans who already have insurance for their car… congratulations! You have taken the most important step in your personal finances: start preventing.

Insurance is, at the end of the day, an investment that protects your assets in the event of an eventuality . In other words: it helps you stay calm.

Now, we invite you to take the next step: personalize your car insurance. Insurers offer coverage packages to meet practically all the needs in the market.

From compulsory auto insurance, which contains coverage for damage to third parties or civil liability, to more robust packages that protect you from theft of the vehicle and property damage (damage to your car from a collision or other risks).

But in addition, there is a series of so-called additional coverages that cover a greater universe of more specific risks, such as damage to tires or wheels, in case of breakage, theft of auto parts ( that are not considered in the total theft coverage). There are even some insurers that pay you in case you receive a traffic violation.

At GUROS we want to bring you all this information so that you can take a better decision when buying your policy and sleep with the assurance that your car is protected according to your needs.

It may interest you: 22 car insurance terms you need to know

1. La Latino car insurance

1.1 Types of vehicles that can be insured in La Latino

La Latino car insurance applies to protect the following vehicles:

  • Cars
  • Motorcycles
  • Pickups
  • Classic cars
  • Trucks
  • Taxis (Public transportation of people)
  • 1.2 Uses covered by La Latino auto insurance

    These vehicles can be insured when used for these purposes:

    • Private use: that is intended for the transport of people or transport of household goods or goods without profit.
    • I use to eat cial: that is intended for daily income, public or private transport of people, or to provide public, private or emergency security service.
    • 1.3 Packages and Coverages of La Latino auto insurance

      This insurer, one of the most traditional in the Mexican market, offers within its basic packages the following coverage:

      Coberturas Seguros La Latino Coberturas Seguros La Latino

      La Latino compulsory insurance rating:

      6. 08 (Place 8 of 23)

      Ranking Seguros La Latino

      Auto insurance is mandatory to drive on federal highways and roads from 2014. Some cities also require that when driving on urban roads you have this protection.

      That is why the Bureau of Financial Institutions of the National Commission for the Protection and Defense of Users of Financial Services (Condusef) carried out a Evaluation of the companies that offer this insurance.

      An analysis was carried out based on the level of customer satisfaction, the sanctions imposed and the follow-up that the companies give to the observations of the same Commission.

      In this matrix, La Latino's mandatory insurance achieved a rating of 6.8 points out of a maximum of 10, (place 14 of 23) in the Mexican insurance market.

      1.4 Deductibles and insured sums of La Latino auto insurance

      If you want a little more detail, here we show you how the most coverages are made important of the basic packages of La Latino car insurance.

      This brief analysis includes the insured amounts (maximum amount that each coverage can pay you) and the deductibles (percentage or amount established that the client must cover in case of loss), respective:

      Deducibles Seguros La Latino

      1.5 General conditions of La Latino car insurance

      If you have any questions, in this link you can consult in detail the conditions General ions that make up La Latino auto insurance.

      1.6 How much does La Latino auto insurance cost for 12 car models best sellers in Mexico?

      At GUROS we elaborated a comparison with the cost of the basic auto insurance packages in La Latino, using the 10 best-selling models in Mexico.

      As a comparison parameter, we chose the annual payment method and the Postal Code 06600, from Colonia Juárez in Mexico City, with models 2018:

      Vehículos más vendidos Seguros La Latino

      1.7 Latino claims hotline

      The national number of La Latino in case you require support in a claim is: 01 800 685 1170 .

      1.8 Other insurance and coverage offered by La Latino

      In addition to car insurance, La Latino has authorization from the Commission Nacional de Seguros y Fiances (CNSF) to sell insurance for other types of risks and are:

      • Medical Expenses: Individual and / or family, Collective, Medical Expenses b Standardized Basic.
      • Life: Individual and / or family, Collective, Standardized Basic Life.
      • Accidents: School, Individual, Collective and Standardized Basic Personal Accidents.
      • Damages: SME, Company, Protected Purchase
      • House room

      While for insurance car, La Latino has additional coverages such as:

      • Traveler Civil Liability
      • Family medical expenses
      • Funeral expenses
      • Special equipment
      • Substitute car
      • Coverage 10
      • After executive side (chauffeur service)

      La Latino has 51 products included in the Register of Insurance Adhesion Contracts (RECAS) of the Condusef. Of which four belong to the auto branch:

      • Latin cars
      • Latin cars 2016
      • Sure on resident cars, cargo trucks
      • Latino daily auto

      2. General information about La Latino

      La Latinoamericana Seguros, was founded in 1906.

      It is one of the capital insurance companies 100% oldest Mexican market. By celebrating your 51 anniversary its owners built what was then the tallest tower in the country, the Latin American Tower, in 1956, and that up to date Today is an icon of the company and the City.

      2.1 History and general data

      La Latino operates exclusively in Mexico, with 3 service offices: in Mexico City, León and Guanajuato.

      Seguros La Latino opera exclusivamente en México

      However, it deals with issues related to the Civil Liability of its insured in the US and Canada.

      2.2 Financial information of La Latino

      La Latinoamericana is a company 100% Mexican, which currently serves more than 1 million customers.

      La Latinoamericana es una empresa 100% mexicana

      Premium volume (all lines)

      For the last quarter of 2017, La Latino achieved sales in all branches where it has authorization, for $ 1 million 0 85 thousand 430 weights and 192 thousand 036 pesos corresponded to the automobile industry, according to reports published by the CNSF.

      Ranking in the Mexican insurance sector

      With these figures, La Latino was positioned in the place 42 Come in 84 insurers operating in the country, with a 0. 23% of the total market, in said period. While in the automobile sector, the insurer remained on the site 24 of 33 and a market volume equivalent to 0. 22% in this segment .

      However, the company's financial results were not favorable for the 2017, as it reported a loss of $ 60 millions 861 thousand 513. 99 pesos. Its combined technical index for the auto industry was 102%.

      Loss of La Latino

      In this same CNSF report, to the last quarter of 2017, La Latino paid $ 569 thousand 499 weights in claims of all lines. Of them, $ 105 thousand 273 pesos corresponded to car insurance. The loss ratios (the balance between earned net premiums and paid claims) were 52. 47% Y 54. 82%, respectively.

      Financial rating of La Latino

      To guarantee its financial situation, La Latino holds the A- / M (Stable) recognition, awarded by the Verum house .

      Calificación financiera de La Latino

      2.3 Quality of care and level of La Latino service

      Regarding the level of service offered by insurers, La Latino was located in the place 31 of 84, with a score of 8. 85 of the Condusef User Service Performance Index.

      In this sense, the Condusef analyzed from 105 claims against La Latino for complaints about the service, in insurance of all branches. The reasons for these claims were: refusal to pay compensation, disagreement with the time for the repair of the affected property and disagreement with the time for the payment of the compensation.

      IDATU Seguros La Latino

      Claims for claims attended

      In total, La Latino attended 16 thousand 671 claims, in the auto branch. From them, 70 cases were brought before the Condusef. The relationship between the total number of claims and those that had to be resolved with the Condusef arbitration was: 0. 41%.

      Ratio of claims over total claims attended

      With this figure, La Latino is positioned slightly above the average, in the comparison carried out by GUROS, with this data: GNP (0.9%), AXA (0. 88%) Mapfre (0. 07%) Zurich with a 0. 52%, Atlas (0.3%) Quálitas (0.3%), Chubb (0.3%) HDI (0. 22%) General Insurance (0. 18%), ANA Seguros (0.0 16%).

      Sanctions of La Latino before the Condusef

      The Latino was only entitled to a sanction by the Condusef in 2016 for $ 14 thousand 608 pesos .

      Average rating of La Latino adjusters

      Regarding the quality of care offered by the adjusters of each insurer , La Latino achieved a score of 2.7 out of 10 possible points, that is, it was in the place 22 of 26 insurers evaluated.

      2.4 Added values ​​of La Latino insurance

      La Latino's auto policy also has added values, at no cost, such as:

      • Promise of payment within a period not exceeding 24 hours to pay compensation, in case the insured vehicle is declared a total loss, once the insurer has all the required documentation.
      • It has its own network of mechanical workshops.
      • In addition, it offers access to the minisite: Mi Portal Latino, which streamlines the attention of claims and helps you with procedures for the management of your policy.

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