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MAPFRE auto insurance: everything you need to know

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MAPFRE auto insurance: everything you need to know

Because having a car does not only mean buying it and taking it with a full tank. There are other expenses such as periodic mechanical and aesthetic maintenance, as well as the procedures so that it can circulate legally such as the payment of the tenure and … a good insurance.

Although it is an obligation of all car owners to have basic insurance, a policy with adequate coverage can save you a lot of dollars and give you great peace of mind, in case you suffer a problem , which can be from a flat tire to the theft of your vehicle or even cause serious injuries to other people or damage to the possessions of third parties.

Therefore, in GUROS we thought about this guide, to that you can better choose the insurer to which you are going to entrust valuable assets such as the protection of your car and above all, your peace of mind.

1. MAPFRE car insurance

1.1 Types of vehicles that can be insured

MAPFRE offers coverage for the following vehicles:

  • Car
  • Panel
  • Pickup
  • Cargo van
  • Tractor truck
  • Semitrailer
  • Motorcycle
  • Bus

1.2 Vehicle uses

With MAPFRE, you can protect these vehicles for the following uses:

  • Particular.
  • Commercial (car schools with single and double control).
  • City and foreign bus.
  • Official diplomat.
  • Emergency.
  • Cranes.
  • Godmothers or wet nurses.
  • Messaging or collections.
  • Removals.
  • Patrol.
  • Daily rent .
  • Delivery or delivery.
  • Public service and / or routing.
  • Fixed route.
  • Supervision.
  • Public place taxi.
  • School transportation.
  • Transport of employees.
  • Security of securities and transport.
  • Tourism.
  • Private transport service for people.

1.3 Packages and auto insurance coverage

MAPFRE auto insurance offers the three most common package options:

  • Wide
  • Limited
  • Civil Liability

    The coverage included in these packages is broken down as follows:

    MAPFRE rating of compulsory insurance

    Rating: 6.4 (Ranking: 9th place of 23 )

    According to the Condusef Financial Entities Bureau report, MAPFRE obtained a rating of 6.4 . This evaluation can serve as a reference to hire Obligatory civil liability insurance, which is about to come into force. With this rating, MAPFRE occupies position 9 out of 23 insurers that offer this service.

    1.4 Deductibles and sums insured for MAPFRE auto insurance

    In case you want to use your auto insurance, there are some basic concepts that you must keep in mind to use it. For example, the sum insured or the deductible.

    GUROS can help you learn everything about the different auto insurance coverage . MAPFRE auto insurance includes the following coverages:

    1.5 General conditions of MAPFRE auto insurance

    Find out the details of each coverage in this link with the MAPFRE general insurance conditions.

    1.6 How much does car insurance with MAPFRE cost for the 10 best-selling cars in Mexico?

    We rely on the list of the 10 best-selling car models in Mexico , in annual payment. We use the zip code 06600 to quote and models 2018 to homogenize the prices.

  • 1.7 Telephone accident care and road assistance service of MAPFRE

    If you suffer an accident or need roadside assistance, the MAPFRE service number is: 000 782 845 8585. You can also use the MAPFRE Me Ayuda application, available on iOS and Android .

    MAPFRE's general conditions for resident vehicles establish that you can use full assistance coverage (road assistance) up to 3 times during the term of your policy.

    1.8 Other insurance and coverage offered by MAPFRE

    MAPFRE is a multi-branch company, that is, it is authorized to market several branches. In addition to automobile insurance, MAPFRE offers insurance for the following lines of business:

    • Life.
    • Personal accidents.
    • Medical expenses.
    • Home insurance.
    • Pets.
    • Travel insurance.

    If you want to know all the products that MAPFRE offers, you can consult the Register of Insurance Adhesion Contracts (RECAS). In this registry prepared by the CONDUSEF, the 76 insurance products registered by MAPFRE.

    2. Information on MAPFRE insurance

    2.1 General information

    Founded on 16 March 1944 as Seguros Tepeyac SA, this insurer has a recognized track record in the Mexican market in branches of fire, transport of goods and automobiles.

    In 1990 , joined Grupo MAPFRE, a Spanish consortium with 80 years of experience, covering all areas of insurance activity:

    • Automobiles.
    • Life.
    • Accidents and illnesses.
    • Damage.
    • Bonds.
    • Credit insurance.

    MAPFRE offers a comprehensive legal defense service, with Specialized Accident Attention Centers, a wide medical network, workshops and more than 400 offices throughout the country.

    In Mexico, it has the following awards:

    • Great Place to Work.
    • Socially responsible company.
  • The Most Innovative according to the publication “ Information Week ”.
  • Countries where it operates

    As part of an international consortium, MAPFRE is present in 46 countries of the five continents, among them Mexico, where it is one of the insurers with the greatest presence.

    General figures

    According to data published by MAPFRE , there are more than 5,500 offices around the world, served by a network of 37 thousand employees, almost 80 thousand agents and collaborators and more than 27 million customers worldwide, of which 3.5 million are Mexican (figures of 2014).

    2.2 MAPFRE insurance financial information

    Premium volume (total business)

    According to the official reports offered quarterly by the Mexican Association of Insurance Institutions (AMIS), for the last quarter of 2017, MAPFRE reported more than 24 million pesos of net written premiums. In the automobile sector, the issuance of net premiums was 3 million 720 thousand 264 pesos.

    Ranking in the Mexican insurance sector

    By sales volume, it ranked seventh among all insurers in Mexico, with a market share of 5. 12% of the national total. In the automobile industry, it is the tenth largest insurer (3. 62% of the national total). At the close of 2017, reported a net profit of 16 millions 13 A thousand pesos.

    MAPFRE insurance claims

    In the last quarter of 2018, MAPFRE paid 13 millions 465 thousand 461 pesos for all paid events. The loss ratio, that is, the relationship between the net earned premium and the claims paid, was 54. 82%. In the auto branch, he paid 2 million 845 thousand 648 of pesos for a loss ratio of 76. 49%, according to AMIS estimates.

    Financial rating

    MAPFRE has the following qualifications granted by recognized international certifiers:

    • Financial strength : A2 (Stable) by Moody's House.
    • Issuer: A- (Stable) by Fitch house.

    In its report on financial strength, AM Best awarded it the rating of A (Excellent).

    2.3 Quality in MAPFRE insurance service and care

    Another tool that CONDUSEF uses to compare the quality of service that insurers offer and the degree of satisfaction achieved by customers is the User Service Performance Index.

    In the case of MAPFRE insurance, CONDUSEF granted for the first quarter of 2018 a rating of 7. 67 Points of 10 possible. Because of this, the insurer occupies the place 10 of 20 insurers analyzed.

    During the 2017, received 2, 448 claims before CONDUSEF , of which 1, 737 belong to the auto branch.

    The reasons that generated these claims according to CONDUSEF , include:

    • Refuse payment of compensation.
    • Claims about the time to repair the property.
    • Complaints related to the waiting time for the payment of compensation.

    During the first quarter of 2018, MAPFRE attended 68, 0 10 claims, of which 522 claims caused a claim before CONDUSEF . These data give a ratio of 0. 07% of claims on claims.

    Sanctions imposed by CONDUSEF

    In 2017, He received 11 penalties by CONDUSEF, for an amount of almost 300, 000 pesos. However, the report does not specify the reasons that led to these fines.

    Average valuation of adjusters

    The User Service Performance Index places the adjusters of MAPFRE in place 12 of 79 evaluated insurers. This index gives its adjusters an average rating of 3.6 out of a maximum of 10 points .

    2.4 MAPFRE insurance aggregate values ​​

    If you require insurance with broader coverage, MAPFRE insurance offers additional coverage such as:

    • Comprehensive coverage abroad.
    • Partial theft.
    • Catastrophic Civil Liability for accidental death.
    • Refund of premium and deductible.
    • Substitute car.
    • Warranty on wheels.
    • Agency repair.
    • Auto GAP: Total Investment Guarantee.

    When you take out MAPFRE insurance, you get additional benefits, most of them free of charge, that differentiate this insurer from the rest of the market. For instance:

    • Bill with its own network of workshops to repair your vehicle.
    • Access to the App MAPFRE Me Ayuda to request assistance, report a claim and follow up on the repair of your vehicle in case that is in the workshop.
    • Comprehensive legal defense service.
    • Liability Extension Coverage, which covers in the event of an accident when driving a different car, with similar characteristics, to the one registered in the policy.
    • In the case of the Comprehensive Premium package, you enjoy the benefit of Comprehensive Coverage Abroad.
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