Property Damage Auto Insurance: everything you need to know
Safety at the wheel does not only depend on your skill as a driver, there are also circumstances that could put you at risk and to lessen any unforeseen events. Therefore, the best alternative is to have auto insurance.
Currently, liability auto insurance is mandatory on federal highways, in at least a dozen states throughout the Mexican Republic and in Mexico City, but it is not the only alternative you will find in the market.
If you have looked for options and are still not convinced, at Guros we want to help you and with the most important information of all the insurers that offer their car coverage services.
First of all, you should know that there are several characteristics that must be taken into account when choosing auto insurance: prices, coverage and added values that each insurer offers.
Next, we tell you about the Patrimonial Damage insurance company, a company that has 15 years of experience in Mexico, with coverage specialized in certain brands and backed by ABA coinsurance.
1. Patrimonial Damage Auto Insurance
1.1 Types of vehicles for which Patrimonial offers auto insurance
The motor vehicles contemplated by the auto insurance with Patrimonial are the following:
- Exclusive Chrysler, Mitsubishi and Fiat cars
- Private cars (ABA coinsurance)
- Tractor trucks.
1.2 Uses of vehicles that it insures Patrimonial
This insurer covers vehicles for private, commercial and cargo use.
1.3 Packages and Coverages of Patrimonial auto insurance
Although The Patrimonial insurer offers exclusive insurance plans for the Chrysler, Mitsubishi and Fiat brands, through the co-insurance uro with ABA offers the traditional coverage and standardized basic plans:
- Civil Liability
To give you more detail, Guros shows you a table listing the protection and coverage that appear in these packages, in search of making a direct comparison with your competitors:
Equity Rating Compulsory insurance damage
Score 8.9 (Place 3 of 23)
This rating It derives from the public information of the Financial Entities Bureau, where financial entities are evaluated, based on the average number of Claims and Controversies received, as well as the Sanctions applied by the Condusef.
Despite its discreet market share, with its rating of 8.6 points on a scale from 0 to 10, Patrimonial is located in the top of the best positioned in the market, with the 3rd place.
1.4 Deductibles and insured sums of Patrimonial auto insurance
Are you interested in knowing the insured sums and the deductible amount What would you necessarily have to cover in the event of a claim? So, look at the data that the Patrimonial auto insurance handles, taking as a reference your ABA coinsurance:
1.5 General insurance conditions Property car:
A point that in Guros we highlight as essential when choosing insurance is to know the general conditions of any service and for this, we show you the information provided by Patrimonial.
1.6 Quote of the auto insurance of Equity for the 10 best-selling vehicles
In case your purchase analysis has a strong weight in the price , this information will help you.
In the following table, Guros shows you the price of the 10 Best-selling models in Mexico, for which we use as a reference the Postal Code 06600 in Mexico City. This quote was made based on the ABA coinsurance rates.
1.7 Claims and Patrimonial road assistance
In case of having your auto insurance with Patrimonial policy, the numbers to report any claim and receive attention are:
- Mexico City: 5636 2459
- Rest of the country: 01 800 552 4910
1.8 Other insurance and coverage offered by Patrimonial
Additionally, this insurer has a wide variety of products, mainly in the damage industry. Here we take a look at their list of services:
- Medical expenses
- Personal accidents
- Damage without car
2. Information on Assets
2.1 General Information
After receiving the official letter of conformity from the Ministry of Finance and Public Credit and the National Insurance and Surety Commission, at 2004 The Property Damage Insurance Company is born, so it is a very young company.
On the one hand, Patrimonial is a company that opted for specialized products, with points of strategic sales and specific market niches with the Chrysler, Mitsubishi and Fiat brands.
On the other hand, despite its product exclusivity in the industry of autos, Patrimonial also works through coinsurance with ABA for other plans, in addition to offering policies for cargo trucks.
Interesting facts about the insurer:
Countries where it operates
Seguros Patrimonial Daños has operations in Mexico.
Unlike other insurers, Patrimonial chose to become a strategic ally of the Chrysler Dealer Network, which consolidated its income generation, mainly from its target customers, related to car dealers and distributors.
Number of clients and / or volume of premiums (total business)
Taking into account the official statistics of the Mexican Association of Institutions of Insurance (AMIS) and its total records of 2017, Patrimonial had operations for a total value 93, 009 thousand pesos.
Ranking in the Mexican insurance sector
According to the cited figures, Patrimonial Damage occupies the place 69 of 83 in the global ranking of insurance companies in Mexico, with a 0.4% share of the national market.
In the automobile branch, found in place 24 of 32, with the 0. 19% of the national market.
2.2 Financial information on Property Insurance
The main financial indicators of the insurer are the following:
Combined technical ratio of Property Insurance
Regarding the Combined Technical Ratio or Combined Index, that is, the operating result of each insurer. As of the fourth quarter of 2017, Property Damages had a Combined Index in the automobile sector of 100%, with a growth of 3. 33%.
Billing, cost per claims and loss ratio of Seguros Patrimonial Seguros
Property Damages reported at the close of 2017 a raising of $ 183, 142 thousand pesos for the total of all Premiums issued, according to official data from the Mexican Association of Insurance Institutions .
On the other hand, the cost of claims in the same period reached $ 98, 975 A thousand pesos; with which the accident rate was 50. 100%.
According to these AMIS data, the automobile branch, Patrimonial invoiced $ 194 , 142 thousand pesos, while for claims in that branch accrued $ 98, 975 thousand pesos, that is, 50. 98% of the total at the close of 2017.
Financial valuation of Property Insurance
According to the rating agency Moody's, at an international level, Patrimonial Daños had a rating:
- Ba1, with a stable outlook
2.3 Information on the quality of Patrimonial care
In Guros we put ourselves to work to gather as much information as possible from the different official bodies to evaluate the service, claims and penalties applied to the different insurers.
Here I share Here are the data on Property Insurance:
User Service Performance Index (Condusef)
The Patrimonial Daños insurer does not appear in the Condusef User Service Performance Index (IDATU) of the accumulated of 2017, that is, there is not enough information to place it in the ranking of the 83 insurers of which there is a record.
Claims before the Condusef
In the first quarter of 2018, Property Damages took the place 67 of 79, regarding claims before Condusef in the Automobile Damages branch, without claims and without resolution percentage favorable.
Other claims on the total claims attended
During the same period, although Patrimonial Damage had a volume of 1, 963 claims, you can assume that you have no complaints registered with the Condusef.
In addition, the information published by the National Commission for the Protection and Defense of Users of Financial Services, leaves out to Patrimonial Damages from the negative ranking of claims, due to not having any.
Sanctions imposed on Patrimonial
According to the website of the Bureau of Financial Institutions, during 2017 No sanctions were applied to Patrimonial Damages, identical situation to the first quarter of 2018, so it could become a fortress in the eyes of consumers,
Average valuation to adjusters
Although in evaluation of the adjusters of the Condusef, Patrimonial Daños does not appear in the li This, because the private car service is granted by ABA insurance, its evaluation of 2.5 was taken as a reference (on a scale from 0 to 10), one of the lowest among the competitors.
2.4 Aggregate Equity Values
Although the advantages of hiring Patrimonial Daños are its high service quality scores, according to Condusef, it is important to point out that thanks to its co-insurance with ABA it has a greater competitive scope and here is a sample:
- Support tool for monitoring claims valuations
- ABA Insurance Backup
- Through the ABA APP, online claim tracking, billing, payments, vehicle repair tracking
- Substitute car for damage, theft or severe breakdown
- Repair in agency if contracted as insurance when buying a car in agency
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