Wibe Auto Insurance: everything you need to know
Choosing a good auto insurance is essential in your life, because if you do it right, you can have a great tool to deal with any accident or unforeseen event that gets in your way … or that of your car.
In addition to the peace of mind granted in case of material damage (to our car or to others), car insurance also solves legal and obligation issues, in addition to giving us peace of mind and peace of mind on issues such as medical needs for the vehicle owner and his companions.
To make a good choice it is vitally important to take into account variables and factors that allow us to feel comfortable according to our needs and all the characteristics that can influence our experience with auto insurance: price, coverage, amounts, etc.
In the event that we make a poorly informed decision, any claim, no matter how minute, can cause you stress, ailments and even serious legal problems, hence the importance of choosing the insurer that offers you the best product.
At GUROS we know the importance of this decision, therefore, we have put together a Great Guide to auto insurance, with all the information about the insurers that in Mexico offer car products (mainly a resident car for private use, as it is the most common in our country), and thus can help you make a decision with the best information.
In this guide you will see fundamental information about each company and its auto insurance, such as the price of the quote; forms and methods of payment; deadlines (if offered); financial data of the insurer; and, perhaps one of the most important, the level of quality in the attention to its insured.
The sum of all these factors influences the experience you will have with your auto insurance, so to find the ideal one for your vehicle, you must pay close attention.
In this installment of the Great GUROS Guide, we will not necessarily review an insurer, but rather an extra product of an insurance company, which due to its efforts Positioning has practically been placed as a standalone option on many people's heads.
We refer to Wibe, BBVA Bancomer Insurance brand, whose main strength is based on digital innovation and the customization of the packages it offers for your vehicle.
Let's see it.
1 . Wibe Auto Insurance
1.1 Types of vehicles for which Wibe offers auto insurance
Wibe offers insurance and protection for the following vehicle types:
- Legalized and border cars
1.2 Uses of vehicles that Wibe insures
Take into account that Wibe is a protection product for vehicles of private use, with national invoice or, where appropriate, with the procedures to circulate legally in Mexico.
1.3 Wibe auto insurance packages and coverages
As we mentioned before, one of the great advantages and innovations of Wibe is the possibility of customizing the policy that we contract, according to the needs of the vehicle we have.
Another difference that is worth noting is that, unlike other insurers, in Wibe there is a slight change in the way in which the plans are named:
- Wide Plus
- Border and legalized
- Zurich: everything you need to know
- Atlas: everything you need to know
- Affirme Insurance: everything you need to know
As you can see, for Wibe the Basic package is the equivalent of limited coverage in other insurers.
In this table you can see which are the coverages and concepts that each of the Wibe packages covers:
Wibe Rating of Mandatory Insurance
As we have already mentioned, Wibe is not an insurer itself, but a dependent product of Seguros BBVA Bancomer; For this reason, Wibe does not appear in the Financial Entities Bureau.
However, we can see the rating of Seguros BBVA Bancomer in the Basic Insurance Standardized, that during 2017, had a rating of 8. 41 with which he occupied the position 14 of 23 insurers in this area.
1.4 Wibe auto insurance deductibles and insured amounts
It is also very important to know the coverage amounts that each product covers for its insured; as well as the deductible that you would have to pay in case it applies.
For Wibe insurance, these are the figures covered and the cost of deductibles (if applicable):
1.5 General conditions of Wibe car insurance
If you want to get an idea of what are the scenarios that you could face with your auto insurance, as well as the response of the insurer to a claim, it is essential to know the general conditions.
To review the general conditions of the Wibe resident car insurance, you can click here.
1.6 Wibe auto insurance quote for )
We know that one of the most important things when looking for auto insurance is the price to protect your car.
For this reason, and to make your life easier, we took on the task of quoting the cost of Wibe auto insurance for the best-selling vehicles in Mexico.
To achieve this, we take into account the list of 005 best-selling models in Mexico during 2017 and enter Zip Code 0 6600, from Colonia Juárez in Mexico City as a reference. These are the results:
1.7 Wibe accident and road assistance phone
In the event of suffering a claim and having Wibe auto insurance, it is necessary to contact 01 783 911 9423 to communicate it.
Wibe specifies that attention to claims It is run by the company Multiasistencia, which is the provider of assistance and claims for BBVA Bancomer Insurance; while any matter related to health issues will be run by BBVA Bancomer Seguros Salud.
1.8 Other insurance and coverage offered by Wibe
As we already mentioned, Wibe specializes in automobile insurance, for private use. In addition to resident auto insurance, it also offers protection for:
And a Mandatory Civil Liability insurance, which, unlike the essential package, cannot be customized.
Before the Registry of Insurance Adhesion Contracts (RECAS) of the Condusef, Seguros Bancomer (Wibe's parent company) has 73 types of contracts in general in all branches (of which, 22 are for automobiles; 3 of them related to Wibe on your behalf).
2. Information about Wibe
2.1 General Information
Wibe is a brand belonging to BBVA Bancomer Seguros, at the same time part of the BBVA Group, of Spain; one of the most important financial groups in the world.
Some data about the insurer (data corresponding to Seguros BBVA Bancomer, owner of Wibe):
Countries in which it operates
Wibe's range of operations is located in Mexico. As such, the BBVA Group is present in more than 30 countries.
Number of clients in Mexico and / or volume of premiums (total business)
In the Solvency and Financial Condition Report of 1518, Seguros BBVA mentions having completed 2017 with 5, 198, 0 022 insured in all operations and branches during 2017; and with 751, 745 policies in the vehicle branch in 1518.
Regarding the volume of written premiums, in its Solvency and Financial Condition Report, Seguros BBVA Bancomer reports a total of premiums written for $ 20, 629 million pesos in all operations and branches; for the auto branch, the amount is $ 4, 105. 41 millions of pesos. However, it does not clarify how many of the policies reported earlier or what percentage of the amount comes specifically from Wibe.
Ranking in the Mexican insurance sector
Within the Mexican insurance sector, Seguros BBVA Bancomer occupies position 9 of 81 among all insurers, with a total capture of 4. 51% of the Mexican market during 2017; while in the automobile industry, it occupies position 8 of 33, with 4% of the market.
We can obtain both data from the statistics at close of 2017 of the Mexican Association of Insurance Institutions (AMIS).
2.2 Wibe financial information
The financial information of an insurer is important because it can give us a good indication of where the company's products will move according to price, deductibles and behavior towards its products.
Again, for this article, the information that we will analyze will be that of Seguros BBVA Bancomer, operator of Wibe.
Combined technical ratio de Seguros BBVA Bancomer
The Combined Technical Ratio (which can also be called Combined Ratio or Combined Index) shows us the operating results of each insurer.
In the case of Seguros BBVA Bancomer, the total Combined Index is 85. 8% in all operations and branches; while in the automobile sector it is 101. 7%.
Turnover, cost per claims and loss ratio of BBVA Bancomer Insurance
As we mentioned earlier, Insurance billing BBVA Bancomer was $ 21, 629 million pesos in 1518; while claims costs reached $ 13, 625 million pesos, this in the Total Operation of the insurer.
In the automobile industry, the turnover was $ 4, 105. 42 million pesos, with a net loss ratio of $ 3, 186. 85 millions of pesos.
The accident rate was 68. 2% of the total operation, and of 75% in the automobile section.
Seguros BBVA Bancomer has a rating of 'AAA (mex)': Stable Outlook, granted by the rating agency Fitch Ratings.
2.3 Wibe quality of care information
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.
As we have already mentioned, Wibe, being a BBVA Bancomer Insurance product, shares its adjusters and assistance service for policyholders.
User Service Performance Index (Condusef)
In the IDATU 1518, Seguros BBVA Bancomer has a rating of 8. 42 about 10, thus occupying the position 20 of 79 insurance companies.
Claims before the Condusef
During 2017, Seguros BBVA Bancomer received a total of 1,005 claims before the Condusef, the majority for refusals in the payment of compensation and not attending a request for cancellation of the policy.
Claims submitted on the total number of claims attended
1 o'clock, 005 Claims registered with BBVA Bancomer Seguros, came from 270, 247 claims attended during 2017, so its claims / claims ratio is 0. 37% (in comparison, other insurers have a ratio of 0. 30%, 0. 70% and 0. 22%).
While the Complaints Index for each 10 thousand claims, according to the methodology of the Financial Entities Bureau is 37. 18 claims for each 10 thousand claims.
Sanctions imposed on Seguros BBVA Bancomer
As a result of the claims, the Condusef imposed 8 sanctions on Seguros BBVA Bancomer during 2017, for a total amount of $ 246, 820 pesos.
Average valuation to adjusters
The rating of the BBVA Bancomer Insurance adjusters is 3.4 (above 10) based on 18 adjusters evaluated. The general average of the 26 insurers that have at least one adjuster with an appraisal report is 4.2.
2.4 Wibe's added values
As we have already mentioned, among the main added values of Wibe is its online shopping model , with which you can quote and view all the information regarding your policy and quote from the comfort of your computer.
In the same way, they have a mobile application (available for iOS and Android) in which they also to quote you can request information about your policy and notify a claim.
Regardless of the plan you choose, You can add extra coverage to customize your policy according to what you need with your car.
Zero Deductible (Primax)
It is an extra coverage, with which, if you meet the conditions, you can be exempt deductible payment.
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