Mexico — As of today, it is mandatory that vehicles traveling on roadways throughout Mexico have, at minimum, third-party auto insurance.
As of January 1, vehicles must have at least third-party insurance to guarantee damage payment in the event of an auto accident, therefore, it is essential to compare and choose the most appropriate insurance policy according to the needs of each driver, says the director of Quálitas.
Víctor Castillero, a director of Quálitas, says drivers need to comply with the new requirement before going on the road, otherwise drivers could be heavily fined.
He explained that “In 2013, a law in the Diario Oficial de la Federación was issued to regulate the transit of vehicles on roads and bridges.” This provision had several stages until 2019, where it was determined that not only people, but their assets be covered.
“Authorities will be able to demand proof of insurance during an infraction, road incident or road emergency, so people must be prepared and have this insurance,” he said.
According to the Asociación Mexicana de Instituciones de Seguros, drivers who already have an insurance policy with liability coverage for damages to third parties do not have to acquire new insurance.
According to the association, it is estimated that in Mexico, road accidents account for approximately 1.7 percent of the Gross Domestic Product, in addition to leaving families in financial ruin when they do not have the means to pay damages for an accident, which they add, can amount to around 3 million peso.
They point out that in Mexico, there are an average of 2.4 million road accidents each year.