Bajaboy
Ultra Nomad
Posts: 4375
Registered: 10-9-2003
Location: Bahia Asuncion, BCS, Mexico
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Auto Insurance
Just bought my annual policy for my new Tacoma...man has insurance gotten expensive in Baja...paid over $515. My policy with AAA in California is
just a bit more.
So what percentage of drivers in Baja do you think have insurance?
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acadist
Super Nomad
Posts: 1125
Registered: 3-31-2007
Location: Spanaway,WA
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Mood: Waiting for the Sun
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all the ones that live in the US 
Dave
I moved to CO and they made me buy a little rod to make it feel like a real fish
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Pacifico
Super Nomad
Posts: 1299
Registered: 5-26-2008
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| Quote: | Originally posted by Bajaboy
Just bought my annual policy for my new Tacoma...man has insurance gotten expensive in Baja...paid over $515. My policy with AAA in California is
just a bit more.
So what percentage of drivers in Baja do you think have insurance? |
Who did you go through? Thanks!
"Plan your life as if you are going to live forever. Live your life as if you are going to die tomorrow." - Carlos Fiesta
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Jack Swords
Super Nomad
Posts: 1095
Registered: 8-30-2002
Location: Nipomo, CA/La Paz, BCS
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We just got our annual through Vagabundos $415 for platinum plan, legal aid, $30,000 4Runner. $35 membership on top of that. Who did you insure
through?
Vagabundos say they are absorbing cost of Mexico's increased liability requirements.
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chuckie
Elite Nomad
Posts: 6082
Registered: 2-20-2012
Location: Kansas Prairies
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Mood: Weary
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Everything in Baja is getting way expensive......
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Bruce R Leech
Elite Nomad
Posts: 6796
Registered: 9-20-2004
Location: Ensenada formerly Mulege
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Mood: A lot cooler than Mulege
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We have coverage in USA and Mexico for 80 USD per year it is liability only
Bruce R Leech
Ensenada
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MitchMan
Super Nomad
Posts: 1856
Registered: 3-9-2009
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Usually the cost of the liability portion of US policies pale in comparison to the cost element for collision, fire and theft for the subject vehicle.
Why is the liability so expensive for coverage in Baja?
I strongly suspect that the Mexican premium hike since this new liability requirement came to the table is NOT supported actuarially. If I am right,
then the ins companies are taking advantage of the "scare" tactic that allows them to influence the market price demanded by them.
I once sold life ins in my youth. The ins companies have marketing down to a science. The main thread that we were taught and that ran thru the pat
sales pitches was "fear".
Also, the ins companies know how to twist terminology to further fool the consumer.
For example, the use of the terms "premium" and "dividend" were coopted and used in ins sales speak. "Premium" in general parlance means something of
high quality as an adjective or "bonus" as a noun, but instead, ins companies use it to describe the monthly payment and to avoid the use of the word
"cost".
"Dividends" in normal circumstances stands for the portion of the profit that is paid to corporate stock shareholders with disclosure of the % of the
profits, as such, these real dividends are directly correlated to and paid out of profits by calculation, but instead, ins companies use it to
describe arbitrary payments to whole life policy holders where such payment amounts are not correlated to profits at all. It's all in an effort to
deceive.
It may not be above board, but it is all legal.
This is not an indictment of insurance as a product, just a description of reality. Insurance is an important necessary commodity that we all need.
It is the price that I am squawking about and the false pretense to hoodwink the market, increase the demand curve by so justifying price hikes so
that people will pay higher prices for insurance excessively beyond what is actuarially necessary.
[Edited on 11-12-2013 by MitchMan]
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Russ
Elite Nomad
Posts: 6742
Registered: 7-4-2004
Location: Punta Chivato
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Is your US insurance for 6 months or a year? Mx. yearly policy seems a bit high but that would depend on what's included/added. If your AAA policy is
yearly I'm going to check AAA out.
Bahia Concepcion where life starts...given a chance!
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bajagrouper
Senior Nomad
Posts: 964
Registered: 8-28-2003
Location: Rincon de Guayabitos, Nayarit, Mexico
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Mood: happy and retired
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I use Costco and the premium is about $500 a year for all of Mexico but with the 25% member discount it comes to about $370 a ear........
I hear the whales song
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David K
Honored Nomad
Posts: 64755
Registered: 8-30-2002
Location: San Diego County
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Mood: Have Baja Fever
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| Quote: | Originally posted by bajagrouper
I use Costco and the premium is about $500 a year for all of Mexico but with the 25% member discount it comes to about $370 a ear........
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What Mexican company is Costco selling policies for?
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sancho
Ultra Nomad
Posts: 2524
Registered: 10-6-2004
Location: OC So Cal
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| Quote: | Originally posted by MitchMan
I strongly suspect that the Mexican premium hike since this new liability requirement came to the table is NOT supported actuarially. If I am right,
then the ins companies are taking advantage of the "scare" tactic that allows them to influence the market price demanded by them.
[Edited on 11-12-2013 by MitchMan] |
With you on that, doubt if the actual awards have
reflected the NEW Libility requirements,
I've done a few inquires as to the Increased Libility Limits
in the case a Insured driver kills someone in Mex, and in a typically
confusing Mexican reg, the awards in case of death are different in
some Mex States, you know it is rearly straight forward
in Mex. I believe it was Jan 1 of this yr., the awards increased some 10 fold, Baja Norte is posted as a lesser amount than
Baja Sur. a San Ysidro Mex Ins kiosk now lists all of the libility portion of their policies as $500,000. Both San Diego
based Mex Ins Brokers say they never remember a death
caused by their insured. I remember reading that ALL drivers
in Baja need libility, including Mex vehicles, can't imagine
that was put into practice, some 90% plus of Mex plated
vehicles are said to be uninsured. Costco MAY use the
Bonita West Mex Ins carrier, I remember they used to use
Lewis& Lewis
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Bajaboy
Ultra Nomad
Posts: 4375
Registered: 10-9-2003
Location: Bahia Asuncion, BCS, Mexico
Member Is Offline
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| Quote: | Originally posted by Pacifico
| Quote: | Originally posted by Bajaboy
Just bought my annual policy for my new Tacoma...man has insurance gotten expensive in Baja...paid over $515. My policy with AAA in California is
just a bit more.
So what percentage of drivers in Baja do you think have insurance? |
Who did you go through? Thanks! |
Baja Bound.com
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Bajaboy
Ultra Nomad
Posts: 4375
Registered: 10-9-2003
Location: Bahia Asuncion, BCS, Mexico
Member Is Offline
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| Quote: | Originally posted by Russ
Is your US insurance for 6 months or a year? Mx. yearly policy seems a bit high but that would depend on what's included/added. If your AAA policy is
yearly I'm going to check AAA out. |
My AAA is yearly...we have a 2004 Subaru Outback and now my 2014 Tacoma....I think we pay somewhere about $1600-1700 for both. We have been very
happy with them.
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