The Importance of Car Insurance: Why It is Necessary and What Happens Without It

Having a car implies a great responsibility, both for having the legal documents of your new car in order as well as considering the risks that can occur at any time, so it is always necessary to have car insurance, but sometimes doubts arise as to whether it is really necessary to have it or what happens if my vehicle does not have insurance.

The risks always exist and can range from a crash to a hit-and-run or a vulcadura and have unfortunate consequences. In these cases and if you do not have insurance, you will see that your financein addition to all that it implies, will be greatly affected perhaps with a significant amount of money to repair damages.

Is car insurance mandatory?

As of 2014, article 63 Bis of the Federal Roads, Bridges and Auto Parts Law entered into force in Mexico, and of course in Monterrey. This article states that all cars that travel on roads, highways and federal bridges must have a Obligatory insurance of Vehicular Civil Liability that guarantees third parties the damages that may be caused to their property and persons.

Although this article came into effect years ago, it is still in doubt what happens if I do not have car insurance.

Fines for not having car insurance

Consider that before any review requested by an authority, they will review your documents and if they realize that you do not have insurance, this could generate a fine that could cost from 1,600 up to 3,200 pesos

In other cases of those who drive cargo transport units or public transport and do not have insurance, they can be fined and the vehicle can also go to the corral.

Condusef issues recommendations before choosing an insurer

• Evaluate the conditions to which the regulations oblige you
• Consider the place where you live, coverage and validity
• Get good advice so that you choose the insurance that suits you within your ability to pay; remember that paying a little more, the benefit can be much higher
• If you already have automobile insurance, it is not necessary to purchase a new one, just check that the amounts of the sum insured in the civil liability coverage are equal to or greater than those that apply in the place where you reside

Finally, the National Commission for the Protection and Defense of Users of Financial Services suggests doing a review in the Registry of Standardized Basic Insurance, RESBA -of the Condusef page- where it will be very easy to compare and choose the option that suits you.