Insurance protects you financially against the risk of losing an asset that would be difficult for you to replace.
Federal Consumer Protection Office | September 28, 2012
You can insure the asset that cost you the most work or that you appreciate the most, that represents a great value for you and that you could hardly restore with your own resources.
If you have the idea that insurance is a drain on your budget because you may pay for it for many years and still never collect it, perhaps you should analyze whether in the event of an illness, a vehicular accident or a sudden death, you will have the means enough money to cope. If the answer is no, this may change your perspective and see in insurance not an expense but an action of anticipation and savings that becomes effective in the event of an unwanted incident, for the future of your children, for the protection of your assets, etc. If you want to know about tesla insurance cost then you can visit this website there main info about tesla insurance.
Depending on the goals you have in life, what you plan to spend, your own needs, health, etc., you can take out life, car, personal accident, major medical, home and dental expenses, among others. There is currently a wide variety of insurance on the market, so prioritize and focus on the one or those that you really need. Here are the five most common.
In this insurance, the insurance company pays the beneficiaries an insured amount in case of disability, survival or death of the insured, in accordance with the contracted conditions, being a fundamental requirement that the policy be in force. Among the main insurances are the following:
Temporary. This is 100% for death and its validity is for the specific time for which it was contracted. If you were to die, the beneficiary (which can be one or more people) will receive the insured amount, but if you survive, the insurer will not return your money.
The terms to hire him range from one, five, ten or 25 years or at an advanced age (60 or 65 years). Your payments are the same during the validity term. When that period ends, the insurer recalculates the value of the premium depending on your age and your state of health. If you are going to hire it, ask if it renews automatically, because not all of them are renewable.
Ordinary of life or life. This insurance lasts for the life of the insured. If he reaches the age of 99 and is still alive, he receives the entire sum insured.
Endowment insurance. It is integrated by a risk insurance and a savings insurance, by virtue of which, if the insured dies before the established term, the stipulated compensation will be delivered to his beneficiaries, and if he survives said term, the established insured sum will be delivered to the insured himself. for the contract.
You can mainly hire them in terms of 10, 15, 18, 20 and 25 years. The costs may vary with age, gender, health status, whether or not you are a smoker, sum insured, savings plan, additional coverage that the insurance has (for example, disability).
Driving a car involves risks and responsibilities that can affect your assets, your health or that of third parties.
Car insurance protects you against damage or total or partial loss of your vehicle in the event of an accident or theft, as well as medical expenses generated by the accident.
The most common forms of this type of insurance are limited coverage or comprehensive coverage. The first covers:
- a) Total theft of the car. Covers the total loss of the vehicle due to theft or assault, as well as material damage and losses as a result of said event.
- b) Civil liability for damages to third parties. Covers the liability that the owner may incur for material damage caused to third parties in their property, bodily injury or death and Armenian insurance settlement website regular post about different type of insurace news update you can check here.
- c) Medical expenses. It covers the payment of medical expenses for bodily injuries to the insured or the other occupants of the vehicle, as a direct consequence of accidents that occur when they travel in it.
- d) Legal defense and advice, in which the company offers you professional legal services in the event of an accident or total theft of the car.
For its part, the broad coverage includes, in addition to the above risks, material damage that guarantees the repair of direct damage suffered by the vehicle as a result of collision, overturning, glass breakage, fire, floods, strikes, or natural phenomena. , among other.
Each company has its own criteria to estimate the cost of insurance based on the year of the vehicle and model, payment periods, in addition to user data, such as the area where they live, age, sex and marital status, among others. If you have any questions about what is included in the limited and broad coverage, ask the insurance agent.
INSURANCE OF MAJOR MEDICAL EXPENSES
They cover the injury or disability that affects the personal integrity or health of the insured, caused by an accident or illness.
- In this type of insurance, the insurer, by paying the corresponding premium, covers hospital expenses, medical care, surgical interventions, food, medicines, clinical tests, X-rays, etc., for the insured and, where appropriate, for dependents. financial when so agreed in the insurance policy.
- For each insurance plan there is specific coverage (basic and non-basic), so it is convenient that you review the content of your policy and confirm that the coverage of the plan you contracted covers your needs.
- To determine the amount of the premium, the insurer considers factors such as age, insured sums, contracted coverage and health status, for which it will apply a medical questionnaire. It is important that when you answer it you do so truthfully, since not doing so empowers the insurer to terminate the contract without any benefit for the insured.
- If in the future you plan to change your company and even your plan, it is very important that the insurer gives you an endorsement, so that they recognize your seniority, that is, the time you had been covered by the previous insurance. Otherwise, it is likely that the new company will not agree to cover pre-existing illnesses (any medically diagnosed illness before signing the contract) and you will have to go through the waiting time again for those situations or illnesses that the insurer requires. (pregnancies, cancer, HIV, among others).
They guarantee, through a savings plan, an amount of money that allows them to cover the university education of minors. The payment of this insurance can be monthly, quarterly, semi-annually or annually.
- Educational insurance generally focuses on covering university studies, because the population with higher education is smaller compared to other educational levels.
- Educational insurance works like any life insurance with a savings fund. Insurers are responsible for offering this type of product and the beneficiary will receive an insured sum on turning 15, 18 or 22 years to continue their studies.
- The parent or guardian is responsible for defining the university (public or private) where the minor will study, the degree or university career. At all times he must consider the income available to him. The insured sum varies if the contribution is for a career in a specific area (social and administrative, medicine and engineering, among others).
- If for any reason you want to cancel this insurance after one or two years, you will not recover any amount due to the administrative expenses incurred by the insurer. After this period you will get a percentage of the sum insured.
The companies that offer it make the quote according to the area where you live, and the risks to which the property is exposed. For example, the premium will be higher in places with higher frequency of earthquakes, such as Mexico City, Oaxaca, Puebla, etc. The premium also rises if your house is located in an area with a high crime rate.
This type of insurance is classified as follows:
- 1. The contents insurance covers furniture, for example, appliances, clothing, jewelry, works of art, etc.
- 2. The theft policy is only paid when it comes to robbery with violence.
- 3. Natural disaster insurance covers damage caused by earthquakes, hurricanes or floods, among others. It has two modes:
- a) The first covers construction only.
- b) The second also covers its content.
- 4. The fire insurance covers all the assets inside the house, in addition to the building’s facilities.
WHEN CONTRACTING BE CAREFUL WHEN YOU FILL IN THE FORMATS
Once you have decided to take out insurance, carefully review the contract, taking into account the following points:
- In the insurance application you must answer a questionnaire; The information you include must be true, since if you lie in any question, it empowers the insurer to terminate the contract without any benefit for the insured.
- Don’t sign anything blank, even if the insurance agent asks you to.
- Check that the contract contains all the elements that were offered to you before hiring.
- IF YOU HAVE ALREADY CONTRACTED
- Read the terms of the policy carefully, and if something is not completely clear to you, ask your insurance agent to explain everything to you until you no longer have any doubts.
Confirm that all the information that appears in the contract is correct, such as name, surname, age, coverage and contracted insured sums, as well as the amount of the premium. If there is an error, you have 30 days to request the correction, once this period has elapsed, the data will be considered correct.
Remember that insurance premiums from insurance companies legally established in Mexico are tax deductible. As well as the medical expenses paid by the insured (deductibles, coinsurance, copayments and medical expenses not covered in the policy).
- a) Know the coverage. To understand it in the basics, ask yourself what product it is, what its benefits are, how much the compensation amounts to, what is the scope of the insurance, among other questions.
- b) When comparing the premiums of the different insurers, not only consider the cost of the premium as something independent, but also request information regarding the sums insured, the risks covered, the deductible percentage, as well as the service offered, among other concepts. . Do not forget that the deductible and coinsurance are expenses that are borne by you at the time of an accident.
- c) Compare different insurance alternatives with several insurers, since each one handles different clauses and conditions and highly variable prices.
- d) Contract only with insurance companies that are legally established in Mexico and that are registered with the National Insurance and Bonding Commission (CNSF) ( www.cnsf.gob.mx ).
- e) An insurance agent must have a certificate issued by the CNSF which must contain the name, photograph, validity, signature of the agent and of the CNSF official, as well as the seal of the institution.
- f) In case of failure to provide the service, contact the Condusef at 01-800-999-8080, free long distance from anywhere in the Republic. If you live in Mexico City, call 53-400-999, or visit www.condusef.gob.mx .
- g) When comparing between several major medical insurance plans, consider the following: sums insured, coinsurance, deductible, medical fees, illnesses covered with seniority and the additional services offered, among others.
- h) In the case of insurance for major medical expenses, read carefully what refers to the pre-existing clause due to seniority: Find out what the policy of each of the insurers is regarding illnesses that you already suffer from at the time of contracting the insurance, since it is possible that some of them refuse to pay any service related to them.
- i) If you and your family are in good health because you have good eating habits, do not smoke, exercise, etc., these factors not only help reduce the risk of suffering from a disease, but can also be a determining factor when quote your policy, mainly in coverage for adults.
- j) If you plan to change insurance, make sure that you will keep the rights and benefits acquired (seniority, coverage of pre-existing illnesses, among others).
- k) When you compare vehicle insurance, whatever the coverage, give priority to coverage and deductibles. In the event that your vehicle requires any repairs, ask what types of workshops the insurance agency authorizes.
- l) Make sure that along with your car insurance policy they give you the instructions, a directory of offices, as well as telephone numbers to report claims.
- m) Before contracting a home policy, quote with several companies so that you can compare coverage and costs. When you have contracted, document your goods with the invoices (if you have them) as well as photographs of the equipment and valuable products.
- n) In general, before contracting any insurance, ask what your rights, obligations, rates, surcharges and restrictions are. It is important that you do not have any doubts.
- o) Depending on the insurance you are going to contract, take your time to analyze the convenience of acquiring it or not. The procedure is personal, and for this reason do not allow anyone to pressure you or want to intervene to make your final decision.
- p) To get an idea of how much insurance costs, check the simulators that companies have available on the internet.
- q) The documentation that identifies you as an insured, keep it in a safe and easily accessible place, perhaps you can use it when you least expect it. It is important that someone besides you knows where these documents are, in case you need them and you cannot access where they are.
GLOSSARY OF TERMS
Beneficiary . It is the person who receives the compensation or benefit agreed or contracted.
Coverage . It is the responsibility assumed by your insurance company, and for which it takes charge, up to the stipulated limit, of the risk and the economic consequences derived from an accident.
Coinsurance. It is a percentage that is paid on the total expense by the insured.
damage . It is any personal or material loss, partial or total, suffered by a natural or legal person, in his life or in his assets.
Deductible. Amount or percentage fraction that is established in the policies that is the responsibility of the insured and that is not compensable by the insurer.
event . It is a sudden or violent event that cannot be foreseen or avoided, which results in destruction or damage to the insured objects or subjects.
Compensation . Amount that the insurer will pay you in case of loss, according to the conditions of the policy.
Insurance policy . Instrument confirming the contract. It must contain all the rules that regulate the contractual relationship between the insurer and you.
Prime . Cost or price of insurance. The amount is covered by you. It is determined by the insurer and is destined for the protection granted by the same, in the terms of the policy.
Risk . It is the probability that an accident occurs in the person. Yes, it is foreseen in the conditions of the policy.
Sinister . The event or fact foreseen in the contract. It generates the obligation on the part of the insurer to indemnify you.
Sum assured . It is the maximum amount that you will be paid in the event of an accident.
Validity . Validity period of the contract.
Sources: National Insurance and Surety Commission (CNSF), National Commission for the Protection and Defense of Financial Services Users (Condusef) and Mexican Association of Insurance Institutions (AMIS).