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Insurance companies in Mexico don’t pay claims?

Published Date: Feb 23, 2016


Insurance companies in Mexico don’t pay claims?

When people talk about insurance companies, we frequently hear comments from people saying their claim was not covered by their policy, their policies were not what they were told, or simply that their expectations were higher. Whatever the case is, insurance companies would not exist if they did not pay claims. But there are many factors to consider before assuming the worst from an insurance company:

 

claims

 

People often choose a policy based on the price alone, without doing research into the reputation of the insurance company or broker.   Or taking the time to look over the coverages, benefits and coverage limits the policy provides.

There will always be a difference between the cheapest policy and a policy with a good reputation. It is extremely important that your decision is based on the recommendation of a licensed insurance broker who knows the insurance industry, the policy you are purchasing, and has your interests and financial well-being at heart.  Good value should be the goal-which may not always have the cheapest price.

In order for your claim to be paid in a timely fashion, it is also important to be aware of the steps to follow and the information you must share with the insurance company so they can start to process your claim. In every claim, the insurance company will ask for information related to the event/claim to be covered, and in some cases, insurance companies are not allowed to proceed forward without all the information they had requested. As a client, you must be aware of this in order to receive your policy benefits in a timely manner, and to avoid surprises or last minute requirements on the part of your company causing delays.  Your insurance broker or their in house claims staff should be available to assist you in this process, particularly if the client is not a fluent Spanish speaker.

During the last 12 months, Novamar Insurance Mexico clients have been paid more than $8,000,000 pesos in different types of claims: car accidents, hurricane, fire, glass breakage, pipe breakage, lightning, health issues, injuries, and more.  And it is with great pleasure that we share this with you. When we created our own In-house claims department, we put a lot of effort to assist you from A to Z to ensure that your claim is handled properly.

So the next time someone tells you that Mexican insurance companies don’t pay claims, keep in mind insurance companies in Mexico do pay claims, but proper coverage and following procedures are key to a positive outcome.  Hopefully if a friend asks you about your own claims experience, you will be able to honestly report you were treated well and received your settlement in a reasonable period of time.  

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