Buying Insurance in Mexico. Should you cut out the Middleman?
Foreigners buying Insurance in Mexico may feel they would get a better deal if they buy straight from the insurance company and cut out the broker, but that is a common misconception. Whether you are researching medical, home, car or life insurance, we suggest you speak to an insurance broker, and use their knowledge and experience to help you make decisions that best suit your needs.
Some of the Benefits of Buying Insurance Through an Insurance Broker in Mexico:
✓ The broker has knowledge of many companies and the policies they offer, with a better opportunity to choose which will be best suited for each client. They will weigh the pros and cons of each company and provide unbiased advice to find the best solution. It is like having a personal advisor for your insurance needs.
✓ The personal touch: If necessary, the broker will assist you by acting as a translator between you (the client) and the insurance company. They will ensure all paperwork is done correctly and follow up with your insurance company to make sure the claim is processed in a timely manner.
✓ Cost-Benefit relation: A broker has a wide selection of companies to choose from, unlike companies who are selling only one product. They are not obliged to push one particular brand. A broker has the best options available to suit your budget and needs. In some cases, the insurance company will provide better pricing to the broker to ensure their product is being presented to potential clients.
✓ Disputes: In the event of a dispute, a broker will become your advocate with the insurance company, the hospital, adjuster, etc. Experience and the broker’s contacts and knowledge of policies can quickly settle a financial dispute. A broker also sees first-hand which companies have had issues reimbursing the clients’ claims.
✓ Unlike an offshore agent, your insurance broker in Mexico has offices here, where you can stop by, meet the agents and staff in person, and go over the different insurance options without having to do everything from miles away.
*It is important to realize there is no extra cost or fees to the client who purchases insurance through a broker. The broker’s fees are paid by the insurance companies, not the client.
