Easter is just around the corner, know all about mandatory car insurance and nothing ruin your vacation.

This initiative of the federal government is due to the low penetration of insurance in our country. And, despite the fact that 1 in 5 vehicles has an accident per year, only 29% of the vehicle fleet has a policy. Imagine for a moment that a car hits you, but you have no insurance. In addition to the material damages, the people who came inside suffered injuries, and this person will have to bear the total cost of the damages.

Insurance is a financial mechanism

Insurance is a financial mechanism that can guarantee the economic solvency of the motorist, to respond to an incident for which he is responsible, establishes the Mexican Association of Insurance Institutions (AMIS).

With this obligation, all vehicles that travel on federal roads must have a protection against an accident to cover third parties. In addition, the person responsible for the damages will have a way of solving them.

AMIS figures reveal that 750,000 people end up in the hospital and 45 are left with a disability as a result of road accidents. Do you now understand the importance of this measure? If you are planning to leave your hometown on this Easter holiday, it is important that you contemplate compliance with this obligation and its cost within your budget.

They will have the obligation to have liability insurance

This measure is gradual, that is, depending on the model of the car, they will have the obligation to have liability insurance that covers injuries for an insured sum of 100 thousand pesos, death for 100 thousand pesos and goods for 50 thousand pesos.

For 2008 and later models whose invoice value is greater than 162 thousand 255 pesos, insurance is already mandatory this year. While in September last year the obligation came into force for 2011 and later models whose invoice value is greater than 186 thousand 732 pesos.

Good news is that if your car already has insurance

It is not necessary to hire another, since there are no civil liability policies that are less than what is required by law. In case of being wide coverage, you are more protected. Get a title loans here

If you do not already have coverage, you will have to allocate a portion of your income to this item. Remember, it is important that you integrate it into your budget, this will help you have a better administration of your money. According to industry estimates, the cost of the policy is around 400 pesos, depending on the insurance company with which you hire it.

People who travel on federal roads and do not have a civil liability policy will be entitled to a fine that can reach two thousand six hundred pesos, so do not play it, better protect yourself and protect your family.