Considerations for Foreigners Choosing an Insurance Broker in Mexico
There are many insurance companies out there, and they all claim to provide the most comprehensive policies and the best customer service. Clients living in Mexico need to expect more from their broker than someone living in the US or Canada. Resolving anything in Mexico can be a challenge as there are always hoops to jump through and a lot of red tape. You need to make sure your broker knows their way around the Mexican system. When an incident occurs, it is too late to feel uncertain about how your claim will be resolved, choose wisely, pick a company and a broker who will be there. The last thing you want during this stressful and emotional time is to be faced with language barriers and impersonal call centers.
- Top 10 Expectations of an Insurance Broker:
- Your broker should be your ally, located and available in Mexico should you need assistance.
- Do they have an established public office? Choose a broker that has roots in the community and is not working out of a coffee shop, which could be considered a flight risk.
- Experience and licensed: Most importantly the insurance company needs to be licensed to sell insurance in Mexico. Many people are selling insurance illegally, essentially, under the table. These salespeople typically do not have an office nor do they advertise. They make their sales through word of mouth, but should they be misleading the client about medical expenses it could lead to bankruptcy with no recourse. The insurance license ensures the company is diligent and complies with the law; it protects clients from errors made by the broker, and the errors of omission policy protects the insured. Ask for proof of licensing when you are shopping for insurance of any kind.
- Bilingual: It is essential for an insurance company to speak Spanish as it is virtually impossible to resolve with a claim if you do not know the language. The broker can speak with Mexican officials, hospitals, and other agencies involved in your claim. It can be challenging to resolve matters in Mexico. There is always a lot of paperwork involved in anything you try to accomplish in Mexico; you will appreciate a Spanish speaker on your side.
- Will your broker participate in the claim, assist with reporting and coordination during the claim?
- In-house claim center: Choose a broker that represents a company with an in-house claim center; you do not want to be dealing with a third party claim center during a crisis.
- Is your broker approachable? A broker should be available to provide assistance and answer your inquiries. Many agents are busy selling policies but not taking care of their existing clients. How is their follow up to your inquiries? If you do not hear back from them promptly or they are hard to reach during the sales process, you are less likely to hear back during a claim.
- Does your broker offer a variety of policies with options to suit your requirements and your budget? The broker should listen to you and take the time to compare and help you choose which policy suits your needs, not push the policy with the highest commission.
- Does the broker represent a financially sound company and a stable underwriter?
- Will they put everything in writing? Any promises or inclusions made during the sale of the policy are not valid if they are not written in the policy, you will have no recourse if it is not in writing.
Guardian Insurance is fully licensed to sell insurance in Mexico and focused providing service to the expat community.
The employees at Guardian speak English and Spanish, ensuring ease of communication between you and the broker, and the broker and the authorities involved with your claim.