Mexico insurer solvency and financial conditions
There are fewer than 20 insurance companies in all of Mexico who offer tourist auto insurance coverage. When buying your coverage from Mexico insurers, it is important to check the specific A.M. Best Rating for that insurer. Some large Mexico insurance providers have not been rated by A.M. Best Company. You should never buy your coverage from unrated insurers in the US, let alone Mexico.
At a time when even old stalwarts such as AIG have seen their stock valuations decrease dramatically and are under ratings review with negative implications, it is more important than ever that you make sure you are buying your Mexico coverage from financially stable, AM Best Rated insurers.
For a complete listing of Mexican Insurer's Financial Results, please visit mexpro.com. The company represents only carriers (or their parents) that maintain an A.M. Best A rating or better.
Gas prices less in Mexico
Although US gas prices have taken a dip, gas prices in Mexico continue to be far less. Since Mexico regulates gas through Pemex, their lone gasoline distributor, the gas is the same price whether you fill up in Cancun or Tijuana. For RVers and others traveling to the interior of Mexico this winter, the savings can add up to hundreds of dollars.
If you're crossing the border, keep in mind that you must carry auto insurance for your vehicle.
More bang for your buck
The US dollar is weak, but not in Mexico where the exchange rate is still very favorable. The US dollar has increased 30 percent over the Mexico Peso in the last two months.
With the faltering economy and devalued dollar, Mexico offers a great close-to-home alternative for Americans with Maui-like beaches for a fraction of the cost. Pew Research Center's Global Attitudes survey found that Mexico is the number one destination for Americans.
New Passport card available
The US Department of State has begun mailing out new passport cards: these smaller, less expensive passport cards fit into a wallet. The card is being used in lieu of the larger, traditional passport book, which costs $100 for a new applicant. It is a steal at $20 if you already have a passport, and $45 for first-time applicants. The card can only be used for land or sea travel - not for air travel - in North America.
The passport card features an embedded radio transmitter that allows customs agents to quickly access passport information from government databases. This speeds up the border crossing process and allows customs agents to make better judgments regarding a person's entry into a country. The processing time for the new passport card is about four weeks.
2 comments:
Does anyone know how long the new Passport Cards are valid for?
Why would anyone choose to drive an RV into Mexico? Drug crime is rampant, murders in border cities occur frequently. I live in San Diego and read about this in my daily papers. Google "state dept. travel advisory Mexico" for latest information.
Surely there are RV parks in the US that still accomodate snowbirds. With economy in a tailspin, let's spend our money on this side of the border.
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