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For hurricane/severe weather coverage the standard deductible is 2% and the standard copayment is 20%. So, let’s say you insure the structure of your home for 100,000 USD, and it takes some rain and flood damage for 50,000 USD. The deductible is applied to the total value of the structure (100,000 USD), so you would need to pay the first 2,000 USD. That 2,000 USD is subtracted from the amount of damage leaving the new damage total at 48,000 USD. Of that 48,000 USD you pay the 20% copayment, which is 9,600 USD. So in total, you pay 11,600 USD of the damages and the insurance provider pays the remaining 38,400 USD.
✓ Commercial Value: Having your vehicle insured this way means that you will not see a vehicle value stated on your policy, but instead you will just see it listed as “amparada” or covered. This means that the premium you paid for the policy was based on the commercial value of the vehicle at the time. It also means that in the event of a claim the insurance company will pay out the commercial value at the time of the claim. Commercial value is determined by a Mexican system, similar to Kelley Blue Book, that the Mexican insurance providers use with the Vehicle Identification Number.
✓ Fixed Value: Having your vehicle insured this way means that you will see a stated MXN value for your vehicle on the policy. This means that the vehicle value on the policy stays the same throughout the entire policy year, and then at the renewal the depreciation is applied, and a new value is placed for the next full year. This is different to the commercial value listed above, where the vehicle is depreciated throughout the policy year.
✓ Factura Value: If you are purchasing a new vehicle from a Mexican dealership, you will get a factura, which is a formal invoice. As long as the vehicle year is of the current year or 1 year older, and the factura is not more than 30 days old, we can send it to the insurance company and they will place the vehicle value on the policy as the same value you paid for the vehicle.
Expect for “uninsurable conditions” (HIV/AIDS, Cancer, Fibromyalgia, Parkinson’s, etc.) which make any applicant automatically ineligible for coverage, most other conditions are taken on a case-by-case basis, so it is hard to know up-front how your condition will be accepted. The best we can do is submit an application, and then most companies will ask for some lab testing and a medical history report completed by a physician. They may also ask for supplemental forms to be completed regarding the specific condition, as well as any past documents that outline the diagnosis, treatment, evolution and current condition of the illness. Based on this information they make their decision. The common outcomes we see are: