Car Insurance going up

[lakeside7]

I received the following letter from my Insurance Broker..What I did not realize was that there is two minimum wages brackets, General and Professional, requiring indemnities of 1.6mill and 3.8mill.

Not all States are party to the new law , but Jalisco is.

LIABILITY COVERAGE IN EXCESS:

On November 30, 2012, the Mexican Congress established an increase for the amounts of indemnities in the event that an insured causes death to a THIRD PARTY.

This change is stated in the Federal Labor Law, article 502 which reads:

In case of death, the compensation due to persons shall be the amount equivalent to FIVE THOUSAND days of the General Minimum Wage or the highest Professional Minimum Wage plus funeral expenses. The result of the sum multiplied by two, three or up to four times, depending on the State.

JALISCO:

MINIMUM SALARY=5,000 days x $62.33 (Nov., 2012)+ 60 days funeral expenses = indemnity of $1,576,949.00 Pesos.

PROFESSIONAL MINIMUM SALARY=5,000 days x $186.73 + 60 days funeral expenses = indemnity of $3,779,415.20 Pesos.

[giltner68]

Yes, my agent recently said ALL insurance will go up, but not a large amount.

[kbiohio]

My 'limited' liability insurance through ANA for a '98 Jetta went up from $2,663 last year to $3,020 this year.

[More Liana]

Our policy went up $134 pesos, for $3 million pesos liability coverage on a 2010 Honda Fit. Just slightly over 10 pesos per month, I think we can deal with it.

[Intercasa]

A fix is in the works to not have the other HUGE number to be insuring.