Trend: multi-year policy

Currently in Mexico there are two million automotive loans, the mechanism most used by users to acquire a vehicle with financing rates that fluctuate between 9 and 15 percent.

Jose Eduardo Perez Del Villar, Executive Director of Santander Mexico Insurance He commented that multi-year insurance is an increasingly demanded service, since it is the type of policy that anyone who buys a new or pre-owned car on credit needs, because it covers the duration of the customer’s credit.

He explained that the most common practice is that the policy is acquired linked to the car purchase, but in addition to the lack of options, multi-year insurance tends to have increases in the renewal premium for claims, so an option was required that would give clients freedom to choose other more competitive insurance options.

“The auto insurance comparator belonging to Santander BankIt will be the first digital platform that will offer multi-year insurance for automotive credit, with the benefit of being able to compare and contract it online, and also with a fixed premium during the contracting period, “said the manager.

Pérez Del Villar considered that the insurance for automotive credit It is a fixed proposal throughout the life of the loan.

“Autocompara offers the facility to obtain from a digital platform the quotes of up to seven of the best insurers, such as: ABA, AIG, Atlas, GNP, Quálitas, MAPFRE and Zurich. In addition to that you can already contract online directly and obtain insurance immediately “, he considered Jose Eduardo Perez Del Villar, executive director of Seguros Santander.

The platform remains the only option in the market where the client can compare insurance for private cars, motorcycles, border, legalized and now private vehicles with automotive credit.

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