The Profile of a Mexico Insurance Purchaser
You're wrong about the average Mexico insurance purchaser. Yes I said it, you're wrong. Now before you get offended, let me explain. For the past 10 years, I have been talking to agents all over the country, and I often hear something like, "But we're a preferred agency." As if the product were lower than dirt and only sold to some non-standard customer whose money you don't want. So, we did a little analysis. Here's what we found.
- 64% of our Mexico Insurance customers are insured in the US with providers such as State Farm, Allstate, GEICO, Progressive, Farmers, American Family, and USAA...sound familiar? Yes, the top carriers in the "preferred" and "standard" markets. Which means a good majority of Mexico insurance buyers are "preferred customers."
- 17% of the Mexico Insurance purchasers insured a motor home, travel trailer, boat or motorcycle... meaning they have toys. The premium on the "rounded account" is steadily increasing here, as you cross sell this customer your US specialty personal lines products, in addition to their auto, home, business, and other coverage.
- 90% of the vehicles we insured had comp/collision coverage here in the states.
- 86% bought an upgraded policy, meaning they weren't driven by price, but rather coverage.
- 89% bought a limit of $300K CSL or more in liability coverage. What does your "preferred" book look like?
- 89% of our customers purchased physical damage coverage on their vehicles in Mexico, with an average insured value of over $15,000.
As far as demographics, there are lots of Hispanics, lots of Gringos, lots of Snowbirds. My Point? Regardless of the type of agency you have, there is room for Mexico insurance. If you are signed up with us today, awesome sell it we make it easy. If you are not signed up with us, what are you waiting for?