New Mexico Car Insurance

new mexico

Car insurance premiums in New Mexico are known for being relatively high, so it is important to take your time while searching for coverage. Our goal at CarInsuranceReviews.com is to make sure you have all of the information you need to properly understand New Mexico insurance law so that you can purchase the best possible coverage.

Proving Financial Responsibility in New Mexico

Not unlike the laws in every other state, New Mexico insurance guidelines require all drivers to prove they are financially responsible before they are allowed to drive. While some drivers may opt to prove financial responsibility by giving a $60,000 cash deposit or surety bond, most opt to buy a car insurance policy instead. Doing so is simply more affordable and convenient.

Minimum Insurance Requirements in New Mexico

New Mexico insurance law requires all drivers to purchase a policy with at least the state mandated limits of liability. These include $20,000 per person and $50,000 per accident in bodily injury coverage and $10,000 per accident in property damage.

The fact that the minimums are set by the state does not in any way indicate these amounts would be sufficient if you were involved in a serious accident. As a matter of fact, most drivers opt to purchase higher limits of insurance to protect their homes and other assets. Remember, any bills over the limit listed on your policy will not be paid by your insurance company. You will be responsible for paying them out of pocket.

Optional Insurance Coverage

There are several optional insurance categories you can add to your policy in New Mexico as well. The most notable is uninsured motorist coverage, which will pay for damages another driver does to you or your car if he causes an accident while driving without insurance. The Insurance Information Institute published a study indicating that almost 30% of drivers in New Mexico are uninsured, making this a coverage you should seriously consider.

You should also consider options to protect your own vehicle. Comprehensive coverage will pay for damage caused by fire, theft, vandalism, or collision with an animal (like a deer). Collision coverage will pay for all other types of damage caused by just that – a collision.

Driving without Coverage in New Mexico

Driving without proof of insurance is relatively harmless – you’ll simply have to bring proof of insurance to court showing you had coverage at the time you were stopped. If you really don’t have insurance at all, you’ll face misdemeanor charges, the suspension of your registration, and significant fines.

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