Because of its flourishing economy the population of New Mexico is growing every day. And higher populations mean more motorists on the roads for the Land of Enchantment. For this reason alone, it is very important that all New Mexico drivers maintain adequate insurance coverage for their cars, trucks and SUVs. CarInsuranceQuotes.com understands that our customer’s time is precious. That is why all the low cost car insurance quotes CarInsuranceQuotes.com finds for our customers meet the minimum New Mexico state requirements. After entering your Zip code and answering a few general questions, CarInsuranceQuotes.com will search our partners to find you several quotes that you can choose from. And best of all, the service is free!
The average car insurance premiums for the state of New Mexico fell from $1900 in 2006 to $1805 in 2007, bringing it below the national average of $1896. It is important to remember that these are averages, however, and that there are many factors included in figuring the insurance premiums you pay, such as your credit record, driving history and the type of car you own.
New Mexico Car Insurance Minimums
New Mexico requires its residents to carry a minimum liability policy. The coverage in the policy is to help ensure that the at-fault party is able to cover the other party’s medical expenses and property damage in the event of an accident. The minimum New Mexico insurance requirements are set at 25/50/10. The first two numbers represent the bodily injury liability coverage that is required and the third number represents the amount of property damage liability required by the state.
- Bodily Injury Liability- The state of New Mexico requires that each person carry $25,000 to cover the medical expenses per injured person with a $50,000 limit per accident for all persons.
- Property damage Liability- Property damage liability covers damage to the other party’s vehicle, or other property such as buildings and guard rails. In New Mexico, the minimum property damage liability coverage is set at $10,000.
While these are the minimum state requirements for the state of New Mexico, it is highly recommended that residents of the Land of Enchantment carry more than the required minimum coverage for their vehicles because in the event that monetary damages exceed the insurance limits, the driver responsible for the accident will be held responsible to cover the expense. Also, while it is not a requirement in the state of New Mexico to carry Comprehensive and Collision, it is also highly recommended to pay for damages to the vehicle of the responsible driver or any damage caused by wildlife or natural events, such as thunderstorms or falling tree limbs.
Though it is not required in the state of New Mexico, it is still recommended that all motorists obtain Uninsured/Underinsured motorist coverage. This type of coverage will cover the insured party in the event that the responsible driver fails to provide sufficient insurance coverage to pay for damages to the other party’s vehicle.
No matter what kind of automotive insurance policy you are looking for, CarInsuranceQuotes.com can find you the best quotes from highly respected companies online. CarInsuranceQuotes.com searches reputable companies to find low priced New Mexico car insurance quotes that will allow you to pick the policy that suits your needs. Visit CarInsuranceQuotes.com every time you need low cost quotes on car insurance.