New Mexico Car Insurance – Auto Insurance Quotes in NM
As with all the other states in the country, New Mexico has its own mandates, laws and requirements for car insurance. When it comes to maintaining the proper amount of car insurance, every resident in the state needs to know those requirements.
MyCarInsuranceRates.com helps drivers learn of those minimum car insurance liability requirements and find the right auto insurance policies for their needs. Not only that, but drivers who use our quote system get and compare cheaper car insurance quotes with the best car insurance companies nationwide.
New Mexico Car Insurance Requirements
New Mexico is similar to many other states, in that it employs a Tort system for car insurance. That means that when there is an accident, one of the drivers involved must be found at fault. That individual and his or her car insurance company will then be responsible for taking care of any medical expenses and damages incurred. As such, New Mexico requires that all drivers maintain at least $25,000 in bodily liability and at least $10,000 in property liability. However, extra coverage, such as uninsured/underinsured coverage, is recommended.
Understanding New Mexico Car Insurance Liabilities & Coverage
In New Mexico, drivers must maintain basic coverage, which is known as 25/50/10 coverage. In other words, in terms of bodily injury liability, a driver’s coverage must cover $25,000 for an injured person and $50,000 for an accident, including medical expenses, as well as $10,000 to cover any damages and repairs to property, public or private. As mentioned before, the state recommends uninsured/underinsured coverage as well, but it is not required.
To find the best car insurance rate for additional or even fully comprehensive coverage, drivers in New Mexico can compare quotes right here at MyCarInsuranceRates.com.
New Mexico Insurance Coverage:
- Bodily Injury Liability: $25,000/$50,000 Limit
- Property Damage Liability: $10,000 Limit
MyCarInsuranceRates.com allows drivers to look at auto insurance quotes quickly and easily. All a driver has to do is supply his or her zip code, answer a few general questions, and he or she will be privy to a number of competitive rate quotes. Also, just scroll down to find some of the top car insurance companies in New Mexico.
New Mexico Car Insurance Laws & Regulations
The state of New Mexico implements serious penalties for drivers who are caught driving without the proper car insurance. These include tickets of $300 and the suspension of the driver’s license and/or registration. This is almost a certainty if the driver is caught on a second offense. Both of these charges count as misdemeanors.
Continuing offenders, however, are committing a felony. In addition to significantly higher penalty charges, further offenses are almost certain to carry a jail sentence on felony charges.
Average New Mexico Car Insurance Rates
The average rate for car insurance in New Mexico was $72.07 per month in 2010, as opposed to a national monthly average of $128.17. Annually, New Mexican driver’s paid a median rate of $1,605 while, nationally, drivers on average paid a total sum of $1,538. Overall, car insurance rates have been lower in recent years. This makes for a perfect opportunity to shop around for cheaper auto insurance rates.
New Mexico Car Insurance Quotes
It can be difficult to find affordable car insurance quotes, especially if you are trying to comparison shop. Between 2008 and 2009, rates in New Mexico increased by 8 percent. Between 2009 and 2010, however, the state’s rates decreased by 13 percent. With this in mind, it is a great time to take advantage of the decrease in car insurance rates which could potentially save you hundreds of dollars a year.
With MyCarInsuranceRates.com, all the legwork is taken out of the process, so affordable rates from the best car insurance companies, such as Nationwide, Allstate, GEICO, Progressive, 21st Century Insurance, Liberty Mutual, State Farm, Farmers Insurance, AAA, AARP and Esurance, are literally only a click away. Enter your zip code to get free, instant car insurance quotes and find cheap New Mexico car insurance.
