Options on Purchasing New Mexico Auto Insurance
Auto insurance is required in New Mexico as it is everywhere else in the US. Since it is the law for New Mexico drivers to carry auto liability insurance, all drivers should have access to affordable and dependable New Mexico Insurance coverage.
The state requires that all drivers carry at least these minimum coverage amounts:
- $25,000 in bodily injury coverage per person, per accident
- $50,000 in bodily injury coverage per accident
- $10,000 in property damage per accident
While these numbers show what the minimum requirements are to comply with state law, most drivers, particularly those with newer or more expensive vehicles, should carry higher liability limits and add additional coverage that provides much more protection for drivers and vehicle owners. The most common policy options available are:
- Collision coverage, which protects the policyholder’s car against the cost of damages sustained in an automobile accident
- Comprehensive coverage, which protects the insured vehicle from damages not caused by an auto accident (for example weather, collisions with wildlife, theft, vandalism)
- Medical payments coverage to help pay the cost of driver and passenger medical bills that may result from a covered accident, and
- Uninsured/Underinsured (UM/UIM) Motorist coverage, which provides protection from at-fault drivers who have no or insufficient bodily injury or property damage liability coverage limits
New Mexico has one of the highest percentages of uninsured drivers in the country
At nearly 22%, New Mexico has quite the lions share of uninsured motorists. This is why its so important for drivers to consider adding UM/UIM coverage to their New Mexico Insurance policies for their automobiles. Without it, drivers who get involved in an accident with an uninsured motorist (or are involved in a hit-and-run accident) may be forced to bear the financial burden of any damages caused by an uninsured, at-fault party. This can quickly become expensive, especially when injuries and property damages are part of the equation.
Take advantage of any available discounts
Some local insurers are willing to provide you with affordable discount auto insurance. By, applying discounts, choosing the right coverage amounts, and adjusting deductibles, you can save on coverage expenses in New Mexico and get the coverage you need at a price you can afford.