Albuquerque Car Insurance (NM)

The population of Albuquerque is 504,949 as of the 2006 census, making it the largest city in the state of New Mexico. Due to the continued growth of the city, the driving conditions have become more problematic. Like most states, New Mexico's law requires car owners to carry at least the minimum insurance coverage on their vehicles at all times. This includes $10,000 per accident for property damage $25,000 per person for bodily injury or death of a person, and $50,000 per accident for bodily injury or death of more than one person. Personal Injury Protection (PIP) coverage provides financial assistance with costs from realistic and essential medical expenses for you and the passengers traveling with you should an accident occur. Personal Injury Protection is not legally required in New Mexico but many insurance agencies do offer this valuable financial security.

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Car Insurance Options in Albuquerque, NM

New Mexico also offers an alternative to maintaining car insurance. However, it is an option that is most likely not feasible for the mass population. Self insurance is available in Albuquerque and throughout the state of New Mexico. To self-insure, you would be required to place a very large sum of money, approximately $60,000. You make a cash deposit at a New Mexico bank or purchase a surety deposit in the amount of $60,000. The transaction then needs to be recorded with the New Mexico State Treasurer's Office.

Ways to Save on Albuquerque Car Insurance

Insurance premiums in Albuquerque will vary based on your driving history, your age, your credit score, and the make and model of your car. The most stolen vehicles in Albuquerque and the state of New Mexico in 2006 were 1994 Honda Accord, 1990 Toyota Camry, 1994 Honda Civic, 1990 Chevrolet Full Size C/K 1500 Pickup, 2005 Dodge Ram Pickup , 1997 Ford F150 Series, 2006 Ford F350 Series, 2004 Ford F250 Series, 1992 Jeep Cherokee/Grand Cherokee, and the 1993 Saturn SL. If you insure a vehicle mentioned in Albuquerque, chances are you will be paying a higher premium than others. You can save on insurance rates by adding an anti-theft device to your vehicle.

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