New Mexico Car Insurance (NM)

While you are planning your trip to New Mexico or if you are planning to move there, do not forget to look into the state's car insurance requirements. For residents, this information is mandatory. And if you are a visitor, it is good to know what the state asks of its residents in terms of liability insurance, so you know what protection you have with regard to your fellow motorists.

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New Mexico Car Insurance Requirements 

The State of New Mexico maintains the basic liability requirements for auto insurance. Vehicles registered in New Mexico must be insured for bodily injury liability and property damage liability. The minimum coverage for bodily injury is $25,000 per individual and $50,000 per incident. The minimum property damage liability coverage required is $10,000. These liability insurance requirements are meant to cover the costs incurred by the other vehicle and its passengers if you are in an accident and you are at fault.

New Mexico also requires car insurance for uninsured and underinsured motorists. This policy component provides payment for medical costs incurred by you and your passengers if you are involved in an accident with a driver who is at fault and who is either uninsured or does not have adequate coverage to meet your injury-related expenses. You do have the right to waive this insurance requirement if you do so in writing.

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Optional New Mexico Car Insurance Coverage

Optional insurance coverage is available to further protect you and your property. Collision and comprehensive insurance will pay for damage to your car. Collision will cover repair costs from an accident, after you pay a deductible. Comprehensive pays for non-accident related damage such as from fire, theft, vandalism or storms – also after the insured party pays a deductible. If you have taken out a loan to buy the car, the lender will probably require this coverage.

Medical payments insurance is another form of optional car insurance that provides an additional layer of protection against injury related costs. This policy component will pay for medical costs for you and your passengers regardless of who is at fault. Medical payments insurance may overlap with the other driver’s liability coverage, or may be a necessity if you have no underinsured motorist coverage and the other driver has insufficient coverage.

The State of New Mexico also cautions that your car insurance purchased in this country will not do you much good across the border in Mexico. Liability responsibility in that country must be handled with a Mexican insurance policy in most cases. It pays to do your research on car insurance.

Car Insurance in New Mexico Cities

Learn more about car insurance specifically in Albuquerque.

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