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New Mexico Car Insurance (NM)

New Mexico Car Insurance

The owner or operator of a vehicle must have minimum liability coverage:
- $25,000 per person for Bodily Injury;
- $50,000 per accident for Bodily Injury;
- $10,000 per accident for Property Damage;

Insurance required:
- Bodily injury liability;
- Property damage liability;

Proof of insurance required:
- At registration (YES)
- At time of accident (YES)
- At all times in vehicle (YES)

(I.I.I.) recommends you carry $100,000 of bodily injury protection per person and $300,000 per accident.

New Mexico Car Insurance Requirements: Your Partner In Protection For Accidental Expenses On The Road

Car insurance has been one of the most profitable businesses ever since the dawn of cars, vehicles and automobiles nearly a century ago. Thus, many car insurance companies sprung left and right. Laws and statues were passed in order to regulate the practice of car insurance on both the insurer and the insured alike. As time passes by, the requirements for availing of car insurance in New Mexico has undergone several changes. This goes also for the laws and rules that government such industry.

With a total of nearly 2.5 million people as its total population, New Mexico has tens of thousands of cars and vehicles that are being used across the said state. If you are living in New Mexico then you need to follow the following requirements for car insurance; and these are:

• Proof of Insurance coverage for the past year for old cars.

• Proof of Ownership for newer models of cars.

• Proof of financial responsibility, or capacity to pay any damages arising from accidents.

• NMIC or New Mexico Identification Card issued by insurance companies in New Mexico.

It is necessary to have a proof of insurance for the past year for renewing insurance policies. This will make the renewal much faster for clients or customers. For new cars, there is a need to present the registered documents of the said car as sufficient proofs of ownership. Non-owners cannot register a car under his or her name because the laws of New Mexico require that only the legal owner or his or her representative can enter into a contract of insurance.

Nobody wants to be burdened with the huge expenses that could come from figuring in a serious road accident. No matter how safe a driver you may be, the risk of getting into a road accident is always there. There are factors that are beyond your control especially as you are on the road with hundreds of other motorists who might not be as careful as you are. It is your responsibility to ensure that you have adequate coverage in terms of motorist insurance when you get out and drive your car around New Mexico. There are minimum standards set in as far as these motorist coverages are concerned. You need to know what these minimum requirements are and comply with these requirements lest you be subject to steep penalties. In fact, it might even be advisable for you to take out motorist insurance coverage beyond what is required by the state. Especially in serious vehicular accidents, the expenses involved could run up to tens or even hundreds of thousand dollars. The minimums set by the New Mexico department of motor vehicle would not be able to cover all these expenses and thus, you might have to cover the rest of the expenses from your own pocket.

Although they might not be enough, the minimum limits set by New Mexico's car insurance rules and laws are higher than those of other states. The coverage required for bodily injury is at $25,000 per person or up to a total of $50,000 for every accident. Property damage coverage, on the other hand, is set at a minimum of $10,000 per accident. In insurance parlance, this is commonly called a 25/50/10 coverage. There is also the option of self-insurance for motorists in New Mexico. This, however, should be proven and applied for with the concerned state department. There is evidence of financial capacity that should be presented for this option to be granted. Keep in mind that you have to keep your proof of insurance in your car at all times. You have to be able to show this proof anytime you are flagged down for inspection by traffic officers. Failure to produce such proof could result in the revocation of your license and in being fined by the state.

The state of New Mexico is a follower of the Torts system also called the "Fault System". This system involves three parties, the insured, the insurer and the aggrieved party. The aggrieved party or the one who suffered injury or harm can go after the insured, the insurer or both as long as the insured is the one at fault for the said accident. Sufficient pieces of evidence must pinpoint to the insured as the one at fault in order to make a valid claim against him or her.

Most New Mexico based insurance companies issue the NMIC or New Mexico Identification Card. This is the card that is required by police officers and other persons in authority during accidents. This serves as the best proof of insurance on the spot and non-possession of this document may result in fines.

You can find a reputable and reliable insurance company to provide your insurance coverage for you. Taking the time to get quotes from various companies and reviewing your options can give you the best coverage for the least cost. Spending a few thousand dollars for ample car insurance coverage would protect you from the huge expenses that you might have to be held liable for in case of road accidents.

Enter Your Zip Code to Find Insurance Quotes in New Mexico:

New Mexico Department of Insurance

  • 1120 Paseo De Peralta, Santa Fe, NM 87501
  • Phone: (888) 427-5772

New Mexico Department of Transportation

  • 1120 Cerrillos Road, Santa Fe, NM, 87504
  • Phone: (505) 827-5100

Most stolen vehicles in New Mexico

  • 1. Dodge Ram Pickup 2005
  • 2. Honda Accord 1994
  • 3. Chevrolet Full Size C/K 1500 Pickup 1992
  • 4. Ford F150 Series 2004
  • 5. Honda Civic 1998
  • 6. Ford F250 Series 1997
  • 7. Toyota Camry 1990
  • 8. Ford F350 Series 2006
  • 9. Ford F Series 2005
  • 10. Jeep Cherokee/Grand Cherokee 1994
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