New Mexico Auto Insurance

Auto insurance in New Mexico

The acquisition of car insurance is imposed by the law in each state, helping vehicle owners stay safe and protected in case of accidents. Whether the respective vehicle is used for professional or personal purposes, having insurance is mandatory. Without a valid insurance policy, drivers are liable for fines of up to $1,000 or they might have their driving documents suspended for up to six months. This can refer to either the driver's license or vehicle registration. If you are looking to discover more information on the topic of auto insurance in New Mexico, just keep on reading this article.

What type of car insurance do you legally need in New Mexico?

According to the Mandator Liability Insurance Act, all New Mexico residents who intend to operate a moving vehicle must be insured. Should there be a lapse whereas the mandatory insurance policy is concerned, the respective driving documents will be suspended for several months or more. New Mexico, like other states, has an online insurance verification system. This can be used to instantly determine whether a vehicle has insurance or not.

For a resident to operate a vehicle in the state of New Mexico, the respective auto insurance must comply with specific guidelines. These include: bodily injury liability ($50,000 per accident and $25,000 per person), property damage liability ($10,000 per accident), uninsured/underinsured motorist bodily injury ($50,000 per accident and $25,000 per person), and uninsured motorist property damage ($10,000 per accidents). The full coverage insurance is more advantageous than the minimum liability coverage, as vehicle owners can add options, such as comprehensive and collision insurance. According to insurance specialists, it is for the best to choose a policy with a high liability coverage limit, as opposed to the one required by law in New Mexico. Thus, you will be protected, should the worst-case scenario occur.

The sums mentioned above refer to the amount insurance providers are able to pay, should the driver be involved in an accident for which he/she is at fault. According to the current laws, all vehicle owners should carry a copy of their insurance policy while driving. Naturally, it is illegal to operate a vehicle without insurance in New Mexico. Consequences include legal fines and the suspension of one's driving documents, meaning the driver's license or vehicle registration. Should one continue to operate the vehicle without a valid insurance policy, jail time might be enforced through legal means.

Average cost of auto insurance in New Mexico

How much does auto insurance cost in NM? The state minimum auto insurance policy in New Mexico has a value of $459. However, a full coverage insurance policy has an average value of $1,375 per year. Collision and comprehensive coverage are not included in this policy, so you will have to calculate your budget accordingly. Several factors influence the overall insurance rates, including: marital status, gender, age, driving record, location, number of miles driven, the presence of prior insurance, vehicle, etc. The recommendation is to choose an insurance policy that offers the best possible coverage, not the one with the lowest value.

It is worth mentioning that the average cost of auto insurance varies from one state to the other. You can expect such differences for both the minimum and full coverage, including when it comes to options such as comprehensive and collision. The factors influencing these values include: road conditions, how many uninsured drivers there are in the city, number of drivers in accordance with the general population, at-fault accidents, accidents caused by weather elements or conditions, etc.

New Mexico has a significantly lower rate for the average car insurance than the national median, which is around $1,770. The states with the most expensive auto insurance policies include: California, Colorado, Florida, Louisiana, Michigan, Nevada, New York, and Pennsylvania. As for the most affordable states, these are: Maine, Nebraska, New Mexico, North Dakota, Oregon, Tennessee, Washington, and Wisconsin. New York has the most expensive auto insurance policies, with $2,996 for the full coverage and $1,339 for the minimum one. Maine is among the most affordable when it comes to auto insurance, with $876 for the full coverage and $227 for the minimum one.

Within the state of NM, you might also find differences between various cities. Las Cruces has some of the most affordable policies, while Albuquerque stands at the top of the list in terms of costs. The average annual premiums are as follows: Las Cruces - $1,474; Roswell - $1,635; Santa Fe - $1,680; Rio Rancho - $1,748; Albuquerque - $1,891.

The driver's age represents one of the main factors influencing the value of auto insurance. Typically, young drivers pay more for this type of insurance, as they are perceived by insurance companies as immature and prone to accidents. A teenage driver will pay an annual premium of over $7,700, while a middle-aged driver will be prepared for a premium that is close to $2,000. Slight differences are also noticeable between genders, with men benefitting from more affordable rates. The same goes for married couples, who benefit from attractive rates, in comparison to those who are divorced, single, or widowed.

In calculating the overall value of an insurance policy, providers will analyze the driver's credit history as well. A driver with an exceptional credit will save significant sums on his/her car insurance premium, in contrast to someone with a poor credit history. Prior driving offenses lead to higher rates as well, including reckless driving, at-fault accidents, speeding, and DUI/DWI. The type of coverage can cause the overall insurance rates to vary. Drivers are encouraged to add both comprehensive and collision to the state minimum policy, to increase the level of protection offered.

Did not find your city or county on the list? Please use our auto insurance companies search box at the top to locate all the best auto insurance quotes in New Mexico. Find car insurance in New Mexico by city, zip code or county name.

Finding the right auto insurance in New Mexico

If you are having a hard time finding the right insurance policy, you might rely on our expert assistance. Backed by years of experience in the field of auto insurance, we are able to match drivers with the best policies for their needs and budget. Just give us a call and we will be more than pleased to offer our support. Remember, this is a free service, which will save you from a complicated and even daunting research process.