New Mexico Auto Insurance
New Mexico auto insurance rates vary greatly depending on the insurance company. That’s why in NM it’s critical to receive multiple insurance quotes from different companies to compare before you decide on a particular insurance policy. We provide you a quick, easy, safe way to do that all in one source. Click above to compare rates in just a couple minutes!
NM follows what’s referred to as a Tort System, which means that fault must be determined in an accident. The person at fault (through their insurance company) is held responsible to pay for all damages/medical bills resulting from the accident.
New Mexico Auto Insurance Requirements
The state requires all NM drivers to maintain minimum insurance coverage to protect themselves as well as other drivers on the roads.
- New Mexico Liability Insurance: The state requires each motorist to carry at least $25,000 per person for bodily injury and $50,000 per accident for bodily injury. For property damage incurred as a result of an accident New Mexico requires $10,000 in minimum coverage.
New Mexico Auto Insurance (Optional)
- Collision Insurance: Although optional, you’ll certainly want to purchase this type of insurance. In most cases when purchasing a motor vehicle you’ll be required by your insurance company to carry this type of insurance in order for them to provide coverage for you (especially if you are financing the purchase).
- Uninsured or Underinsured motorist Insurance. This type of policy protects you from someone else causing damage or bodily injury to you and not having appropriate auto insurance to cover your expenses.
- Medical Payments Coverage (MPC). This is for added security that you’ll be taken care of in the event you need medical attention due to an auto accident regardless of fault.