New Mexico Auto Insurance

Auto insurance is mandatory inNew Mexico, and knowing what types of policies and coverage should be carried is very important. Just as important is ensuring that the coverage is maintained at all times. Driving without auto insurance is a crime in New Mexico, and there are penalties if you are caught without it. Along with the state required policies, many additional types of coverage is available to offer the maximum protection for your automobile.

To satisfy the New Mexico Financial Responsibility law, 25/50/10 coverage is the minimum amounts of auto insurance required. These numbers represent the amount of money the insurance agency is willing to pay to a third party for damages relating to an auto accident. Bodily injury coverage should include $25,000 in coverage, with a total of $50,000 allowed for all injured people in the vehicle. Property damage coverage should include a minimum of $10,000 in coverage. This amount is the most the inusrance agency is willing to pay for damages to property as the result of an accident.

Uninsured/underinsured motorist coverage is not a requirement in the state of New Mexico, however, it is always a good idea to have this coverage. The recommended amount of uninsured motorist coverage is $20,000. This helps protect you if you are involved in an accident with a motorist without auto insurance or whose coverage amounts do not cover the total amount of damages.

Collision is also a great policy to add to the state required coverage. Cars under lease may require the insurance to be carried regardless of the state required insurance. Collision coverage pays for damages to the policy holder’s vehicle after an accident. This coverage will pay up to the Kelley Blue Book value for repairs to a damged or totaled car.

 Med-Pay is also available to New Mexico residents.Med Pay cover the medical bills of you and the passengers in your car after a crash that requires hospital treatment or where there were injuries, regardless of who’s at fault.Med Pay will normally cover the necessary expenses for surgical, medical, dental, and possible chiropractic services. It also covers hospitalization, X-rays, nursing services, ambulance ride, prosthetic devices, and funeral services.

Additional information about New Mexico auto insurance requirements can be found at Free quotes are also available, and it takes just a few short minutes. Receive up to 5 quotes from the top companies in your area.