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Car Insurance in New Mexico

Auto Insurance—anyone driving a vehicle in New Mexico is required by law to have insurance. However, as the laws and requirements for auto insurance vary according to each state, it is important to know the particular requirements when purchasing auto insurance in New Mexico.

General Information

Before registering your vehicle in New Mexico, you will be required to provide proof of your financial responsibility. Showing proof of a New Mexico auto insurance policy is one of the best means of proving your responsibility. In the event that you believe your insurance company has wronged you, you may file with the Consumer Relations Division Insurance Bureau to insure that no New Mexico statutes or insurance codes have been broken.

Determining the Premiums

Multiple factors are taken into consideration when an insurance company determines the premium amounts for New Mexico drivers. A significant discount will be given to those drivers who show clean driving records. Other discounts for auto insurance in New Mexico include the particular type of car the driver owns (luxury, sports and high performance will cost more), how much the vehicle is driven, the age of the driver and where in New Mexico you live. For instance, car insurance in Albuquerque, New Mexico will be higher due to the fact that it is ranked #8 in the nation for car thefts.

Required Coverage Amounts

In the state of New Mexico the minimum car insurance coverage requires Bodily Injury and Property Damage. The following are the minimum amounts for the state of New Mexico:

  • $25,000 per individual
  • $50,000 per accident for Bodily Injury
  • $10,000 per accident for Property Damage

New Mexico also requires Uninsured Motorist Coverage to be listed on the insurance policy. Should a person reject this coverage, he or she must reject it in writing.

Traveling

  • State-to-State: Your New Mexico insurance policy will cover you for at least the minimum amounts required in any other state in the United States.
  • Renting: Within the United States (and in most situations, Canada), the rental insurance policy will act as the primary policy, while your individual policy will pay second. Within New Mexico however, your policy, according to law, must act as the primary coverage.
  • Mexico: Your New Mexico auto insurance policy will not cover your vehicle in Mexico. According to Mexican law, you must purchase separate liability coverage from a Mexican insurance company prior to entering Mexico.

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