New Mexico is a state rich in Native American history. The history is prominent throughout the state, especially in Albuquerque the state capital. Residents can enjoy the Native American history through the amazing architecture, enticing food and the many things there is to do in the state. No matter what you’re doing, having auto insurance is a must.
New Mexico Car Insurance Requirements
New Mexico drivers aren’t within the law unless they have the state-required auto insurance on their vehicles at all times. The state mandates that drivers carry this minimum policy to keep themselves financially protected in the event of an automobile accident. There are penalties for those who choose to ignore the car insurance rule.
Optional Car Insurance in New Mexico
Because these amounts are low, you may choose to increase the coverage amounts. In addition, you can add other types of policies to provide you greater protection.
- Optional New Mexico Auto Insurance
- Optional auto insurance in New Mexico includes:
- Uninsured/ Underinsured Motorists
- Towing and Labor
Speak to an insurance agent about these different insurance types to learn whether or not they can be of assistance to your needs. Also understand that many financing companies require you to carry a collision/comprehensive policy if you are leasing a vehicle, despite it not being requirements of the state.
Factors Affecting New Mexico Car Insurance Rates
New Mexico auto insurance prices are determined after a combination of factors has been tallied together. Your rate may be much higher than your neighbor’s rate, or it could be far less than your best friend’s rate, depending upon the results of these factors. Among the factors influencing your car insurance rates:
Age and Gender- Men who are 27 and younger pay more to insure their vehicles than others.
Educational Background- A college education could mean lower auto insurance rates
Marital Status- Are you married? If so expect rates to be lower.
Type of Vehicle being Insured- Some vehicles cost quite a bit more to ensure. This includes luxury and sports vehicles.
- Amount of Coverage
- Type of Coverage
- Driving History
- Deductible Amounts
The best way for you to keep your insurance rates low is to obey the traffic laws in place, and avoid tickets or accidents. Each accident or ticket causes the rates of your insurance to increase considerably.
New Mexico Car Insurance Discounts
When you are looking for an insurance company to provide you with a policy, make sure that you ask them about discounts. Almost all insurance companies offer a variety of discounts that can greatly reduce the cost of your auto insurance coverage. Ask about these discounts before you purchase a policy. Possible discounts that you might qualify for include:
- Homeowners discounts
- Loyal customer discounts
- Safe driver discounts
- Multi-Car discounts
- Multi-Policy discounts
- New Mexico Car Insurance Requirements
- To comply with the New Mexico car insurance requirements, you must carry a policy with the following amounts:
- Bodily Injury: $25,000 per person; $50,000 max
- Property Damage: $10,000
New Mexico Car Insurance Quick Facts
PASCO electronic verification is available to residents in New Mexico. This verification system provides insurance information to the MVD on your behalf. Your insurance company must report accurate information and keep it up-to-date.
If you do not have the state-required car insurance in place, your vehicle registration may be suspended until you are complying with the insurance requirements of the state.
High-risk drivers who have a hard time finding an auto insurance company to work with them due to previous insurance lapses can obtain their policy through the New Mexico Vehicle Insurance Plan. Keep in mind that the cost of a policy through the NMVIP will be significantly more than a plan through a traditional auto insurance provider.