In the state of New Mexico, anyone can get rate information with a simple instant quote. In fact since you’re here now, why not take the form above out for a spin. Just enter you zip code and away you go.
There are absolutely no restrictions on who can get free auto insurance quotes. Young and old, country and city, good credit and bad credit; all can benefit by getting their quotes online.
If you would like to learn more about what you should be looking for in your quote and New Mexico car insurance in general, please keep reading.
Minimum Auto Insurance Requirements In New Mexico
New Mexico has fairly standard requirements when it comes to the mandatory auto insurance you are required to carry. At the current time you are required to purchase both liability insurance coverage and uninsured motorist coverage for at least the following amounts:
- $25,000 for bodily injury to or death of one person,
- $50,000 for bodily injury to or death of two or more persons, and
- $10,000 for property damage in any one accident.
Interestingly, you can actually opt out of the uninsured motorist coverage, if you reject it in writing to your insurance company. Another interesting thing to consider is that you can meet your liability insurance requirements either by buying a policy (what almost all drivers do) or by having a $60,000 cash deposit or surety bond on deposit with New Mexico State Treasurer.
Despite these fully legal options, you are strongly encouraged not only to purchase liability insurance but to purchase more than the bare minimum as outlined in New Mexico state laws. Moreover, you really need to think about getting collision, comprehensive and other forms of auto insurance added on to your policy, to provide you and your family the maximum amount of protection.
New Mexico State Auto Insurance Laws
Now that you are aware of what your minimum insurance requirements are, there are still several other important things for you to know. First, once you have purchased your policy you should make sure it is registered with the New Mexico Insurance Identification Database (IIDB). Failure to prove the information to the IIDB within 30 days will mean that your vehicle’s registration will be suspended by the Motor Vehicle Division (MVD).
The second thing to know about New Mexico’s insurance law is that it operates under a modified version of the fault based system known as ‘comparative fault’ or ‘comparative negligence.’ Essentially, this means that those found fully at fault in an accident have to pay all the costs; either from their insurance policy or from personal savings if they don’t have adequate coverage.
However, New Mexico state law allows for partial fault to be assigned in an accident. As a result, “the amount either party can recover in damages is reduced by the percentage of fault attributable to that party.” Thus any dangerous driving behavior on your part, could impact your ability to receive proper compensation in an accident.
A third point to be familiar with, are the General Provisions of Financial Responsibility For Motor Carriers (Title 18 – Chapter 3 – Part 3). It sets down all your responsibilities as a driver with regards to being financially responsible for your car. It is very important you are familiar with this if you use your vehicle for any commercial purposes; as this can have a huge impact on your insurance liability requirements outlined above.
One interesting thing to note is that New Mexico (unlike almost all other states) allows out-of-state insurance for your vehicle if you reside outside the state. To qualify your policy has to at least meet the minimums outlined above and you must register your policy with the IIDB by providing a signed, completed Affidavit of Non-Use/Out-of-State insurance.
Finally, you are always required to carry proof of insurance when you operate your car or other motorized vehicle. Failure to have proof of insurance or worse yet, not actually having insurance, can result in fines, vehicle registration suspension and even criminal prosecution. So do yourself a favor, and buy at least the minimum insurance you are required by law to have.
New Mexico Car Insurance Companies
The hard part is not finding car insurance companies in New Mexico, but finding a company from whom you actually want to buy a policy. One way to go about finding the right company is to use the New Mexico Insurance Division’s Insurance company search. The downside is that you have to have an idea about what companies you want to look at to make it effective.
Your other options are to simply get a quote here for free right now, or have a look at each of the following insurance companies’ websites who happen to be members of the Insurance Information Institute.
Kemper Corporation (formerly Unitrin)
Finally if you have a problem with your car insurer, you should be aware that you can file a complaint with the Division of Insurance.
Average New Mexico Auto Insurance Rates
Like it’s minimum insurance requirements, average New Mexico auto insurance rates are standard or normal for the US as a whole. The Insurance Information Institute (I.I.I.) found that the state was the 24th most expensive in the US with annual premiums of $728 compared to $789 for the rest of the US.
More recent numbers from CarInsurance.com point to higher rates but perhaps a slight improvement in position relative to other states. For 2011, they found average premium rates of $1,289 per year compared to a US average of $1,441. These numbers only come from online insurance quotes and thus are likely not as complete as those from the I.I.I.
Yet no matter what you currently pay, you can’t be sure you’re getting the best deal until you get multiple insurance quotes online.
New Mexico Car Accident Statistics
New Mexico is not the safest state to drive in. In fact it is more dangerous than the average state. According to the 2009 New Mexico Traffic Crash Information Report there were 46,156 crashes, resulting in 19,446 injuries and 361 fatalities that year. An improvement over the peak year of 2004 that saw 522 road deaths, but still much too high.
Overall, the fatality rate works out to 1.39 deaths per 100 million vehicle miles traveled. The rate for the US as a whole that year according to the National Highway Traffic Safety Administration (NHTSA) was just 1.14. This means your chance of death on New Mexico’s roads is 20% greater than the rest of the US.
Of particular concern according to the NHTSA are the following 5 counties: Bernalillo County, Mckinley County, Dona Ana County, Santa Fe County and Sandoval County. For more detailed statistics about New Mexico’s traffic and accidents, please consult the New Mexico Department of Transportation.
Why You Should Get New Mexico Car Insurance Quotes
New Mexico car insurance quotes are a good way to learn about how different coverage options affect your premiums. Yet, there are some things you can’t control. Being a young male driver is going to be expensive. Similarly those with poor or bad credit also have to pay more. The same goes for those with speeding tickets or who’ve been found at fault in accidents.
Fortunately, like any other insurance, there are ways for you to cut down on that outrageous price tag. First of all, it is important that you pull all the possible stops when it comes to getting your car insurance.
For one thing, ask any organization you belong to if they offer group auto insurance discounts. If you’ve been with your insurer for many years, you may also be able to request a discount. Using your car less frequently can be another way to cut those pesky premiums.
Finally, if you’re looking for the best way to save on your New Mexico car insurance quote, go online and get one there. Another advantage that the Internet has provided. Anyone can now get New Mexico auto insurance rates online.
You can now minimize the hassles and lingering problems that can occur when you are applying for it personally, rather than applying for it online. In addition to that, most insurance providers will give you discounts and incentives when you get a New Mexico car insurance quote online.
These of course will depend on the current condition of your driving record and your car. It’s really easy. All you have to do is to give all the information that they need and presto!
You’ll get that instant New Mexico car insurance quote in no time. You can never underestimate the power of the Internet when it comes to saving money. That goes the same for your car insurance.
Insurance Guides For New Mexico’s Cities