New Mexico Auto Insurance
If you're a licensed driver in New Mexico, the state requires you to carry insurance that at least includes bodily injury and property damage liability coverages. These protections kick in when you're at fault in a collision.
If you cause a wreck that injures another person, bodily injury liability can pay for necessary medical, rehabilitation, or funeral costs. Also, if you strike another person's property such as their vehicle, fence, or mailbox, property damage liability can go toward repairs or replacements.
Here are the minimum coverage limits set by the state:
- $25,000 coverage for bodily injury per person
- $50,000 coverage for total injury per accident
- $10,000 coverage for property damage
Are those minimums enough? That's for you to decide. But remember this: You're still responsible for costs above those limits, so make this decision carefully.
In addition to mandated liability coverage, you should strongly consider other protections as well.
Why? Because you might have noticed in the descriptions above that liability coverage pays to repair the other driver's vehicle when you cause the accident. It doesn't pay a cent toward fixing your auto. For that, you'll need collision coverage, which can help up to your coverage limits, after you pay your deductible.
And what about other damage to your car, such as flooding or fire or vandalism. Comprehensive coverage can help then, again taking your deductible and coverage limit into account.
There's one more scenario to consider, too. What if another motorist hits your car and he or she either doesn't have insurance (even though it's the law) or doesn't have enough insurance. In this situation, you'd need uninsured/underinsured motorist coverage.
Talk to an agent about all these.
Discounts for New Mexico motorists
Drivers in the Land of Enchantment may be eligible for a multitude of price deductions on their auto insurance policies, including:
- Good student discount.
- Homeowners discount.
- Safe driver discount.
- Safety devices discount.
- Multi-car discount.
- Multi-line discount.
Speak with a licensed agent at HomeInsurance.com to find out which discounts could be applied to your policy. Different providers offer varying discounts, so call today to see what savings you could qualify for!