Cheap New Mexico Car Insurance
Liability Car Insurance in New Mexico:
New Mexico does require you to carry the minimum liability car insurance if you plan on not having full coverage With this said, you should understand the breakdown of the minimum you are required to pay concerning your basic liability coverage.
Minimum New Mexico Car Insurance Liability Requirements:
- $20,000 per person for death or injury of one person
- $50,000 per accident for death or injury of two or more people
- $10,000 per accident for property damage
Take note that if the $50,000 doesn't cover the total medical costs of the injured party or parties, you could in fact be sued for more money. This is why it's always a good idea to consider upgrading your New Mexico auto insurance coverage.
In a nutshell, if you can afford more NM car insurance coverage, you should get it. Although it's not necessary, it can be quite beneficial should the repercussions of an accident exceed your basic liability.
Some supplemental insurance you can get to upgrade your basic policy are:
- Comprehensive - insures damage caused by non-accident circumstances such as theft, weather damage and vandalism.
- Uninsured and/or Under-insured - provides coverage to you when the other driver lacks insurance or pays less for their insurance than you do.
- Collision - protects your vehicle when damaged by an object or another vehicle.
Yes, there is an alternative to having insurance coverage through a New Mexico car insurance provider, but it can be a little harder on your wallet. According to New Mexico rules, an individual can drive the roads as long as they can prove financial responsibility. What this means is that you don't have to have insurance, but you do have to have $60,000 set aside as a cash deposit or surety bond.
With this said, it means that you really don't have much flexibility should your accident contain extensive damage. The $60,000 might not be enough to protect your assets.
For those of you repeat offenders out there, this is your only other option if you wish to drive. Having a record of habitual recklessness will result in a New Mexico car insurance company declining your request for coverage. To sum it up, do your best to keep your driving record in the best shape possible.
New Mexico IIDB and Penalties
The New Mexico Insurance Identification Database (IIDB) monitors the insurance status of registered drivers. How does it work? When you obtain New Mexico auto insurance coverage, your provider will update the database. If you fail to make payments or do anything else to cause a lapse in your policy, your provider will update the database with that information as well.
If the database runs across an uninsured driver, a request to fix the problem will be sent out via mail. If you keep your car insured, there's really no reason to receive contact from the IIDB.
If you get pulled over by an officer while driving and fail to have insurance, you can probably expect a citation. If by chance your insurance card was hard to find, then you can take it into court to waive the ticket. However, if you were uninsured at the time you were pulled over, you may be charged with a misdemeanor, lose your car's registration or have to pay a fine up to $300.
Tips On Finding Cheap NM Car Insurance Rates
If you are ready to start looking for car insurance in New Mexico now, there are a couple of things you can do to ensure you find the best rates possible. First, shop around thoroughly and compare quotes carefully. Companies take a variety of things into consideration and therefore every company will give you a different price. That's why getting a lot of quotes is important. The more you compare, the higher the chances of finding the best deal.
Ask the insurer about discounts. Once you have narrowed down your choices and are speaking with agents or brokers, ask questions about the types of discounts the company offers and be sure you have all that apply. Sometimes you can even join a group in order to get a discount on your insurance. A low $10 fee to join a credit union might save you $75 a year for years to come on your car insurance.
Types of NM car insurance discounts insurers offer include:
- good driver discount
- good student discount
- seniors discount
- Compare Low Cost New Mexico Car Insurance Rates Online