New Mexico Auto Insurance - (NM)

Whether you live in New Mexico or New York, it’s your responsibility to ensure your auto insurance meets at least your state’s minimum requirements. Depending on where you live, you could face strikingly different regulations when it comes to documenting your coverage, retaining personal injury insurance, or determining who is at fault in an accident. Be sure you understand your state’s laws: When seeking a new insurance policy, it’s wise to consider your existing state laws and far surpass them with your insurance coverage. Seek out competitive quotes from several different insurers to make sure you’re getting the best coverage at an affordable price.

New Mexico Auto Insurance Laws

New Mexico is one of several states that set minimum standards for the amount of coverage you must carry in your auto insurance policy. But most insurance experts strongly recommend obtaining insurance that far exceeds a state’s minimum standards to receive the most comprehensive coverage. Remember that if you are at fault in an accident, you will be responsible for expenses such as property damage and medical bills. If your policy doesn’t cover the full amount, the rest will come out of your pocket.

Your policy must include liability coverage that covers at least $20,000 per person for injury to one person, $50,000 per accident for injury to more than one person, and $10,000 per accident for property damage.

In New Mexico, drivers have options when it comes to carrying insurance. If you can prove financial responsibility – in this case, $60,000 cash available to cover costs incurred through an accident – you can provide self-coverage rather than using an insurance company. If this is the route you select, you will be responsible for providing proof of financial responsibility to the state. Check with the New Mexico department of motor vehicles for more information on how to obtain a financial responsibility certificate. This can be a risky proposition; remember that you could be responsible for tens of thousands of dollars in expenses and damages if you opt not to purchase auto insurance.

New Mexico has stringent penalties for failing to comply with auto insurance laws. Be sure to carry proof of insurance at all times in your vehicle. Violations of the state’s regulations could result in a fine and loss of your car’s registration.

Your insurer will notify the state in the event you cancel your policy. New Mexico maintains a database with insurance companies, which lists drivers and their insurance policies. If your policy lapses, the law requires that your insurance carrier notify the state. Make sure you pay your premiums on time, and always keep your insurance current.

Tips for consumers

• If you’re also a homeowner, you might be able to save some money on your insurance premiums by having your auto and home policies under one insurer. Check with your company to find out if a discount is available.
• Your credit rating affects not only your ability to borrow money, but also your insurance rates. Be sure to check your credit report at least once a year, and verify that the information on file is accurate.
• If money is tight and you’re worried about your auto insurance premiums, consider raising your deductible. Generally, this will lower your deducible, although it also will raise your out-of-pocket expenses in the event of an insurance claim.

Department Of New Mexico (NM) State Government That Regulates Auto Insurance:
Web Site: www.nmprc.state.nm.us/id.htm
Email: Insurance Complaint Bureau: John.Gaherty@state.nm.us

How To Contact Directly:
New Mexico Public Regulation Commission
New Mexico Insurance Div.
Post Office Box 1269
Santa Fe, NM 87504-1269
Phone: 1-505-827-4601
Toll Free: 1-800-947-4722 (In-State)

New Mexico (NM) Mandatory Auto Insurance Minimums

• Liability: 25/50/10 = Bodily Injury Individual/Bodily Injury Total Per Accident/Property Damage
• Regulations Regarding Proof of auto insurance: Proof Required - When Obtaining Registration
• Penalties For Not Carrying Mandatory Insurance: Fine up to $300, registration suspension

How To File A Complaint About An Insurer:

Online Complaint Form With The New Mexico Public Regulation Commission