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New Mexico Auto Insurance Requirements

New Mexico Auto insurance laws require you to have the following coverage for every vehicle:
Required Coverage
Liability:
Bodily Injury
Property Damage
Uninsured Motorist Bodily Injury
(Can be waived in writing)
Uninsured Motorist Property Damage
(Can be waived in writing)
Underinsured Motorist Coverage
(Can be waived in writing)
 State Minimum Limits

$25,000/$50,000
$10,000
$25,000/$50,000

$10,000

$25,000/$50,000

Optional New Mexico Auto Insurance Coverages
To complete your New Mexico auto insurance coverage, you may want to add the following:
Medical Payments
Comprehensive
Collision

Suggested New Mexico Auto Insurance Limits
New Mexico Auto insurance minimum coverage may not be enough. Experts suggest you carry the following limits:
Liability Coverage
Uninsured Motorist
Medical Payments
Collision
Comprehensive
 $100,000/$300,000/$100,000
$100,000/$300,000/$100,000
$5,000
$500
$500

If you want to purchase a New Mexico auto insurance umbrella policy, most insurance companies require you to carry specific limits of liability on all your underlying (automobile and homeowner's) insurance policies. In many cases, you may be asked to have limits of $250,000/$500,000 in order to be eligible for an insurance company's umbrella coverage.

New Mexico Auto Insurance Tips
To help lower your New Mexico auto insurance premiums, you may want to consider the following:
New Mexico auto insurance premiums are determined by weighing a number of different factors and deciding how much of a risk each of those factors represents—including the age of drivers, driving record, etc. Some factors you have no control over. Others you have choices that can help you lower your New Mexico auto insurance premium. Here are some suggestions.
  • Many experts recommend a deductible of between $500 to $1,000 to help lower your New Mexico auto insurance premiums. The more you’re willing to pay out-of-pocket, the better your premium can be.

  • If the resale value of your auto is less than $3,000, many experts suggest that you consider dropping collision and comprehensive coverage altogether. It is an expensive part of your New Mexico auto insurance. However, if you do drop this coverage and your auto is stolen or you crash it, you would have to pay for repairs or replacement yourself.

  • Be sure to ask about any available New Mexico auto insurance discounts. How much and what things can earn you a discount will vary from company to company and even from state to state. It’s still always worth asking about.
    Every dollar helps.

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