Auto Insurance Requirements In New Mexico
New Mexico Auto Insurance
According to the New Mexico state law, all motorists applying for vehicle registration are required to have valid vehicle liability insurance. This insurance helps cover the costs of damages or injuries you may have inflicted on others if you are responsible for an accident. You must carry evidence of insurance in your vehicle at all times, and provide it to law enforcement and others involved in an accident with you upon request. While this is the minimum amount as required by law, drivers are strongly urged to consider higher limits. It’s also important to note that, while New Mexico law does not require you to have collision and comprehensive coverages, you may have to purchase both as part of your car’s finance or lease agreement.
Car Insurance Policy Requirements in the state of New Mexico
New Mexico law mandates that every automobile insurance policy sold in the state must have these minimum coverages:
- $25,000 for bodily injury to or death of one person
- $50,000 for bodily injury to or death of two or more persons
- $10,000 for property damage in any one accident
Penalties and Violations
According to the MVD, If you are caught driving without insurance in New Mexico, you may be subject to having your vehicle’s registration suspended. Registration of your vehicle(s) may be denied or delayed until insurance is obtained. The New Mexico Mandatory Financial Responsibility Act states that an owner of an uninsured vehicle must return the vehicle registration and the license plate to the MVD within ten days of receiving the Notice of Suspension of Registration letter. If the owner does not do so, the owner will be subject to the penalties prescribed by law, including criminal penalties.
Choosing the insurance that’s actually right for you may seem overwhelming. It’s important to make sure you’re adhering to the law in whatever state you live. Don’t go it alone — have one of our friendly, knowledgeable agents help you cut through the nonsense, and get you the security you need while you’re out on the road. Getting the right insurance is just a few steps away.