Auto Coverage in New Mexico
New Mexico Auto Insurance
All drivers in New Mexico have the option to either leave a hefty deposit with the state in case of an accident, or pay for an automobile insurance policy. The state of New Mexico carefully monitors whether drivers have insurance with an electronic database system, so it's important to make sure you're in compliance.
Minimum New Mexico auto insurance
Unless you want to pay up $60,000 to the state of New Mexico as a deposit in case of an accident, you need to have insurance in the following minimum amounts:
- Bodily Injury and Death: $20,000 to cover one person in any one accident, and $50,000 to cover all injuries
- Property Damages: $10,000
Something to consider in New Mexico is that the state follows a tort system, so that in an accident, one of the drivers is found to be at fault. The at-fault driver will be responsible for paying all the costs for damages for both his own car and medical bills, and for the other driver and their passengers; these costs can easily get quite expensive. You want to make sure you have enough insurance coverage in the unfortunate event of such an accident, so it's highly recommended to purchase higher amounts of coverage than the minimums listed above.
Fortunately, for New Mexico drivers, the costs of insurance in the state are fairly average compared with the costs in other states. You can further lower your costs by requesting a free quote for New Mexico auto insurance right here.
Penalties without New Mexico auto insurance
Without auto insurance coverage in New Mexico, you may face expensive fines and other legal penalties should you be caught driving without insurance . The violation is classified as a misdemeanor, with punishment of suspending your vehicle registration and charging fines of up to $300.