Auto insurance policy holders in New Mexico have seen their rates increase by as much as 157% from 2005. In 2008, the average auto insurance premium cost New Mexican’s $1,870 per year. The best way drivers from New Mexico can save on car insurance is by comparing quotes from different insurance providers and choosing the most affordable policy.
New Mexico Auto Insurance Requirements
New Mexico state law, requires every driver in New Mexico to carry at the very least the minimum amount of automobile insurance. This minimum amount is commonly known as “basic insurance”. The basic insurance package is made up of two main types of insurance, they are bodily injury liability and property damage liability.
Bodily injury liability covers the medical expenses, lost wages and pain and suffering if you are deemed at-fault for injuring someone else in a car accident. This is more formally known as “third party liability”, because you are covering your financial risk in the event your driving causes physical harm to a third party. New Mexico law dictates that the minimum for bodily injury per person is $25,000, while the minimum for bodily injury per accident is $50,000.
Property damage liability pays for the damages to another driver’s vehicle if you are found at-fault for an accident. This is known as “third party property liability” as you are covering the financial risk in the event your driving causes physical damage to a third party’s property. New Mexico law requires that property damage liability be no less than $10,000.
New Mexico Auto Insurance Rights
The New Mexico state government is responsible for regulating car insurance in their state. Therefore, any complaints you have as an insured against your insurance company or insurance broker may be filed with them. Here are a few ways you may contact the New Mexico Department of Insurance.
Web site: www.nmprc.state.nm.us/id.htms
New Mexico Public Regulation Commission
New Mexico Insurance Div.
Post Office Box 1269
Santa Fe, NM 87504-1269
Toll Free: 1-800-947-4722 (In-State)