A Guide to Auto Insurance in New Mexico (NM)

New Mexico, the Land of Enchantment, is one of the most beautiful states in the United States to live and to work. Between Old Towne Albuquerque, the Annual Balloon festival, and the vast array of pink mountains and national parks to see and visit, New Mexico is a state of diversity and beauty that is home to a million plus people. New Mexico is a warm and sunny area, popular as the home base, with a great deal of wilderness to explore.

With all of the open spaces between town and cities, it goes without saying that you're going to require a car to get around in New Mexico. Needless to say, you're also going to require New Mexico auto insurance to live or to visit in New Mexico. The state of New Mexico, like most other states, requires specific amounts of auto insurance coverage when you live and work here.

New Mexico state law means that you will need to have certain amounts of coverage for specific items.

Among the items that must be covered in your New Mexico auto insurance are:

  • Uninsured or Under-insured Motorists -This will help to protect you when you are hit by someone who has no automobile insurance coverage or who does not have enough auto insurance coverage to enable them to pay for the damages to your car.

  • Bodily Injury - In the event that you are hit, or hit another party and one of you is seriously injured, the law requires that you will be cared for using the coverage from your own insurance policy, which is a proviso against those who don't have enough auto coverage to help you. For injuries which are catastrophic, this can be literally life-saving, in that it will assure that you have the medical care that you need and that it is paid for.

  • Property Damage - not many of us like to think about having damaged a building or other facility, but it can, and often does happen. If the damage is large and will require a great deal of money to pay for, your auto insurance will cover the costs so that you won't be out of pocket when it comes to having to rebuild a business or a home.

  • Unknown Motorist Endorsement - in the event that your car is hit and damaged by a person or persons unknown, such as a hit and run, the damage to your car will be taken care of, even if you are unable to find who has done the damage. For those who are hit by a hit and run driver, the coverage that is given to them in the unknown motorist portion of their auto insurance coverage can be a god-send. In many states, the Unknown motorist portion of coverage is not a necessity.

In the state of New Mexico, and in many other states, it is also possible for you to self insure when you are considering your automobile insurance coverage. The way in which this is done is that you must prove to the state which permits self insurance, that your finances are in order and that you are able to cover with cash the amounts of insurance that are required by New Mexico state law.

In reality this is generally much more paperwork intensive and much more expensive (you generally need to leave a substantial cash bond with the state) then simply getting the New Mexico auto insurance in the first place.

There may be some scenarios where it makes sense, such as large building prjects which are using lots of heavy machinery which is only going to be used on site, and not taken on the public roads for example. But for the average motorist in New Mexico, Auto Insurance really is a must.

You will find if you shop around for a New Mexico Auto Insurance policy that you will have a grteat deal of choice when it comes to which company yuou choose for your cover. So get some quotes, and really delve down into the different deals that are on offer and decide which one offers the best balance of features and cost.


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