New Mexico car insurance rates are in the top 30% of average premiums nationwide so its important to both compare car insurance companies and learn about New Mexico car insurance discounts.
New Mexico Car Insurance Laws
Operating any private passenger vehicle in New Mexico requires car insurance and its illegal to drive without car insurance. Drivers convicted of not having a valid car insurance policy in force can be subject to fines, drivers license suspension and personal liability should actions result in a car accident. Car insurance laws in New Mexico currently (2010) require all drivers to have at least the following minimum levels of car insurance coverage:
- $25,000 bodily injury liability per person per accident
- $50,000 combined liability coverage per accident
- $10,000 in property damage
Most car insurance companies and correspondence from the new Mexico Division of Insurance (or New Mexico DMV) will define car insurance requirements as 25/50/10 which is short for the car insurance requirements above.
How to Compare New Mexico Car Insurance Rates
Shopping for New Mexico car insurance is most like shopping for any product. Price (premiums) should only be one factor as car insurance is a critical component to your financial security and more important than cost will be the quality of coverage you are purchasing. When shopping for car insurance always consider the following factors and how important they are to you from a car insurance company:
- Claims Handling
- Custom Service Hours
- Company Strength
- Company Reputation
- Local Presence
- Limits of Coverage
- Account Management Options
While this is only a short last of variables drivers use to compare New Mexico car insurance companies its important not to fall for the “cheap car insurance” advertisements as when a car accident occurs you need coverage you can rely on.
New Mexico Car Insurance companies
New Mexico has over 100 licensed car insurance companies providing car insurance coverage to New Mexico residents so finding auto insurance will be pretty easy. The trick to getting the best coverage is to compare policies side by side and make sure you are comparing apples to apples. Sometimes a lower deductible or lower policy limits can dramatically change car insurance rates so if you know what type of car insurance you need always make sure you are comparing policies with the same level of coverage.
Compare New Mexico Car Insurance Quotes Today!
