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Car insurance information
Auto insurance. New Mexico.
Car insurance is required in New Mexico. New Mexico law sets the minimum levels of liability coverage that motorists must maintain:
Uninsured Motorist Coverage
Not all drivers on the road have insurance. And even if they do, it might not be enough to cover all your medical costs if the driver who hits you has only minimum liability coverage. Uninsured motorists insurance coverage can pick up the slack. With more than 15% of the population driving without insurance, and hit-and-run accidents on the rise, this is good coverage to have, especially if you live in state that have a high number of uninsured drivers like New Mexico (24%).
How to reduce your rates
Shop around. Each insurance company has unique financial goals and costs. As a result, it isn't uncommon to find rate differences between companies for the exact same coverage. The cheapest insurance may not provide you with the degree of coverage you need. It is a good idea to discuss your coverage with your agent or insurance company.
Multi-Policy Insurance. Various insurance companies offer various discounts if you insure more than one vehicle on a single policy, or if you have your home insured with the same company that insures your vehicle(s).
Select higher deductibles. The higher your deductible is, the lower your premium. However, you must be careful not to get in accidents with a higher deductible, as this is the amount that will come out of your pocket before your insurance company starts paying for the rest of the damage to your vehicle.
Eliminate duplication. Your coverage may overlap in some areas, such as medical, collision, and uninsured motorist property damage. Ask your agent or broker to explain your coverage and advise you if you are duplicating coverage.
Ask each agent or company if they offer special discounts. Here are some discounts you should look for: