AutoInsuranceSmartShopper

New Mexico - NM Auto - Car Insurance
New Mexico's State motto: "Crescit eundo"
("It Grows As It Goes")

The average auto insurance premium for residents in New Mexico is $912 in 2003; the national average was at $914. Since most people think these rates are fixed by state and insurance companies, they never shop around for better rates. So average New Mexicans can get a better-than-average low rate on their auto insurance.

Rates also change over the years and especially in a state like New Mexico, if you are not careful you could end up paying too much for your auto insurance. Looking back, the average auto insurance premium in 2000 was about $826, an increase of about 10.41% in just 3 years!

Minimum State Insurance Requirements

The state of New Mexico follows a Tort system meaning someone must be found to be at fault for causing the accident, and that person and their insurance company is responsible for all the damages. You should be aware that the details of a tort system vary from state to state and it is best to check with your state insurance regulator. Visit our State Insurance Regulators page for a list of links to all the state insurance regulators websites.

New Mexico state law requires minimum Bodily Injury Liability coverage of $25,000 per injured person up to a total of $50,000 per accident, and Property Damage Liability coverage with a minimum limit of $10,000. This basic coverage is often referred to as 25/50/10 coverage.

Personal Injury Protection (PIP) in your coverage helps pay for "reasonable and necessary" medical expenses for you and your passengers. While New Mexico state law does not require a minimum Personal Injury Protection, some insurers offer this as an optional coverage.

Additionally, you can get Uninsured/Underinsured Motorist coverage for any bodily injury caused by an uninsured driver. While New Mexico state law does not require this coverage, you can purchase this as an optional coverage for added protection.

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