Motorists can get cheap auto insurance rates in New Mexico for both state required minimum liability only and full coverage, despite the fact that it has one of the highest uninsured drivers ratio in the country at 20%. It is almost twice higher than the national average. The average premiums for both full and liability only coverage policies are well below the US average.
Uninsured Motorists Coverage should be a key part of your policy when you have 1/5 chance of being involved in an accident with one of them. If someone cannot afford to pay for a reasonably priced liability policy they cannot afford to pay for your damages and injuries. They may not care what happens but you cannot take that chance when risks are excessive.
New Mexico Law Requirements
Here are the minimum automobile insurance liability coverage requirements;
- $25,000 for bodily injury or death per person.
- $50,000 total for bodily injury or death per accident.
- $10,000 for property damage.
According to the official website, you will not be able to register a vehicle without a valid policy with at least above limits, unless the records are already found by the department. You will receive a non-compliance notice if you were found uninsured. This could lead to suspension of the vehicle registration.
Vehicle owners should remember that a policy is not bought only to comply with the laws. It provides financial assistance and security against unforeseen accidents. Such accidents can be a legal nightmare if you don’t have sufficient liability coverage and you would have to pay your own damages out of pocket as well.
Roads in the Land of Enchantment are generally in poor condition so motorists may benefit from adding Collision and Comprehensive to their Liability coverage to be protected against damages they may suffer due to bad road conditions like pothole damage. Bad road conditions increase the chance of accidents.
Vehicle Insurance Rates in New Mexico
You would assume that it is expensive and that is why many people cannot afford to buy coverage, take all sorts of chances and risks of getting caught. It may be the case in relation to income but premiums are fairly affordable in comparison to the rest of the US.
The average basic minimum liability only coverage premium is $346 in New Mexico and $276 cheaper than the national average. The average full coverage vehicle insurance premium is $1,591 and it is $423 cheaper than the national average.
Cheapest Automobile Insurance Companies in New Mexico
Which state you live in is very important in terms of rates you get charged. There isn’t much you could do about it but you can shop around to find the cheapest provider in your area. This could save you some money and, in that sense, below cheapest 3 insurers are worth a try at your next renewal.
- GEICO, $726
- Farmers, $752
- Allied, $831
Also, you may spend a little bit more or less than the state average depending on which city you live, although the price difference isn’t large among them. The least and most expensive city is about $100 either side of the average. The cheapest cities are; Alamogordo, Deming, Silver City, Las Cruces and Truth or Consequences. And the most expensive cities are; Rio Rancho, Belen, Bernalillo, Taos, Santa Fe, and Albuquerque. The above 3 companies are cheaper in most cities.
Auto Insurance Albuquerque, NM
It is by far the largest city in the Land of Enchantment with a population of 550,000. The Albuquerque Metropolitan area includes the city of Rio Rancho, Bernalillo, Placitas, Corrales, Los Lunas, Belen and Bosque Farms with a population of over 900,000.
Here, prices are about 8% higher than the state average. We have to remember that Albuquerque city alone accommodates 1/4 of all state residents and therefore it is probably affecting the rest towards its own average. The gap is probably further reduced by higher competition in the city market. Actually, these figures are low when you consider
Albuquerque has one of the highest auto-theft figures in the country. Again, Comprehensive coverage would be handy here to protect you against auto-thefts, vandalism and other damages out of your control. A full coverage policy can be very helpful in NM and therefore motorists should shop harder to get it before they give up and go for the basic liability only coverage.