The standard automobile insurance requirements vary from state to state and while most require standard liability coverage they all seem to take a different stance when it comes to the minimum amount of coverage you must carry. If you’re a new driver you may be bound and determined to find the cheapest car insurance in New Mexico but you need to familiarize yourself with the state’s minimum requirements first.
First of all, the state of New Mexico is considered a tort state. This means that if you are in an accident the person responsible for causing the accident is responsible for paying for your medical bills and property damage. If they do not pay enough, or if they refuse to pay, you can file a lawsuit to recover your damages.
All automobile insurance policies in New Mexico are required to include bodily injury liability and property damage liability coverage. Bodily injury liability coverage will pay for the medical bills of any person you injure and property damage liability will cover any physical property damage you cause if you are found liable for causing an accident.
The minimum bodily injury liability coverage you can purchase in New Mexico is $25,000 per person with a maximum limit of $50,000 per accident. The minimum level of property damage liability you can purchase is $10,000 per accident. While these coverage options are generally acceptable you may find that purchasing the cheapest car insurance in New Mexico may not be the best because the lower your limits of liability the higher your odds of being sued if you are in a serious accident. You are, of course, responsible for paying anything your insurance company does not.
While we don’t recommend skimping on required liability coverage limits, we do recommend that anyone looking to find the cheapest car insurance in New Mexico seriously consider whether or not they really need some of the optional coverage options the state requires car insurance companies to offer. These include uninsured/underinsured motorist coverage, medical payments coverage, collision, and comprehensive coverage.
Uninsured/underinsured motorist coverage would cover you in the event you were in an accident caused by a driver with no insurance. In the even the other driver had a low limit of liability the coverage would supplement his to pay your bills.
Medical payments coverage is meant to help pay for your own medical bills if you are in an accident. Those without health insurance should consider purchasing this type of coverage. We also recommend checking with your health insurance company to determine their stand regarding automobile accidents as not all offer coverage as they expect the auto insurance to pay that type of bill.
Comprehensive and collision coverage will protect you from damage to your own car caused by a physical collision with another car or object. It also covers damage caused by weather, theft, and vandalism.
Our sites aim to provide you with the opportunity to find the cheapest car insurance in New Mexico without sacrificing coverage. Simply enter your Zip Code or select you state and begin comparing quotes from some of the best carriers in the area. You’re bound to find an affordable policy with great coverage.