The state of New Mexico requires that motorists maintain the minimum of liability coverage in order to register and operate a vehicle. Consumers should obtain auto insurance quotes from various companies and compare them in order to find savings.
Finding Cheap Car Insurance in New Mexico
Completing a NM auto insurance comparison is one of the most effective ways of saving on coverage. Considering that there are many carriers out there to choose from, comparing rates from multiple insurers is an efficient way to find the one that can offer the most affordable policy.
When looking to save and compare rates, be sure to consider the various factors that can affect the prices of premiums. There are several options that are available when choosing policies. If in need of "full coverage", also know as comprehensive and collision when combined with liability, choose a deductible wisely. A higher deductible can lower a premium, but keep in mind that this is what must be paid by the policyholder at the time of filing a claim. If insuring an older automobile, a full coverage may not be beneficial; the cost of the premium and deductible may add up to more than the vehicle's market value if it were to be damaged, therefore one can save on their premiums by eliminating this option on their policies.
Be sure to ask about and take advantage of any discounts available. Many insurers offer a discount to drivers with a good driving history. With this in mind one should always practice safe driving and obey traffic laws. A reduction in rates may also be offered to good students, those who have completed a safety driving course, vehicles equipped with safety features and/or anti-theft devices and motorists who drive a low number of miles annually. Discounts are one of the great ways to lower auto insurance costs and save a significant amount of money.
New Mexico Auto Insurance Law
In order to operate a vehicle in NM, a motorist must carry the following limits of liability:
- $25,000 for bodily injury or death of one person
- $50,000 for bodily injury or death of two or more persons
- $10,000 for property damage in any one accident
Keep in mind that the coverage required by the New Mexico car insurance laws do not cover the insured so it may be in one's best interest to consider and compare the prices of policies that include more extensive coverage. Some common additions to a policy are Comprehensive and Collision, Uninsured Motorist and Medical Payments. After comparing one may be pleasantly surprised to find that they can afford to obtain more protection.