New Mexico Auto Insurance

So you are looking for auto insurance in New Mexico. Well there are a few things you should know; and lots of questions that you need answered before you can make an educated decision on a policy. With so many auto insurance companies offering their services in NM you need to choose wisely to avoid unnecessarily high rates. Here is some important information which will help you understand the mystery of auto insurance.

New Mexico has some pretty intimidating laws regarding auto insurance. For example, if you are at fault in an accident and are not carrying any or enough liability insurance the officer in charge of the investigation will issue you a sticker which will temporary allow you to operate your vehicle, good only for a maximum of 30 days. Then the officer will personally remove your license plates and send them along with a copy of the sticker he/she gave you to the DMV. If, by chance, your plates are not removable they will be defaced permanently. All of this is in addition to the ticket you will receive of up to $300.

Even if you are not involved in an accident, if you are found to be without insurance your registration will most likely be suspended and you may face criminal penalties if you fail to bring you license plates to the DMV within 10 days of getting a notice. Driving without appropriate coverage is a serious offense in New Mexico.

Minimum Requirements For New Mexico Auto Insurance Coverage

So now you are wondering, what exactly do I need to avoid these penalties? The answer is a minimum of $25,000 per person with $40,000 for a single accident and a minimum of $10,000 for any property that may get damaged in an accident. With these requirements covering only the other people in an accident; you will need some coverage to protect yourself.

There are other types of coverage offered by insurance companies which are not required by law to carry including: comprehensive and collision, as well as uninsured coverage and medical payments. The medical payments are provided by your insurance company for medical bills whether you are at fault or not.

Saving Money On NM Car Insurance

There are ways of saving money on auto insurance. First you should have an idea about what you need and some questions to ask representatives. It is important for the whole family to sit in on these meetings so that the needs of everyone can be met. You can also ask for discounts. These include safe driver, multiple policies, safety devices, and taking a defensive drivers’ course. Basically, your premium costs are determined by how much of a risk insurance companies perceive you and your car to be.

Here are some things which affect your premium. Your age, gender, and marital status are major factors in determining your premium. Also your credit history, driving record, and location also affect the cost of insurance. So does the type of vehicle you drive and the number of miles you drive each year.

Obviously you can not do much about your age, gender, and marital status; but there are other things you can do to lower the overall cost of auto insurance.

• You can maintain a good credit and driving record for at least three years. You can drive a low profile vehicle instead of a convertible or hot rod.
• You can install safety devices and anti-theft devices into your car to reduce its risk to insurance companies.
• When you buy a car check its security and crash ratings; also you may want to shy away from popular vehicles as they are more likely to be stolen.
• On another note you do not want a vehicle with hard to get and expensive to fix parts; find a middle ground between the popular and the rare.

If you are in a good position you may want to increase your deductible. A deductible is the cash amount you pay out of your pocket if you are at fault in an accident. This deductible must be paid before the insurance company pays any money. Raising your deductible will lower your premium costs and if you are a careful, defensive driver you can eliminate most of the risk of an accident.

Also, do not take just one insurance company’s word for pricing; look around at what other insurance companies are offering for the same plan. Be sure to ask each company for three quotes that are different in price. Ask the agents what they can and will do to lower your costs, and about their claims service. Remember, this is about you and your needs, not the insurance company’s.

New Mexico Auto Insurance Quotes

By taking the mystery out of finding affordable auto insurance coverage you can evaluate the companies and policies out there and choose the best one for your New Mexico based vehicle. Use our free rate tool at the top of the page and compare the different auto insurance companies side by side. Get started comparing New Mexico auto insurance quotes now!