Auto Insurance

 

Getting auto insurance isn't always as simple as 1-2-3. That's where Forrest Evans Insurance comes in. Here we help you choose through some options that are right for you. For instance, should you get Liability or FULL coverage? Well that depends. Is your car worth more than you can afford should you get into an accident? If not, Liability may be just what you need. If so, then you may want to think of it as an investment worth protecting and go for the Full Coverage option.

 

 

Learn About:
New Mexico Insurance

 

 

General New Mexico Insurance Guidelines

The State of New Mexico currently requires that all drivers be covered under liability insurance. New Mexico offers one way around the required coverage; if you can present a $60,000 cash deposit or surety bond, you will be considered covered without having to make payments to an insurance company every month. Proof of insurance must always be accessible in the vehicle.

 

Minimum Liability Coverage in New Mexico

The State of New Mexico minimum liability amounts are as follows:

• $25,000 bodily injury per person.

• $50,000 total bodily injury per accident.

• $10,000 total property damage per accident.

 

These are only the minimum requirements set by the state. Experts advise protecting your assets by getting more coverage than the state-mandated minimums as these limits tend not to keep pace with the ever increasing costs of car repairs and medical bills. Most drivers also add collision and comprehensive coverage to their policies to cover possible damage to their own cars as well.

Uninsured/Underinsured Motorist Coverage

Some states require drivers to carry UM/UIM, or uninsured/underinsured motorist coverage. This coverage protects a driver if they get in an accident where the other party does not have auto insurance. New Mexico does not require UM/UIM coverage.

 

No-Fault Insurance

Some states have “No-Fault” laws where a policy holder will be reimbursed by their insurance company without proof of fault, and restricted in the right to seek reimbursement through the court system for losses caused by other parties. New Mexico is not a “No-Fault” state.

SR-22 Requirements for New Mexico

An SR-22 form is a vehicle liability insurance document to be filed with a state’s DMV as proof that a driver has the minimum required liability insurance coverage for that state. SR-22 filings are usually only required to reinstate driving privileges after an offense such as a DUI conviction, uninsured auto accident or driving without insurance. New Mexico does not require an SR-22 filing for driver’s license reinstatement.See All New Mexico Insurance Information »