Drivers in New Mexico are required to have a certain level of auto insurance coverage in place. The most popular levels of coverage in the state are as follows:
Bodily Injury Liability: $25,000 for injuries sustained by one person and $50,000 for damages suffered by all people injured in a single accident.
Property Damage Liability: $25,000 to pay for the cost of repairing the other driver’s vehicle and any public property (sign posts, mailboxes, light stands, etc) damaged in an accident.
Uninsured Motorist Coverage: $25,000 for one person’s injuries and $50,000 for injuries sustained by multiple accident victims. This coverage is not required by law.
Medical Payments: $5,000 to pay for injuries sustained by you or the occupants of your vehicle. This is also not mandatory in the state.
Collision: $500 deductible. This coverage pays for the cost of repairing your vehicle if it is damaged in an accident. If the car is totaled, the policy pays out based on its cash value.
Comprehensive: $100 deductible. The comprehensive coverage in your New Mexico auto insurance policy pays out when the loss is due to something other than an accident. It covers you for wind, hail, fire, theft, vandalism and glass damage from flying rocks.
Even though these levels of coverage are common for New Mexico auto insurance customers, it doesn’t mean that they are right for everyone. You should evaluate your needs carefully before buying coverage.