New Mexico Car Insurance Quotes and Requirements

All car insurance quotes for New Mexico requires the following insurance coverage or financial responsibility at a minimum:

25/50/10 – This is shorthand for the liability policy limits required which means you need a minimum coverage of:

• $25,000 for death or injury to one person;
• $50,000 for death or injury to two or more people; and
• $10,000 for property damage to others

Nearly all car insurance policies have a provision that will adjust your coverage from the minimums required in your state to the minimum insurance or proof of financial responsibility in another U.S. state. So you do not need to get a new insurance policy for each state you are driving through. However, if you buy a policy in a low limits state (like New Mexico or New Hampshire) but live in a high limits state (like Alaska), insurers will only write a policy where your car is principally garaged. So if your home is in Alaska, you should buy the minimum limits for Alaska.
New Mexico’s required insurance limits are low – like in all other US states , even the so-called high-limit states-, if you consider the cost of repair and damages likely to occur in an accident. If you are in a serious collision and the damages you caused are greater than the coverage limits you purchased, you may be personally liable to pay for those damages that exceed your insurance coverage. A surprisingly cheap and popular strategy for enhanced financial protection is buying additional coverage.

Auto Insurance Law and Regulations in New Mexico

New Mexico is a comparative negligence state. A comparative negligence legal defense is one that reduces the amount of damages that a claimant/plaintiff can recover for an injury due to negligence based on percentage of which the claimant’s/plaintiff’s own negligence contributed to cause the injury. So, if you have an accident, you and the other driver could be each at fault for 50% of each others’ damages. However, just because you have the same percentage of fault, does not mean you “cancel” out each other damages. You will have to pay for 50% of the other driver’s damages. So if you total their $50,000 car, you will be liable for ½ of the damage you caused – $25,000.

Driving While Intoxicated (DWI)

In New Mexico, a first time offense of Driving While Intoxicated (DWI) is a misdemeanor offense. If you are 21 years or older, if you have a Blood Alcohol Content (BAC) level of .08% or higher while driving, New Mexico law presumes you are driving while intoxicated. If you are under 21, a lower BAC may apply to you.

1st DWI

If convicted, you may be sentenced up to 90 days in jail. You will be responsible for your cost of incarceration and court fees. Your license will be suspended or restricted for 6 months or up to 1 year. You will be required to install an ignition interlock device. You will also be required to take attend and pay for DWI school and may be ordered to complete community service and/or complete a treatment. SR-22 or FR-44 forms are not required by New Mexico.

2nd DWI

If convicted, you may be sentenced up to 364 days in jail, depending whether other enhancement factors are present. You may be place on up to 5 years of probation. Fines may be imposed up to $1000, not including other costs and fees.. Your license may be suspended for 2 years. If you are eligible for a restricted driver’s license, you will be required to install an ignition interlock device for up to 2 years after obtaining a restricted license. You will also be required to take attend and pay for DWI school and may be ordered to complete community service and/or complete a treatment.. SR-22 or FR-44 forms are not required by New Mexico.

Top Ten Car Insurance Companies in New Mexico

These are the top ten insurance companies or insurance groups by market share in the state:

1. State Farm
2. Allstate
3. Geico
4. Progressive
5. Farmers
6. Liberty Mutual
7. Travelers
8. Safeco
9. Nationwide
10. USAA