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New Mexico Auto Insurance

New Mexico operates its auto insurance under a tort system. This means that drivers who cause an accident have to pay for all medical expenses and property damages for anyone involved. For this reason, New Mexico state law requires that all drivers carry liability coverage in order to operate a vehicle.

New Mexico Auto Insurance Coverage

New Mexico requires minimum liability coverage of 25/50/10. This means that all auto insurance policies must pay at least $25,000 per person injured, $50,000 for all people injured, and $10,000 for property damages in the event of an accident.

New Mexico auto insurance providers will also offer additional coverage like collision, comprehensive, uninsured motorist bodily injury protection, and uninsured motorist property damage coverage. All legal minimums should not be considered adequate coverage.

NM Auto Insurance Rates

In a recently-published study, New Mexico auto insurance ranked 30th out of the 50 states for amount of money spent on auto insurance. New Mexico auto insurance cost consumers on average $730.46, with drivers spending $439.70 for liability, $292.70 for collision, and $179.14 for comprehensive coverage.

Auto insurance companies in New Mexico determine premiums using a set of complicated formulas. To keep it simple, it is important to know that there are two main categories of variables used to calculate rates - statewide variables and individual driver risk factors. The statewide factors include:

  • General operating costs
  • Dollar amount of claims
  • Traffic accidents on New Mexico roads
  • Corporate tax levels
  • Legal fees

The personal risk variables used are numerous and differ by company. The main ones, however, include:

  • Age of the driver
  • Driving record
  • Type of vehicle
  • Location where the driver lives
  • The driver's marital status
  • The driver's credit rating

New Mexico Auto Insurance Companies

Rates can vary significantly depending on the company you select for your auto insurance. To that extent, you should always check rates from several companies to ensure you are getting a competitive rate.

Additional New Mexico Information and Resources

New Mexico Insurance Division
P.O. Box 1269
Santa Fe, NM 87504-1269
Phone: (505) 827-4601
Toll Free in New Mexico: (800) 947-4722

For other New Mexico Insurance Resources, See:

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