New Mexico Car Insurance
If you drive a vehicle in New Mexico (NM), then there is no doubt you are in need of car insurance. New Mexico maintains some of the most dangerous roads in the United States, and the statistics prove the validity of this statement. In 2004, there were 521 fatalities in New Mexico due to traffic related causes. These automobile accidents cost taxpayers an estimated 1.4 billion dollars a year. Despite the fact that the government of New Mexico pours more than ten million dollars annually into accident prevention programs, a motorist must maintain car insurance to protect himself or herself financially in the wake of an accident. Regardless of where you live within the state, like Santa Fe or Albuquerque, we are unable physically to fully protect ourselves from the actions of other drivers, but solid New Mexico car insurance coverage can contribute to your peace of mind. A car insurance quote can allow you to begin to seek the best policy to suit your needs.
While car insurance is required by law in New Mexico, there is no need to over pay for it. This makes a car insurance quote that much more valuable. New Mexico car insurance is an expense that cannot be dodged. New Mexico (NM) law decrees a minimum amount of car insurance must be carried by each New Mexico (NM) motorist. In New Mexico these requirements are set as minimum Bodily Injury Liability limits of $25,000 per injured person up to a total of $50,000 per accident, and Property Damage Liability coverage with a minimum limit of $10,000. This is referred to as the 25/50/10 limit for the state New Mexico.
How to Get Cheap New Mexico Car Insurance
While you must maintain New Mexico car insurance, it is possible for you to achieve cheap and affordable car insurance rates. If you are thinking of buying a new vehicle, you might want to consider asking your car insurance provider to give you a quote concerning how much it will be to add the vehicle to your policy. Many a buyer has experienced remorse when they are presented with the usurious rates on their policy the addition of their new car has produced. If you have a rough estimate in mind while you are shopping for a new car, you will be better prepared to stay within your financial limitations.
Since you are seeking New Mexico car insurance quote on your potential acquisition, you may want to inquire with your agent about reducing the amount of auto coverage you maintain on any older vehicles. Often times, liability auto coverage is sufficient enough to comply with your state's minimum car insurance laws. However, you can only maintain liability car insurance on a vehicle you own. If there is an outstanding loan on the car in question, you must keep both liability and collision car insurance on the vehicle. The problem with maintaining collision car insurance on an older vehicle lies in the fact that most collision car insurance policies will only pay repair costs that amount to the current value of your vehicle. As a car grows older, its value depreciates and so does the amount of money an automobile insurance company would be willing to pay to fix it.
Another option available to you is to actively seek out additional discounts. Your New Mexico car insurance agent can help you review the possible ways in which you can achieve discounts with your company. Many times, New Mexico car insurance companies offer discounts for drivers who have taken a defensive driving course or they may offer discounts to those who have multiple policies with their company.
An additional factor that will influence the amount you pay in monthly premiums is your credit score. Many consumers are not aware that this does affect the rates of their auto coverage. If you maintain a decent credit score, your monthly premiums will be lower.
Because you are seeking a policy that will provide you with sufficient auto coverage at cheap rates, it may behoove you to educate yourself about the different types of New Mexico car insurance available to you. A New Mexico car insurance quote will provide you with multiple quotes from different companies involving all different kinds of policies. It is important to be able to distinguish between the different types of policies available to you.
Types of New Mexico Car Insurance
Liability coverage is the most commonly discussed type of policy. If you do not carry an outstanding balance on your loan, then you are eligible to maintain liability coverage only on your vehicle. Liability coverage is the minimum amount of auto coverage required by the law in most states. What liability coverage does is cover the cost of the repairs and medical expenses to the victim of an accident if you are found to be at fault. It does not, however, cover your medical expenses or pay for the cost of the repairs to your vehicle. Liability coverage contains two parts to the auto coverage policy; property damage liability and bodily injury liability. Each of these parts is designed to pay the ensuing costs to a victim in each category.
Collision coverage is the secondary type of auto coverage you are required to have if you have a loan taken out on your vehicle. This type of policy will cover the damage to your vehicle whether or not you are found to be at fault in an accident. However, as mentioned previously it will only pay for repair cost up to the amount of the current value of your vehicle. Since the value of a car depreciates with the passage of time, it may be necessary for you to seek additional collision coverage to cover the cost of your entire vehicle.
There are several other types of additional car insurance coverage available to you as a consumer. One of these types of auto coverage is called personal injury protection coverage. It is mandated by law in some states that a motorist must have this type of auto coverage. Essentially what personal protection coverage does is provide payment for the medical treatment of any injuries sustained by you or passengers in your vehicle in the event of an accident. Another similar type of auto coverage available to you is comprehensive coverage. This is not a type of auto coverage mandated by law, but it is available to offer the consumer further coverage and peace of mind. Comprehensive coverage will provide for the expenses of repair to your vehicle despite the manner in which those damages may have occurred.
The more you are educated you are about the different types of New Mexico car insurance and what is required by the law in NM, the better off you will be. Once you have educated yourself about the different types of policies available to you, you will know how to effectively choose the policy you need.
A New Mexico car insurance quote will provide you with the necessary information to begin your search. Different policies are offered at cheaper rates because they cost a New Mexico auto insurance company less. If you live in a large city, like Las Cruces, or a smaller town, such as Kirtland, you can find an affordable rate on New Mexico automobile insurance by going online to do the necessary research. So obtain your car insurance quote and begin your search today. It is free and quick and will produce desirable results for you.
So what are you waiting for? Compare cost and coverage details from the New Mexico cities of: Albuquerque, Las Cruces, Santa Fe, Farmington, Alamogordo, Carlsbad, Artesia, Clovis, Deming, Espanola, Gallup, Grants, Hobbs, Las Vegas, Los Alamos, Portales, Roswell, Silver City, Taos and more.