Driving In New Mexico
Insurance Information
Despite the economic downturn of the past few years, New Mexico has continued to grow in population. The biggest city is Albuquerque with 555,000 residents, followed by Las Cruces. Residents of those cities can expect to pay a little more for insurance than the state’s average of $1,300/year. However, the growing number of options for cheap insurance New Mexico offers statewide will help consumers find the lowest rates.
Most major nationwide insurance companies are licensed to do business in New Mexico, but there are also a number of companies who focus their business on the state. Drivers who want to save money should get comparison quotes from both.
New Mexico's Insurance Requirements
- $25,000 for bodily injury/death per person, per accident
- $50,000 for bodily injury/death of more than one person, per accident
- $10,000 for property damage per accident
While New Mexico monitors your policy status by communicating with insurance companies electronically, you are still required to carry proof of insurance in your vehicle at all times.
More information on the insurance requirements can be found through the MVD website.
Other Driving and Insurance Facts
- There are 1.4 million licensed drivers and 1.8 million registered vehicles in the state.
- Despite a low unemployment rate of 6.7%, 26% of drivers are uninsured.
- In 2012, there were 10,000 DUI arrests. New Mexico does not require SR-22 filings, unless you needed one in the state you lived in previously.
Helpful Consumer Resources
New Mexico’s OSI has a page devoted to premium comparison guides, in order to help consumers when getting multiple quotes for every type of insurance.
You can check the New Mexico license status of insurance companies and agents/brokers on the Regulation and Licensing Department’s homepage. Doing so can ensure that you are purchasing a policy from a legitimate and reputable company.
