Cheap Auto Insurance Quotes In New Mexico
Finding cheap auto insurance in New Mexico is the goal of most drivers in this state, and devoting a small amount of time to research, is all that is required to accomplish this. In this write-up, we will give some facts and information regarding automobile insurance in NM, as well as auto insurance in general.
All fifty states in the US have requirements and laws regarding motor vehicle insurance. One requirement that all the states share is that they require their residents to purchase at least liability insurance coverage. Each state has the minimum limit of liability insurance that one must purchase, written into their insurance laws. Some states require additional types of coverage other than liability. Also, there are various types of auto insurance systems that each state follows. This is either a Tort system, No-fault (PIP) system, or a Tort with PIP add-on system.
What are the requirements for New Mexico auto insurance? Here motorists are required to buy only liability insurance, and nothing else. The laws of the state also set the minimum limits at: $25,000/$50,000/$10,000. You may have seen it written this way – 25/50/10. These numbers indicate the amount of liability coverage you have on your policy for the following: injury per person / all injuries per accident / all property damage per accident. Remember: this type of coverage does not cover you, only others involved in an accident when you are deemed the driver at-fault.
What type of auto insurance system does NM follow? The state follows a Tort system. In a Tort system, one of the drivers in an automobile accident must be found to be the driver at fault. The at-fault party and their insurer will be the ones responsible for paying the losses to the victims.
Here are some facts and figures related to automobile insurance in New Mexico:
- The average annual cost for automobile insurance here is $1,685 – this is $100 above the national US average of all 50 states and DC.
- Overall, the state has seen an 8% reduction in auto insurance rates in the last year.
- The average commute to work by automobile is 21 minutes.
- If you think that you are driving a small and cheap vehicle that’s saving you money on auto insurance, you may be, unless you are driving one of the top 10 most stolen vehicles in New Mexico.
Here they are (not in any order): 2006 Ford F350 Series; 2005 Dodge Ram Pickup; 2004 Ford F150 Series; 2005 Ford F Series; 1998 Honda Civic; 1994 Honda Accord; 1994 Jeep Cherokee/Grand Cherokee; 1990 Toyota Camry; 1992 Chevrolet Full Size C/K 1500 Pickup; 1997 Ford F250 Series.
The most popular way to find cheap auto insurance quotes in the US is by means of numerous online rate quote websites, or by using the services of an auto insurance broker. The key to success is to compare as many auto insurance companies as possible. We hope that you have found the information in this article informative and helpful.
