If you live in New Mexico, auto insurance is required by law for anyone who owns or operates a vehicle. Of course, the policies available to you can vary dramatically from person to person, county to county, and car to car. Though these differences can spell savings of hundreds of dollars per year, they can also mean paying hundreds of dollars too much if you pick the wrong policy. New Mexico auto insurance quotes are not difficult to find, however, and getting multiple quotes is the first step in finding the best policy for your particular situation.
New Mexico Auto Insurance Quotes: Are You Paying Too Much?
From the hustle and bustle of Albuquerque to the peace and quiet of rural New Mexico, auto insurance quotes are based on several important factors, all having to deal with how much the insurance company is likely to pay out over the life of the policy. No matter where you live, a good driving record and a solid credit history will work in your favor. The insurance company will also use data on area accident frequency and crime rates to determine the cost of your policy.
The average cost of New Mexico auto insurance is $730, putting it below the national average of $795. Of course, this average takes into account every policy in the state, meaning that the densely populated area of Bernalillo County (home to more than a quarter of the state's population) drives up that average significantly. While a look at the state average can tell us that New Mexico auto insurance is definitely on the lower end of policies nationwide (of the 5 neighboring states, only Utah and Oklahoma average lower policy rates), the only way for us to know if we are paying too much for our particular policies is to get multiple quotes from different insurance providers. This is true for all types of insurance in New Mexico.
Types of New Mexico Auto Insurance Policies
If you own your vehicle outright, you will have the option of purchasing liability insurance, which covers damage to the other party's property, but doesn't pay for damage to your own vehicle. When purchasing a liability policy, the current minimum for New Mexico auto insurance is 25/50/10, or $25,000 for bodily injury per person, $50,000 for bodily injury per accident, and $10,000 for property damage. Though industry experts recommend higher limits ($100,000 per person and $300,000 per accident), those who do little driving and are at a low-risk for an accident often choose to stick with the minimum liability coverage to keep their monthly payments low.
If you are still making payments on your car, your bank will have its own minimums for how much coverage you need until the vehicle is paid off. Collision insurance pays for damage to your vehicle in a collision with another car, a collision with an object other than a car, and damage due to a roll-over. Comprehensive insurance may also be required by a lender; comprehensive policies cover damage caused by fire, hail, vandalism, theft, and other non-collision incidents. Many New Mexico drivers also carry uninsured motorist insurance that will pay for damage when a driver without insurance hits you and/or medical payment coverage (MPC) that covers medical expenses for you and your passengers regardless of who is at fault in an accident.
Get Multiple New Mexico Auto Insurance Quotes Fast
Once you understand the different policies that are available, you can examine the price of your current policy to those offered by other companies and make an informed decision about which (if any) policy fits you budget and lifestyle better. NetQuote specializes in finding the best auto insurance quotes in your area and allowing you to examine policies from different companies at your leisure, from the convenience of your home computer. Simply type in your zip code and fill out a brief form, and NetQuote will show you what different companies in your area are charging for the type of coverage you want!