You can get car insurance in New Mexico by comparing quotes from both national and local insurance companies to find the best deal, then purchasing coverage online, by phone or in person. In New Mexico, only liability car insurance is required for all drivers.
7 Steps to Get Car Insurance in New Mexico
1. Gather vehicle and driver details
You’ll need to have information about yourself and any other drivers you want on your policy, including driver names, addresses, and driver’s license numbers. You will also need details about the vehicles you’d like to insure, such as vehicle makes and models, VINs, and mileage.
2. Decide how you want to purchase insurance
Most insurance companies allow you to purchase car insurance online. You can also purchase it over the phone or in person through a company’s dedicated agent or through an independent insurance broker. Purchasing through an agent or broker instead of online may be better for people who are less tech-savvy and want to have a person walk them through the available options.
3. Look into the required types of insurance in New Mexico
In New Mexico, drivers must have at least a minimum amount of bodily injury liability and property damage liability insurance.
Type of Coverage
Bodily injury liability
$25,000 per person ($50,000 per accident)
Property damage liability
4. Consider additional types of coverage
You should look into optional types of coverage, like collision and comprehensive. While they aren’t required by state law, lenders and lessors will often require financed vehicles to carry collision and comprehensive insurance, and these types of coverage can help protect your finances.
5. Compare quotes
Comparing prices from several different companies is the best way to make sure you’re getting the best deal.
Cheapest Car Insurance Companies in New Mexico
6. Check for discounts
Always make sure you’re taking advantage of every discount available.
7. Pay for your policy
You’ll need to figure out whether you’d rather pay monthly or pay in full up front. Most companies offer a slight discount for paying up front. When choosing a specific policy, you’ll also need to pick deductibles for certain types of coverage, like comprehensive and collision.
To learn more, check out WalletHub’s guide to getting car insurance.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.