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What is the minimum amount of insurance required for financed vehicles in New Mexico?

Is there a specific requirement for car insurance with financed vehicles? Can I just have state-minimum coverage?

avatar
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Most lenders will require that you purchase coverage that aligns with the
New Mexico car insurance laws
—plus
comprehensive coverage
 and
collision coverage
:
In some cases, lenders also require that insureds carry a specific deductible. Lenders want to make sure that their property is protected and the vehicle will be repaired, so many have a maximum deductible of $500.
Remember: every lender is different. There may be some that require you to carry more than the state minimums in New Mexico. You’ll want to reach out to your lender to confirm what they specifically require in terms of
car insurance in New Mexico
.
Car Insurance
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