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?

Answer
“While every state has its own requirements for minimum car insurance coverage, most lenders require that financed vehicles carry both comprehensive insurance and collision car insurance.
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.
However, 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 insurance.
avatar
Emily Maracle
Answered on May 14, 2021
Emily Maracle is a car insurance specialist living in New York. Originally from the Pacific Northwest, she has a degree in English Literature and a background in customer service. She enjoys cooking, gardening, and living sustainably. In the future, she can't wait to upgrade to a hybrid or electric car.
thumb-up

Did this answer help you?

Ask us a question by email and we will respond within a few days.
thumb-up

Have a different question?

You can meet us at our office and discuss the details of your question.

Read advice from car experts at Jerry

Easiest way to compare and buy car insurance

√
No long forms
√
No spam or unwanted phone calls
√
Quotes from top insurance companies
Find insurance savings — it's 100% free