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 provided by
Answered on May 14, 2021
“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.
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