Q: Where can I find the best rate for minimum liability insurance in New Mexico?
Apr 28, 2021

I live in New Mexico and have a $500 car. I just want the cheapest auto insurance possible, as my car isn't worth all that much. Where can I find the best rate?

Answer provided by
Eric Schad
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.

“First off, the amount your car is worth has nothing to do with liability coverage. This type of insurance pays for the other person’s property damage and medical bills if you’re at fault in an accident. Therefore, the value of your car is insignificant.

New Mexico has a minimum legal requirement of 25/50/10 liability insurance. This covers:

But it’s recommended that you get higher limits if you can afford them. Why?

Let’s say you hit a Maserati that costs $200,000 and you total it. That means your minimum liability insurance will only pay $10,000, and you’re liable for the remaining $190,000. It’s not a great situation for you.

Therefore, you should consider getting at least a 100/300/100 policy or 250/500/250 policy.

Keep in mind that rates will vary depending on your personal profile and the insurance company. There’s no way to tell you which company offers the best price in New Mexico. To find out for sure, you have to comparison shop and gather as many quotes as possible.”

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