Where can I find the best rate for minimum liability insurance in New Mexico?
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
Answered on Apr 28, 2021
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:
- $25,000 for bodily injury liability per person
- $50,000 for bodily injury liability per accident
- $10,000 property damage liability per accident
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.”
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Browse by topics
What others are asking
Is Tesla roadside assistance better than AAA?
"I have Tesla's roadside assistance because I just bought the vehicle. However, I'm not sure if it's any good. Should I just keep the Tesla roadside assistance or should I get AAA?"
Jun 23, 2021
How many extensions can you get on a car loan?
"I lost my job and have had some unexpected expenses. I already asked the lender for three extensions on my car loan payment, which they granted. How many extensions can I ask for before they deny my request?"
May 28, 2021