New Mexico SR22 Insurance
New Mexico SR22 Insurance
Is SR22 Insurance Required in New Mexico?
No. However, the State of New Mexico does have mandatory auto insurance minimums which must be met. The amount of car insurance liability coverage that is needed to legally drive in New Mexico is $25,000 in cases where one person is killed or injured, $50,000 for two or more, and $10,000 in property damage liability coverage for any single accident.
Additionally, in the State of New Mexico, if you fail to provide proof of auto insurance coverage, you will first receive a Notice of Noncompliance. If you have coverage when you receive this notice, your New Mexico car insurance provider will need to then provide proof of insurance to the New Mexico MVD. This proof of insurance is similar to a New Mexico SR22 insurance form in that it proves that you have at least the state minimum amount of coverage for New Mexico auto insurance.
Optional Insurance Coverage
Since New Mexico does not require an SR22 Insurance, most people opt to get extra insurance coverage on top of their liability minimums to be able to better protect themselves in case of accidents.
Collision & Comprehensive Coverage
Collision coverage caters for damages to your vehicle caused by another car, a rollover or an object. The state does not require this insurance, but most insurers require it for financing. Comprehensive coverage protects you against destruction to your car from hazards such as theft, hail, wind, vandalism, fire, or flood.
The property damage will provide coverage for the driver and
whomever is driving the vehicle in the case of an accident.
If you or a family member are driving and involved in a accident the insurance company will pay for damages occurred from the accident up to $25,000. If there is damages above and beyond that you will be responsible for the remaining money owed.
Regardless of your driving history, we’re here to help. Ready to get started? Sit back, relax,
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Medical Payments Insurance
This elective coverage caters for reasonable expenses that you and your passenger may incur due to injury in a car accident, regardless of the fault. Coverage amounts for this insurance vary from one insurer to the next. You can choose to buy it if you have no health insurance or to complement any medical insurance cover you may have.
What Happens if One Does Not Have Insurance?
Vehicles that have no minimum liability coverage are bound to have their registration suspended. According to the New Mexico Mandatory Financial Responsibility Act, the owner of an uninsured motor vehicle must return the car registration as well as the license plate to MVD in ten days time after being issued with the notice of suspension letter. Failure to do so will subject the car owner to penalties prescribed by state law, including criminal penalties.
New Mexico SR22 Insurance Page Updated 7/20/2020 We operate in all 50 states. No matter where you live, we can help you find great SR22 insurance.
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