Insurance | Motor Vehicle Division NM (2024)

FAQs

How much insurance do you need for an AT for MVD New Mexico? ›

Minimum auto liability insurance amounts required in New Mexico are: $25,000 for bodily injury to or death of one person, $50,000 for bodily injury to or death of two or more persons, and. $10,000 for property damage in any one accident.

New Mexico law requires drivers to have auto liability insurance.

Full coverage insurance in New Mexico is usually defined as a policy that provides more than the state's minimum liability coverage, which is $25,000 in bodily injury coverage per person, up to $50,000 per accident, and $10,000 in property damage coverage.

No, New Mexico is not ano-fault state for auto insurance. New Mexico is an "at-fault" or "tort" state, which means the person who is at fault for a car accident is responsible for paying for other people's injuries and property damage resulting from the accident.

Acceptable Documents

A rental property or purchase agreement. An auto, home, health insurance agreement or bill. A paycheck stub. A property tax statement or mortgage documents.

Fees for Registering a Vehicle

Registration fees range from $27.00 to $62.00 for a one (1) year registration or $54.00 to $124.00 for a two (2) year registration.

Non-owner car insurance provides New Mexico's minimum car insurance coverage for people who don't own a car but drive often. In New Mexico, non-owner insurance can pay for injuries and property damage that you cause others, but it won't pay for damage to the borrowed car or your medical expenses.

Driving without either is a misdemeanor in New Mexico and can result in the suspension of your vehicle registration. The penalty for driving without insurance is a fine of up to $300, up to 90 days of jail time or a combination.

The average cost of full coverage in New Mexico is $1,943 per year or $162 per month, which is 3% below the national average of $2,008 per year. However, drivers in the state can find full-coverage rates as low as $1,235 per year on average.

Does insurance follow the car or the driver in New Mexico? ›

In New Mexico—and most everywhere else—car insurance policies cover the car, not the person who bought the policy. This holds true for the following types of coverage: Bodily injury liability.

Out of state insurance is acceptable in New Mexico only if it meets New Mexico's minimum liability requirements, which are: $25,000 for bodily injury or death of one person in any one accident; $50,000 for bodily injury or death of two or more persons in any one accident; $10,000 for injury to or destruction of ...

Castle Doctrine and Stand Your Ground

The use of lethal force to protect one's life or that of a third party outside of the home remains a legal gray area in New Mexico, and such situations are handled by authorities on a case-by-case basis.

When the at-fault driver is uninsured, there is often no insurance coverage from which to recover monetary compensation for your injuries and damages unless you have uninsured/underinsured motorist coverage. The same can be true if the accident is a hit and run and the at-fault driver cannot be identified.

We realize that earthquake insurance is necessary in New Mexico, so we will shop multiple companies to find the policy best suited to your needs. Owning a home in New Mexico, it is important to protect your property from any damage that may occur as a result of an earthquake.

Whether you are traveling for business or pleasure, you are required to have liability coverage for your rental car in Mexico.

Because so many drivers in New Mexico are uninsured, insurance companies must offer policyholders New Mexico minimum uninsured motorist coverage along with minimum liability insurance. This policy should include at least $25,000 for bodily injury per person (up to $50,000 per accident).

Title insurance costs in New Mexico range from 0.5% to 1% of your home sale price. While it may seem huge, it's a small price to pay compared to the $106,000 that buyers lost on average in title fraud in 2023.

How much does the New Mexico insurance license cost? The New Mexico insurance license cost is around $154 based on your type of license, number of lines of authority, application, exam, plus the fees for your insurance course.