New Mexico Car Insurance Minimums

Car accidents can be expensive, costing victims tens, if not hundreds of thousands of dollars over the course of a lifetime. Most people don’t have enough in savings to cover the costs of a minor fender bender. That’s why New Mexico has strict car insurance laws. 

No one is permitted to drive a motor vehicle in the state of New Mexico unless the vehicle is covered by legally-established minimum amounts of car insurance. In the event of a collision, victims can file a claim to recover benefits to cover costs related to medical treatment, lost wages, and distress. It's also advised to contact an experienced car accident attorney in Albuquerque, NM.

How Much Car Insurance Is Required in New Mexico?

While you have the ability to purchase higher limits (and it’s wise to do so, including retaining your uninsured/underinsured motorist coverage, to ensure better protection in the event of an accident), New Mexico car insurance minimums are:

• $25,000 in bodily injury coverage per person
• $50,000 in bodily injury coverage per accident, and
• $10,000 in property damage per accident.

Bodily injury coverage helps to offset the economic and non-economic consequences of a car crash, including medical bills, disability, and pain and suffering.

Property damage coverage is intended to offset costs related to replacing or repairing a vehicle that’s damaged in a New Mexico collision.

New Mexico Has Fault-Based Car Insurance Laws

After a traffic accident in New Mexico, the at-fault party’s insurance company will be on the hook for resulting damages. So, if you’re injured in a collision because someone else was negligent, you’ll reserve the right to file a claim with their insurance company for benefits up to their policy limits.

This means you should be able to recover at least $25,000 for your medical expenses, lost income, and anguish, plus another $10,000 to get your car repaired. If the at-fault driver purchased higher coverage, you’ll be entitled to seek compensation up to their policy limits. 

If your damages exceed the at-fault driver’s insurance policy limits, you’ll reserve the right to seek additional compensation through a civil car accident lawsuit.

What if a New Mexico Driver Doesn’t Have Insurance?

Even though New Mexico has car insurance requirements, including minimum coverage mandates, some drivers still hit the road uninsured. In these situations, you’ll have one or two options for getting compensation.

First, you can seek benefits from the Uninsured Motorist Coverage (UIM) under your personal car insurance policy.

Alternatively, you can take legal action and pursue damages directly from the uninsured motorist (or another liable party).

Singleton Schreiber Can Help You Explore Your Legal Options After a Car Accident in New Mexico

Even though you’ll have the right to seek compensation from an insurance company after a car accident in New Mexico, the road to recovery won’t be easy. The insurance company will fight your claim and work to limit the benefits you’re able to recover. Force better results by trusting Singleton Schreiber’s New Mexico car accident lawyers to fight for you.

We’re award-winning litigators with an undeniable track record of success. As fearless advocates for injured crash victims and families, we’ve recovered over $2.5 Billion from insurance companies, corporations, and negligent parties. 

Discover how we can help you after a car accident by calling one of our conveniently located New Mexico law offices in Albuquerque, Clovis, Hobbs, Las Vegas, Los Lunas, Mora, or Ruidoso today. Your first consultation is free.