New Mexico Insurance (NM)

New Mexico Car Insurance Requirements
New Mexico law puts down the minimum levels of liability coverage that motorists must uphold:

• $20,000 per person for physical injury to or death of one person
• $50,000 per accident for physical injury to or death of two or more people
• $10,000 per accident for property damage

Automobile liability insurance is basically the financial security net that you will fall back upon if you are at fault in an accident. In most cases, you will see the above figures presented by insurance companies as 20/50/10. When you break down the numbers, it looks like this:

The first number is the highest that an insurance company will pay out per person injured in an accident.
The second number is the full injury disbursement obtainable per accident if more than two people are injured. Ultimately, if the $50,000 doesn't cover the medical costs of those injured, they may pull you to court for more compensation.
The last number is the maximum your insurance company will disburse to pay back damage caused to property - from another driver's damaged vehicle to houses, garages, light poles, and buildings.

New Mexico Insurance Division

Mailing Address: P.O. Box 1269 Santa Fe, NM 87504-1269 Physical Address: P.E.R.A. Bldg., 4th Floor 1120 Paseo de Peralta Santa Fe, New Mexico 87501

Switchboard (505) 827-4601 Toll Free in New Mexico (800) 947-4722 Fax Number (505) 827-4734 Website http://www.nmprc.state.nm.us/id.htm Morris J. Chavez, Superintendent of Insurance

New Mexico Insurance Alternative
New Mexico is noted to have one interesting twist in this entire insurance saga. If you can dish out a $60,000 cash deposit or indemnity bond, you can secure yourself without having to make payments to an insurance company. You just require to produce confirmation of pecuniary accountability.

Of course, then you've got just $60,000 of coverage. However, this might not be sufficient to guard your other assets should you get into a major mishap that you have to pay for. But this can be the only alternative if you violate traffic rules routinely or have so many DWIs on your record that you can no longer get hold of standard insurance.

What it involves is either acquiring a collateral bond for $60,000 or providing that same amount in cash to the state treasurer's office. No sooner everything is in order, than you will be issued a certificate, corroborating you have met the conditions obligatory for monetary dependability. This in turn will permit you to drive and register a vehicle.

New Mexico Insurance Identification Database (IIDB)
In a bid to diminish the risk to the Citizens of New Mexico from uninsured motor vehicles operating on New Mexico highways, the 2001 New Mexico Legislature passed House Bill 847 to spot uninsured motorists and to lend a hand to the implementation of automobile accountability insurance requirements of the State. The legislation directs the Department of Taxation and Revenue-Motor Vehicle Division (MVD) to build up and activate an insurance identification database (IIDB). Law enforcement officers, state agencies and courts bring into play this database to settle on whether a particular vehicle has suitable liability insurance coverage. The legislation necessitates the MVD to issue a managerial deferral of the offender's vehicle registration if substantiation of liability insurance is not provided by the owner's insurance company upon request. The MVD has contracted with Explore Information Services to go with insurance information from New Mexico insurers with vehicles registered with the MVD. The only process to make available testimony of insurance is by having your insurance company provide confirmation of your insurance electronically to the IIDB. If your insurer fails to electronically submit your policy information to the IIDB within thirty (30) days of the date of the Notice of Noncompliance you received, your vehicle(s) registration will be put on hold. You or your insurer may contact the IIDB at 1-866-891-0665