New Mexico High Risk Auto Insurance
New Mexico has 103 licensed companies to provide auto insurance coverage. Some of these companies offer New Mexico high risk auto insurance policies. Examples include Affirmative, American Reliable, Fidelity National, Metropolitan, and State Farm.
Drivers in the state of New Mexico are required to maintain a certain minimum level of liability insurance coverage on their vehicles to operate them legally within the state. This minimum coverage is defined as Bodily Injury Liability of $25,000 per individual to $50,000 per accident and Property Damage Liability of $10,000. There is one exception to the law requiring liability insurance coverage. If a person can put up a surety bond or cash deposit of $60,000 with the state treasurer's office, insurance can be waived and you will be considered self insured.
Accidents in the state of New Mexico are covered under a tort system. This means that one driver in each accident is found to be the cause of the accident and this person is held financially responsible for the medical expenses and property repair expenses incurred by all other parties involved in the accident. Those who choose to use the self insured option only have $60,000 in total coverage, which may not be enough to pay for an accident.
The state of New Mexico has a database in place that tracks high risk insurance policies. Even so, the law requires drivers to carry proof of insurance in the vehicle at all times. If you fail to provide proof of insurance upon request by a police officer, you will be fined.