States are either considered “fault” or “no-fault.” (New Mexico is a “fault” state.) Fault insurance is the standard for the majority of states and it means the at-fault driver is held responsible for any damages caused by the accident.
Is New Mexico a PIP state?
No, personal injury protection (PIP) is not required in New Mexico. PIP is not even available in New Mexico. Instead of PIP insurance, New Mexico insurance companies offer medical payments insurance (sometimes called MedPay), which helps with hospital bills resulting from a car accident.
Do you have to have car insurance in New Mexico?
New Mexico insurance law requires the following auto insurance coverages: Bodily injury liability: Minimum of $25,000 per person and $50,000 per accident. Property damage liability: Minimum of $10,000 per accident. Uninsured motorist bodily injury: Minimum of $25,000 per person and $50,000 per accident*
What does no-fault state mean for insurance?
No-fault auto insurance laws require every driver to file a claim with their own insurance company after an accident, regardless of who was at fault. In states with no-fault laws, all drivers are required to purchase personal injury protection (PIP), as part of their auto insurance policies.
What is the penalty for driving without insurance in New Mexico?
The penalties for driving without car insurance in New Mexico include: a fine of $300, imprisonment of up to 90 days, and potential suspension of registration.
Is New Mexico a no-fault divorce state?
Contact us today to get started on your case. New Mexico is a “no-fault” community property state, meaning the judge only looks at assets and debts, and incomes to determine child support and possibly alimony.
What is the minimum auto insurance coverage in 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.
Is car insurance cheaper in New Mexico?
New Mexico drivers pay an average of $385 per year for minimum coverage car insurance and $1,419 per year for full coverage, both of which are below the national average. If you are looking for the cheapest car insurance in New Mexico, you may want to get quotes from USAA, Geico, State Farm, Farmers and Progressive.
Is electronic proof of insurance legal in New Mexico?
Police in New Mexico are not required to accept electronic proof of auto insurance, such as an insurance ID card on a mobile phone. When you register a vehicle, you will need to provide proof of insurance and it should be received electronically by the New Mexico Insurance Identification Database within 24 hours.
Does your insurance go up if someone hits you?
When you are the at-fault driver in an accident, Car Insurance Comparison reports that you can expect about a 49 percent premium increase. In this situation, you may be able to save by shopping around for a policy with a different insurer. Most claims remain on your driving record for about three to five years.
Will my insurance go up if it’s not my fault?
Generally, a no-fault accident won’t cause your car insurance rates to rise. This is because the at-fault party’s insurance provider will be responsible for your medical expenses and vehicle repairs. If your insurer doesn’t need to fork out money, your premiums won’t go up.
What are the pros and cons of no-fault insurance?
The pros of no-fault insurance are that it ensures quick claim payouts after an accident and reduces the number of lawsuits for minor injuries. The cons of no-fault insurance are that it raises car insurance premiums and makes it difficult for drivers to receive compensation for pain and suffering.