New Mexico Auto Insurance
As a driver in the beautiful state of New Mexico, you should know that you are required to carry auto insurance whenever operating a vehicle. Failure to do so can result in severe penalties, fines and great personal liability. All drivers must carry auto insurance which meets at least the minimum auto insurance required by the State. The current requirements (2010) include car insurance coverage with a minimum of $25,000/$50,000 in bodily injury liability and a minimum of $10,000 in property damage insurance.
The good news is that almost all New Mexico auto insurance companies will only offer you policies that meet these minimum standards, so you have little to worry about in terms of falling in line with the law. The bad news, however, is that these minimum auto insurance requirements really aren’t enough to give you the protection that you need. Not only are the levels of coverage insufficient in any kind of minor accident but liability insurance only covers damages to other people and their vehicles and does not cover damages to you or your property. Most New Mexico drivers opt for a full coverage auto insurance policy which consist of collision, comprehensive and liability insurance.
What is the average cost of car insurance in New Mexico?
New Mexico drivers pay, on average, approximately $1,413 in auto insurance premiums annually – right in line with the national auto insurance premium average of $1,440 per year. Most good drivers even find lower premiums with a smart auto insurance comparison search. Not only do good drivers benefit from the good driver discount but they are often are eligible for a wide number of discounts which can cumulatively add up to large savings.
New Mexico Teen Driving Laws
If you are the parent of a teenager, then you probably already know how much it can cost to insure a young driver. However, if your teenager is aware of the various rules surrounding young drivers in New Mexico and follows them diligently, you can see your auto insurance rates go down significantly. If you are not aware of the rules, then please read through them carefully and be sure to discuss them with your teenage driver.
First and foremost, New Mexico teenagers are not allowed to drive or operate a motor vehicle before he or she reaches the age of 15 and has a valid learner’s permit. This permit must be held and used correctly for a period of at least six months and the driver must be at least 16 and a half for him or her to obtain a driver’s license. During the time that the permit is held, the teenage driver is required to get at least fifty supervised hours of driving practice, ideally with his or her parent, and ten of these hours must be at night.
Once a teen has obtained his or her license, there are still rules to be followed. The license issued is issued on a “restricted” period, meaning that the teen must follow certain regulations in order to keep it and to eventually gain full driving privileges. The teen driver is not allowed to drive between the hours of 12 a.m. and 5 a.m., and he or she must not transport more than one passenger under the age of 21 during the restricted license phase.
As each stage is passed and the rules abided by, you can watch your auto insurance rates gradually go down. Do keep in mind as well that you can obtain discounts for your teen driver if he or she is a “good student.” A “good student’ in New Mexico is classified as a driver aged 25 or under, who is enrolled full or part time in a high school or college/university and who maintain at least a “B” grade point average. This can have a significant impact on auto insurance, as does each passing year that young drivers do not incur any speeding tickets, become involved in any accidents, or become convicted of any driving related crimes, such as a driving under the influence (DUI) or driving while intoxicated (DWI) charge, which are all too prevalent amongst young drivers. Remember, that following the rules will pay off in the end, both for you and for your teen.
