New Mexico automobile insurance premiums for 2010, which is the last year for which data is available, were somewhat higher than the national average, with statistics showing a state average annual premium of $1605 compared to a national average of $1528.
Annual Changes
Premiums for New Mexico drivers decreased by 13% in 2010 compared to 2009, and this follows an increase of 8% from 2008 to 2009. There is no fixed structure for car insurance rates in New Mexico so that insurers are free to set their own rates. Using our site to monitor rates is an ideal way to be able to take advantage of any downward rate adjustments, and we recommend obtaining periodic online quotes to determine when it may be worthwhile to make changes to auto coverage in New Mexico.
Seasonal Changes
The average price for auto insurance rose substantially in May and June of 2010 before beginning a downward spiral that led to a substantial reduction and a new, lower price level by September 2010. This new level remained in effect until the end of 2010 and into 2011. Price changes can occur rapidly in New Mexico, so that it always is a good idea to shop around and compare rates.
Insurance Requirements
Minimum insurance requirements in Alaska include personal liability coverage of $25,000 per person with a $50,000 limit per accident, and the minimum property damage liability coverage is set at $25,000. However, New Mexico works under a tort system, where one party must be judged responsible for any accident and that party is then held liable for the entire cost of the accident. It is recommended to purchase a policy which has higher coverage limits in order to protect assets in the event of a lawsuit. Coverage to protect against damage caused by an uninsured or under-insured driver is available in New Mexico. Although such coverage is not mandatory, it is usually recommended, especially because the minimum state requirements are rather low.
Advice for Getting the Best Deals
Regional and national insurers compete on the New Mexico car insurance market. Each company uses different criteria to determine its specific premiums for each driver, and there is no one company that consistently offers the lowest rates for all policies. Experts recommend obtaining multiple quotes from reliable insurance companies that are rated A or higher by A. M. Best. In addition, the J. D. Power ratings provide accurate consumer service related information for reputable insurers.
Using our site to monitor rates and periodically obtain new quotes is the best way to get the lowest rates for car insurance in New Mexico.
