New Mexico Auto Insurance Requirements and Coverage - Albuquerque
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You must prove that you’re financially responsible―capable of financially taking care of an accident―before you can take a car out on state roads.
Ways to Establish Financial Responsibility
You can establish your financial responsibility in one of two ways:- Leave $60,000 with the state treasurer’s office in the form of cash or a surety bond.
- Buy automobile liability insurance. This is what most people choose.
New Mexico Liability Insurance Requirements for Private Passenger Vehicles
When you buy insurance, you can’t simply buy a small amount. The state requires at least:
- $20,000 for bodily injury or death of one person
- $50,000 per accident for bodily injury to or death of two or more people
$10,000 per accident for property damage
Penalties for Failure to Maintain Financial Responsibility
Having no proof of insurance results in several penalties:
If a police officer stops you and you simply don’t have the proof with you, bring proof that you had valid insurance on the day of the traffic stop.
If you are truly driving around without insurance, you face misdemeanor or other criminal charges, fines of $300 or more, and losing vehicle registration.
Driving Rules for Older Drivers
Drivers have an option of getting driver’s licenses that last for four or eight years until they reach age 67, when they can get only a four-year license. Starting at age 75, drivers must renew annually although it’s free. Drivers of any age must take a vision test with each renewal.
In 2011, the legislature turned away a proposal to test older drivers’ reflex and reaction times starting at age 75, and to require every-six-months renewals for people 90 and older.