What insurance do I need if I own my car?

What insurance do I need if I own my car?

If the vehicle is being used commercially, then an even higher loading will be imposed. Level of cover required. In most cases, third party insurance will incur a lower premium than third party fire and theft cover, while comprehensive insurance is generally the most expensive form of cover.

What is considered full coverage insurance in New Mexico?

Full coverage insurance in New Mexico is usually defined as a policy that provides more than the state’s minimum liability coverage, which is $25,000 in bodily injury coverage per person, up to $50,000 per accident, and $10,000 in property damage coverage.

Is uninsured motorist coverage required in New Mexico?

No, uninsured motorist coverage is not required in New Mexico, as drivers can reject the coverage in writing.

What are the different liability limits for auto insurance?

Liability for Bodily Injury – The minimum coverage for bodily injury varies by state and may be as low as $10,000 per person or $20,000 per accident. Many auto policies stop at a maximum of $300,000 or $500,000 per accident for Liability coverage.

Can I insure a car if my name is not on the title?

Generally, no. A person cannot get an auto insurance policy on a car that they do not legally own unless they can prove to the insurance company that they have an insurable interest in the vehicle.

What type of insurance coverage is most common and often required?

1. Liability Coverage. Auto liability coverage is mandatory in most states. Drivers are legally required to purchase at least the minimum amount of liability coverage set by state law.

Is New Mexico a no fault insurance state?

New Mexico’s Fault-Based Insurance Laws 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.