New Mexico Insurance
Find New Mexico Insurance for Home, Auto, and More
New Mexico is known as "The Land of Enchantment." With the combination of an arid climate, expansive deserts, mountainous regions, and beautiful cities, the moniker seems appropriate. Regardless of your living situation or type of employment, if you're like most people, sooner or later you will have a need for insurance. Homeowners, renters, those who drive automobiles or motorcycles, ATV owners, and business owners all have unique New Mexico insurance requirements.
One good way to accurately assess your insurance needs is to get in touch with a local agent in the Trusted Choice® network. Independent agents work with numerous insurance companies, and can provide you with a variety of New Mexico insurance quotes to compare. With 146 agents throughout the state and just over 2 million residents, New Mexico ranks 25th in the nation for agent to population ratio. There is an excellent chance that a member agent is located near your home. Find a local Trusted Choice agent to learn more about New Mexico insurance policies today.
Is There an Advantage to Using an Independent Agent?
Many people have heard the term "independent agent" and wonder what it means. Unlike "captive" agents who represent only one insurance company, an independent agent works primarily for you. Only an independent agent can gather New Mexico insurance quotes from competing companies and present them to you.
You can compare each one of these quotes, evaluate the differences, and select the one that is best for you. Different companies offer different types of coverage at different rates. With a captive agent you have no way of knowing whether or not that one company's insurance protection provides the coverage you need at the best possible price.
The New Mexico Office of the Superintendent of Insurance strongly recommends that state residents evaluate different companies before purchasing insurance. An independent agent can help you make comparisons quickly and easily.
Find the Right New Mexico Car Insurance Policy
Whether you use your vehicle for business or pleasure, you are required by New Mexico state law to carry liability insurance coverage on it. New Mexico’s minimum coverage mandates are currently 20/50/10 which means you must carry a minimum of:
- $20,000 in bodily injury liability coverage for each individual involved in an accident you cause
- $50,000 in bodily injury liability for all individuals injured in an accident you caused
- $10,000 in property damage liability coverage for damage to other people's vehicles
Failure to carry liability insurance that meets these requirements can result in misdemeanor or criminal charges, fines of $300 or more, and loss of your vehicle registration. This state’s minimum requirements are lower than in many states, and a serious accident can easily lead to liability expenses that greatly exceed this coverage. For this reason, many New Mexico financial advisors recommend that if you wish to protect your assets, such as your home, from the financial losses of a lawsuit, that you purchase additional liability coverage with your policy.
Beyond the state requirements, New Mexico’s vehicle owners can purchase other coverage options, including:
- Bodily injury coverage: Also known as personal injury protection, or PIP, this provides coverage for necessary medical treatments if you or your passengers are injured in a motor vehicle accident for which you are at fault.
- Collision coverage: This provides compensation for any damage sustained by your car or truck in a motor vehicle accident for which you are at fault.
- Comprehensive coverage: This provides compensation for any damage or loss sustained by your vehicle that is non-collision related. Covered events include such things as floods, fire, falling objects, severe weather, theft and vandalism.
- Uninsured/underinsured motorist coverage: This provides coverage if an at-fault driver causes injuries to you or your passengers or damage to your vehicle, and lacks the necessary insurance or funds to cover the resulting costs. This insurance option also covers you against damages and injuries caused by hit-and-run drivers.
Make Sure You Are Adequately Covering Your New Mexico Home
If you own a house, condo or mobile or manufactured home in this state, you will want to be sure that you adequately protect your investment with a suitable New Mexico homeowners insurance policy. This insurance can protect you from substantial financial losses if your house if burglarized, or if it is damaged by a catastrophe, such as a fire or a severe weather event.
There are three main coverage types that make up a typical New Mexico homeowners insurance policy:
- Building coverage: Also known as structure coverage, this compensates you for damages to the structure of your home and to outlying building on the property like detached garages and pool houses. You will want to be sure to purchase structural coverage in an amount that is sufficient to permit you completely rebuild your home if it is destroyed by a covered catastrophic event.
- Personal property coverage: Also known as contents coverage, this compensates you for loss or damage to the personal belongings you keep in your home. This includes everything from clothing and cookware to carpeting and appliances. There are typically coverage caps on certain categories of items, so if you own any very valuable property, such original artwork, family heirlooms, or several pieces of jewelry, you may need to purchase additional riders, or endorsements, to achieve full coverage. An agent in the Trusted Choice network can help you be sure that all your belongings are properly covered.
- Liability coverage: This compensates you for financial losses associated with liability claims. For example, if a visitor is injured or suffers property damage while on your property, and you are deemed liable, you can count on your homeowners insurance to cover the necessary medical, repair or replacement costs. This liability insurance can also protect you if you are sued for libel or slander, of if your children or pets cause injuries or property damage to others, even if the accident occurs off your property. All associated court costs and legal fees are included with your New Mexico homeowners liability insurance coverage, up to the limits of your policy.
Be aware that nearly all homeowners insurance policies have exclusions for damages caused by floods and earthquakes. Fortunately, flood and earthquake insurance is available for purchase separately. Flood insurance is backed by the National Flood Insurance Program, and can help you rebuild completely after a flood strikes, or simply cover your home's contents if you rent your home.
Are You a New Mexico Business Owner?
As of 2009, residents of New Mexico owned and operated 152,770 small businesses. While many of these businesses were set up for self-employment and freelancing, more than 36,000 offered employment to others. If you own a small business in this state, you may want to consider protecting it with a suitable New Mexico business insurance policy.
Business insurance can protect your company from financial losses brought on by unanticipated or catastrophic problems and can frequently mean the difference between a company’s success and its ultimate failure. More than 279 New Mexico companies filed for bankruptcy in 2009, and many of these bankruptcies could have been prevented if a suitable New Mexico business insurance policy had been in place.
Agents in the Trusted Choice network will work with several different insurers to build you a policy that is fully customized to meet the needs of your small business. Perhaps this is why Trusted Choice member agents write more U.S. business insurance policies than any other brand. When you build your business policy, you can choose from among several coverage options, many of which are tailored to specific business types. The most commonly purchased options include:
- Liability coverage: Businesses are vulnerable to lawsuits. There are several different types of business liability insurance available with business insurance policies. Some popular liability coverage options include:
- General liability coverage
- Professional liability coverage
- Product liability coverage
- Employment practices liability coverage (EPLI)
- Liquor liability coverage
- Non-owned or for-hire auto liability coverage
- Business property coverage: This compensates you for costs if your business property, such as computer equipment, materials, office furnishings and merchandise, are damaged by a covered event. If you own the building in which your business operates, this can provide coverage for structural damage as well.
- Lost income coverage: This provides your business with a continuation of income if a covered event forces you to temporarily halt sales or production. This coverage will enable you to keep up with employee salaries and your company’s monthly expenses until you are able to resume business as usual.
Consider a New Mexico Life Insurance Policy
On average, New Mexico residents live 78.4 years. This ranks the state 31st in the nation in terms of life expectancy. While there is a high probability that you will live well into your retirement age, problems like an unexpected medical diagnosis or serious accident could potentially cut your life short. You will want to be sure that the loved ones you leave behind will have sufficient financial security if you were to suddenly pass away in the prime of your life. A New Mexico life insurance policy can make this possible.
There are two basic types of New Mexico life insurance policies from which you can choose. Some people find it difficult to decide which is the better option. A local agent can provide help in determining which type of policy works best for you and your family’s particular situation. The two types of life insurance are:
- Term life insurance: This is the less expensive of the two options. Term policies have no cash value and are valid only for a given amount of time, known as a term. At the end of the term, the policy expires. A new policy will need to be purchased at that time if coverage is still needed. Term policies have the advantage of allowing for a high level of coverage at a low, affordable rate and this coverage is available during the years that you need it most.
- Permanent life insurance: Incorporating whole life and universal life insurance, as well as many others, these policies have rates that are significantly higher than their term life counterparts. If you lock in your rates while you are young and healthy, however, you obtain a policy at a manageable price. Permanent life policies do not expire, so they will last as long as you continue making payments on your premiums. Also, these types of policies build up a cash value that can be borrowed against or cashed in at any time, so many people consider them to be an investment.
Many people have a very strong opinion about which is the better option, but there are no right or wrong answers. The policy that is best for you depends largely on your unique financial and life situation, the amount of coverage you need, your long-term goals and your own personal preference.
Are You Looking for Affordable New Mexico Health Insurance?
With the new Patients Rights and Affordable Healthcare Act, if you are an American who does not receive health insurance benefits through your employer or spouse or qualify for Medicare or Medicaid, you will be required to purchase a policy on your own by January of 2014. New Mexico healthcare exchanges are being set up, and they will enable you to take advantage of lower group rates on policies.
There are several health benefits to having insurance coverage and now there are also tax incentives for purchasing a policy. Also, unlike before the passing of this new law, older residents and those with pre-existing conditions may no longer be turned for health insurance on the private market.
If you are shopping for a healthcare policy for yourself or your family, you probably have a lot of questions about the new changes to the healthcare insurance system. A local agent can explain different features of coverage such as:
- The differences between an HMO, a PPO and an EPO and which is best for you
- The tax benefits you can achieve by setting up a health savings account, or HSA
- What coverage is included in the different tiers of insurance available on the New Mexico healthcare exchange
- Whether or not a high-deductible policy would be cost-effective for you and your family
- The prescription plans included with different insurance types
Are You A New Mexico ATV Enthusiast?
New Mexico, with is gorgeous landscape, has several public ATV parks with scenic trails for your off-roading adventures. If you are one of the many residents in the Southwestern state who owns one or more all-terrain vehicles, you may want to consider purchasing a comprehensive New Mexico ATV policy. Having such a policy can protect your finances from liability, as well as provide you with coverage for your vehicle if it is lost or damaged.
ATVs, including UTVs, quads, and 3-wheelers, are a lot of fun. But riding is not without its risks. Since 1982, nearly 100 New Mexico residents have lost their lives in ATV accidents. If you are responsible for an accident in which a third party is injured, you may find yourself facing very expensive liability charges.
ATV liability insurance is not required by law in New Mexico, though you may be required by some ATV park operators to show proof of this coverage before you can hit the trails. Whether or not it is required, New Mexico ATV insurance can prove very beneficial if you are involved in a collision. Coverage options include:
- Liability coverage: This will cover any necessary medical costs and property repair or replacement if you are responsible for injuries or property damages to a third party while operating your ATV.
- Collision coverage: This will cover the cost of repairing your ATV if it is significantly damaged in a collision for which you are at fault.
- Comprehensive coverage: This will help cover the cost of replacing your ATV if it is stolen, and will cover the cost of repairs if your ATV is damaged by a covered event such as a fire, flood, falling objects, severe weather, or vandalism.
- Bodily injury coverage: This will cover medical costs for you and your passengers if you are injured in an ATV collision for which you are at fault.
- Trailer insurance and roadside assistance: This will cover the trailer used to transport your ATV to and from the trails and parks. If specialized towing and assistance is needed, this insurance will compensate you for the cost.
Obtain a Variety of New Mexico Insurance Quotes
Whether your New Mexico insurance coverage needs are simple or complex, an agent in the Trusted Choice network can help you find the right insurance policies to meet them. These independent agents work with a variety of highly-rated insurance companies to find you the best policies to meet all of your personal and commercial insurance coverage needs. When you work with a Trusted Choice member agent, you can have all of your policies handled in one convenient location.
Contact one of the 146 member agents with offices in New Mexico today to discover how the Trusted Choice network can help you find great coverage at an affordable rate.