Whether you are driving to town on the busy Interstate or enjoying the rural back roads, a car crash can happen at any time in and around Hobbs, New Mexico. When vehicle damage and injuries are involved, the financial burden of a car accident can be immense, especially for the at-fault driver. Car insurance can help you recover financially and get back out on the road with confidence. Independent insurance agents make shopping for the right car insurance policy easy. Independent agents can work with multiple insurance companies, so you can compare quotes and make sure you are getting the high-quality, best-value coverage you desire.
What Are New Mexico Car Insurance Requirements?
All vehicle owners in New Mexico are required to have a minimum amount of auto insurance that includes the following types of coverage:
- Bodily injury liability: Required
- Property damage liability: Required
- Personal injury protection (PIP): Not required
- Uninsured motorist coverage: Not required
- Minimum liability limits: 25/50/10; coverage up to $50,000 for all persons injured in an accident, subject to a limit of $25,000 for one individual; and $10,000 coverage for property damage
In most cases, it’s important to buy more than the minimum auto liability insurance required by the state. The minimum coverage may be sufficient to cover damage from minor accidents. But if you cause a serious accident, the minimum coverage isn't likely to be enough and you could be left with extensive bills to pay.
How Much Does Car Insurance Cost in Hobbs, NM?
New Mexico has the 28th highest average car insurance rates in the US. Average car insurance rates in Hobbs are similar to the state average.
- National average annual car insurance cost: $1,311
- New Mexico average annual car insurance cost: $1,237
- Hobbs average annual car insurance cost: $1,238
Remember, everyone’s car insurance rates are a little different, so your cost may be higher or lower than other Hobbs residents. Your Hobbs car insurance rates are based on things like the type of car you drive, where you live, and how far you drive to work or school every day. If you are paying more than most, you might have a newer car or put more miles on your car every year. Some insurance companies even look at your credit rating to determine how likely you are to get into an accident or file a claim.
Fortunately, insurance companies typically offer numerous discounts to help you keep costs down. Bundling your home insurance or renters insurance with your auto insurance is one way to earn a discount from most insurance companies. Contact an independent insurance agent to obtain and compare customized quotes from multiple, highly rated insurance companies.
Number of Uninsured Motorists in New Mexico
New Mexico has a very high percentage of uninsured drivers, despite the fact that auto insurance is required by law for every driver. Uninsured motorist coverage is important for New Mexico vehicle owners because it protects responsible drivers from those who fail to purchase insurance.
- How many US drivers are uninsured? 12.6%
- How many New Mexico drivers are uninsured? 20.8%
If you are in an accident that is caused by an uninsured driver, it may be difficult or impossible to collect what the other driver owes you for repairs and medical bills. Uninsured motorist insurance was created to ensure that you can receive compensation in these cases.
What Is the Average Number of Auto Thefts in New Mexico?
The auto theft rate in Hobbs is lower than the national average. Auto theft is not a huge problem in Hobbs, but that doesn’t mean you shouldn’t take precautions and have the right insurance coverage.
- National auto theft rate per 1,000 vehicles: 2.94
- New Mexico auto theft rate per 1,000 vehicles: 5.64
- Hobbs auto theft rate per 1,000 vehicles: 2.55
If your car is stolen or vandalized, you need comprehensive coverage to reimburse you for your lost or damaged car. Comprehensive coverage also helps you pay if falling objects, floods, structure fires, or other hazards cause damage to your car. A local independent insurance agent can help you review the cost to include this coverage in your policy.
Why Contact an Independent Insurance Agent?
Ask an independent insurance agent for help finding the best auto insurance in Hobbs. Independent agents can obtain quotes from multiple insurance companies, so you can choose a policy that best meets your coverage and budgetary needs.
Contact an agent near you to start comparing customized car insurance quotes.
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