There are approximately 30,000 motorcycles registered in New Mexico. The Land of Enchantment offers riders great scenery and ideal weather for year-round bike enjoyment. Motorcycle owners in the state can benefit from having a comprehensive motorcycle insurance policy. With so many insurance companies offering quotes in New Mexico, however, it can often be hard to know if you are choosing the best option. Read on to learn everything you need to know about owning and insuring a motorcycle in New Mexico so you can make the most informed decisions.
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Motorcycle Use and Ownership Laws in New Mexico
New Mexico considers any two- or three-wheeled vehicle a motorcycle if it has at least a 50 cc engine or it can travel 20 miles per hour or faster. Therefore, owners of dirt bikes, sports bikes, choppers and traditional motorcycles must register their vehicles and carry the required liability insurance coverage. Other laws pertaining to motorcycle use in this state include:
Motorcycle operators under the age of 18 must:
- Wear a helmet
- Wear protective eyewear
- May not carry a passenger
- Must be under adult supervision unless they have:
- Taken an approved safety course
- Received their OHV safety permit, and
- Have a valid license
Passengers may only be carried if:
- The bike has a passenger seat
- The bike has passenger foot-rests
- The operator is 18 years or older
For riders of all ages:
- Eye protection is required unless the motorcycle has a windshield
- Headlights are required if riding after dark
- There is a 10 mph speed limit within 200 feet of a:
- Horseback rider
- Occupied dwelling
New Mexico Minimum Liability Requirements for Motorcycles
- $25,000 for bodily injury per person
- $50,000 for bodily injury per accident involving two more injured parties
- $10,000 in property damage coverage per accident
Like every other state, New Mexico enforces mandatory liability insurance coverage minimums for motorcyclists. Liability insurance can protect you from a major financial loss if you are responsible for a motorcycle collision and a third-party holds you accountable for damages or injuries.
Failure to carry insurance that meets the state’s minimum requirements can result in fines of $300 or more, having your registration canceled, or even criminal charges files against you.
What Motorcycle Insurance in New Mexico Covers
A very basic motorcycle insurance policy will include only liability coverage that meets the state’s requirements. New Mexico insurance companies offer motorcycle coverage in a variety of options, however, and many bike owners included them with their policies. These coverage options include:
- Collision coverage: This covers damages to your motorcycle if you are involved in an accident.
- Comprehensive coverage: This covers specified types of damages to your bike that do not result from an auto accident. This can include loss or damage due to theft, vandalism, falling objects, severe weather or fire.
- Medical payments coverage: This covers the costs of medical treatment for you and your passenger if you are injured in an accident for which you are at fault.
- Uninsured/underinsurance motorist coverage: If you suffer injuries or damages in a collision with a hit-and-run driver or with an underinsured motorist, this will provide you with the necessary compensation you might otherwise have not received.
- Roadside assistance: This will provide you with assistance or towing if your bike becomes disabled while you are on the road.
Many motor bike owners, especially those who still need to pay off a motorcycle loan, will purchase collision and comprehensive insurance to protect the investments they have made in their bikes. While lenders may require you to have this coverage, it is otherwise optional. If, like many bike owners, you have invested a pretty penny into your motorcycle, comprehensive coverage will save you from parking that investment indefinitely while you wait to afford repairs.
What Is an Average Motorcycle Insurance Quote in NM?
Rate quotes for motorcycle insurance can vary significantly from one person to the next. Quotes are calculated according to several considerations; however, you can expect your policy to cost you about $40 a month for a basic, liability-only policy. New Mexico insurance companies will also consider the following factors that can influence the cost of your policy:
- Your motorcycle’s make, mode, year and value: More powerful bikes will cost more to insure.
- Where and how often you ride: In New Mexico, residents can ride year-round whereas in northern states, riders frequently opt to buy seasonal insurance coverage.
- Your age and driving history: If you have a clean driving record, you are less likely to ride your bike recklessly so your rates will be lower.
- Where you live and store your bike: If your bike is kept in a location where theft is a serious consideration, this can raise your rates if you opt for comprehensive coverage.
- The amount of coverage you purchase: The only mandatory coverage is for liability. If you choose to further protect your finances by adding on coverage options, this will increase your premiums.
- The amount of your deductible: The higher your deductible, the lower your insurance rates. However, you should be sure to keep your deductible at a level that you can easily afford to cover.
- Your credit score: Statistically speaking, you're at a higher risk for claims the lower your credit score is.
You may also qualify for significant discounts on your policy if you bundle your motorcycle insurance with other policies, if you have completed a motorcycle safety course or if you agree to always wear a helmet despite not being required to by law. Helmet use has a substantial impact when it comes to preventing fatalities and is always a good idea.
The only way for residents of New Mexico to find out how motorcycle insurance will cost them is to request rate quotes from insurance providers. Comparing rates from at least three different insurance companies will ensure that you are getting your policy at a reasonable rate.
Finding a Policy
Because each insurer will need to collect several details about you and your bike, comparison shopping can be a tedious and time-consuming process. Independent agents in the Trusted Choice® network can simplify this process by taking your information once and then doing the leg-work for you.
Discover what a Trusted Choice agent in New Mexico can do for you. Contact a local agent now and you can start comparing a variety of motorcycle insurance quotes today.