New Mexico Insurance Requirements & Rates

New Mexico requires minimum liability coverage of 25/50/10 (bodily injury per person / per accident / property damage). New Mexico is an at-fault state, meaning the driver who caused the accident is responsible for paying damages. Uninsured motorist coverage is not required but recommended.

New Mexico homeowners face risks from wildfires, flash flooding, severe thunderstorms, drought. The flood risk level is moderate and earthquake risk is low. Standard deductibles apply. The average annual home insurance premium is $2,202.

New Mexico requires riders under 18 to wear helmets. Lane splitting is not legal. Eye protection is required for all riders. The riding season is march–november.

Yes, workers' compensation insurance is required in New Mexico. Businesses with fewer than 3 employees may be exempt. New Mexico has approximately 180,000 small businesses, with top industries including Oil & Gas, Tourism, Government & Defense.

Yes, New Mexico has expanded Medicaid. The state has its own state-based health insurance marketplace at https://www.bewellnm.com. The uninsured rate is 8.5%.

Yes, landlords in New Mexico can require tenants to carry renters insurance as a condition of the lease. About 33% of New Mexico residents are renters, with average monthly rent of $950.

New Mexico has an uninsured motorist rate of 21.8%, which is above the national average. Factors include high rate of uninsured drivers estimated around 20%. Although uninsured motorist coverage is not required, it is strongly recommended.

With a median household income of $53,992, most New Mexico families should consider 10-12x their annual income in life insurance coverage. Currently, 44% of New Mexico households have life insurance.