When it comes to taking initiative and making strides to improve health and safety, New Mexico can certainly be commended for the steps they've taken. These include lowering drunk driving deaths and arrests and improving overall state health. These efforts have definitely paid off, as New Mexico insurance rates are some of the most affordable in the country.
With all the hard work New Mexico and its residents have put into making their rates low, knowing what influences rates and how to make sure they remain low will keep residents of the Empire State saving on their rates for years to come.
New Mexico Insurance Rates for Autos
New Mexico residents pay an average of $727 annually for their auto insurance coverage, which is fairly remarkable considering that up until just a few years ago, New Mexico consistently ranked highest in the country for drunk driving arrests and deaths.
New Mexico follows a tort system, meaning that fault is assigned in the event of an accident and the at-fault driver assumes liability for damages to the other car and medical bills as well. Liability requirements in New Mexico include:
- Bodily Injury: $25,000/50,000
- Property Damage: $10,000
These minimums are fairly low, and even though it will increase your rates, higher limits ($100,000/300,000/50,000 are recommended) as well as comprehensive and uninsured coverage will keep you fully protected.
Keeping your New Mexico insurance rates low isn't hard. A few ways you can keep costs down while still receiving adequate coverage is:
- Look for discounts. There are numerous discounts available for drivers in New Mexico, from good student to good driver to discounts for parking in a garage or having a car alarm.
- Raise deductibles. The more you pay out of pocket, the more you save. If you can afford to raise your deductible to $500 or $1,000, you will save on your monthly bill.
- Limit the claims you file. The more claims you file, the more your rate goes up. While you definitely need to make a claim if you cause an accident, filing claims for little things like windshield cracks can be counterproductive if they only serve to increase your rates.
New Mexico Insurance Rates—Health
In just one year, New Mexico managed to climb 9 spots in the healthiest state rankings. These improvements can also mean lower insurance costs.
If you are one of the 51% of employers who offer health care coverage, you know that even with excellent public health funding, rates are expensive. Here's how you can keep your costs low while still offering good insurance in a number of ways; for example, implementing wellness programs. You can cut your costs substantially by offering programs that improve health, such as smoking cessation, weight loss, or substance abuse (the costliest and most common health concerns).
If you pay for private insurance as a resident, you can save by increasing your deductibles and opting out of insurance you know you probably won't use. For example, if you stay relatively healthy and don't have ongoing health problems, you might not need prescription coverage. Or, if you know you don't plan on getting pregnant, cut maternity benefits.
Comparing New Mexico Insurance Rates
Shopping around for the lowest prices remains the best way to make sure your New Mexico insurance rates are the lowest possible. Localinsurance.com is a great resource for finding the lowest rates. Here, you can compare rates online within minutes, so you know you are getting the best prices on your New Mexico insurance.
