How To Get Cheap Car Insurance In Albuquerque

If you choose New Mexico's minimum liability car insurance requirements instead of full coverage, you can get cheap car insurance in Albuquerque in one of two ways: either buy the minimum liability auto insurance policy from a New Mexico car insurance company of your choice, or insure yourself.

Safe drivers with good driving records and few problems on their credit reports can get cheap car insurance in Albuquerque. If a New Mexico driver is eligible to buy a minimum liability car insurance policy and is okay with not having full-coverage car insurance in Albuquerque, the minimum liability policy is probably the cheapest New Mexico car insurance for him or her.

Here are the minimum requirements for car insurance in New Mexico:

1. $50,000 per accident if more than one person is hurt or dies
2. $10,000 per accident for property damage
3. $20,000 per person for hurting or killing someone

You might think that only $20,000 isn't much insurance coverage if someone dies in an accident. That doesn't seem like enough insurance to cover the death of someone you hurt in an accident. This is why insurance companies with licences to sell auto insurance in New Mexico recommend buying more than the minimum liability insurance requirements.

You can always choose to self-insure if you have an extra $60,000. You just need to make a $60,000 cash deposit or buy a $60,000 surety deposit and turn it in to the New Mexico State Treasurer's Office.

Again, if you have this much money to put toward your Albuquerque car insurance, this may be a cheaper option for you. You won't have to pay a premium, which is what you have to do when you buy traditional car insurance. If you get into an accident, you will have to take the money out, but if you are a safe driver, you may never have to do that.