New Mexico residents are required to purchase liability coverage. However, New Mexicans should not assume that all other drivers will also have this coverage. Many people don’t realize that uninsured motorists are on the road until they find themselves out of pocket for damages caused by accidents in which they were not at fault.
Even though your state requires liability coverage, there is no guarantee that the other driver in an auto collision has coverage too. New Mexico enforces its auto coverage requirements to the best of its ability, but there may still be drivers who choose to take the risk of operating a vehicle without insurance coverage. Because insurance coverage is regulated at the state level, other states within the United States can have different coverage requirements. This means that drivers from other states can operate vehicles in New Mexico in compliance with the coverage limits that apply to them according to their states yet be carrying less coverage than is required for New Mexico residents.
Another time when the drivers’ liability coverage may not help mitigate damages is when hit and runs occur. When there is no identifying information about the other drivers and vehicles involved, there is no way to request reimbursement for damages from their insurance companies.
New Mexico’s liability insurance requirements increase the likelihood that drivers involved in accidents will have appropriate coverage. However, its drivers are still at risk of incurring damages, and expenses, as a result of uninsured motorists or motorists who participate in hit and runs. This is where uninsured motorist coverage can come into play. Even though you have purchased liability insurance in compliance with state laws, other drivers may not have that coverage. To protect yourself from incurring significant expenses related to damage caused by those drivers, consider purchasing unisured motorist insurance. Your independent agent can help you secure the necessary coverage.