Month: February 2013

Does Property Damage Coverage Fix My Car if the Other driver is at Fault and Has No Insurance in NM?

Posted on by AgentInsure

While driving in or around Albuquerque, Rio Rancho or Las Cruces, New Mexico you first must make sure that you have abide by New Mexico law, as far as having your own insurance and an insurance policy underwritten by a licensed insurance provider for New Mexico. You must make sure that before you drive in New Mexico your independent agent has electronically transmitted all of your insurance information to the Mexico Vehicle Department and you have registered your vehicle with all the correct information, including a matching vehicle VIN number. You must make sure that your entire legal bases are covered under New Mexico law, before you cross the New Mexico border.

If you are hit by another driver and it is their fault you must prove that they do not have insurance in New Mexico. You will need to get their name, address and phone number. If all of this information is wrong and they have disappeared then most insurance carriers will say that to get your car fixed, you will have to swallow the expenses.

You are covered under uninsured motorist property damage when damage is done to you by an uninsured motorist, however be aware that hit and run incidents are not generally covered, because you have to have information about the uninsured motorist and prove that they were uninsured. Collision coverage is generally mandatory in many states, but if you do not have collision coverage the uninsured motorist coverage will pay up to a specific amount. This amount is not a lot and the ceiling is generally around $4,000 or less.

According to insurance surveys taken by the Insurance Research council, chances are that if you are hit by an uninsured motorist you can pursue a law suit, but the chances are great that they will not have the money to pay anyway. Your only recourse is to pay for the damages out of pocket.

We can help you with all your uninsured motorist questions, just give our independent agent in Albuquerque, Rio Rancho or Las Cruces, a call today.

Will my Out-of-State Auto Insurance be Acceptable in New Mexico?

Posted on by AgentInsure

If you anticipate traveling through New Mexico you will have to contact your independent agent to see what is stated in your policy. You must be cautious, because many policies clearly define that your policy will not cover you anywhere, including Albuquerque, Rio Rancho or Las Cruces, once you cross the Mexico border. You will no doubt have to pay for additional coverage while driving in Mexico.

Another thing that the traveler must do if they anticipate driving through Mexico is to become registered with the Mexico Vehicle Department. It is mandatory for all drivers in Mexico to carry a minimum of liability coverage. Mexico laws state that a driver must have acceptable and minimum liability coverage as follows.

  • A $25,000 bodily injury to the other person on in the event of death
  • At least $50,000 liability for two or more personas
  • At least $10,000 for property damage related to one accident.

You must request that your independent agent contact the Mexico IIDB and provide them with your insurance information. If the Mexico Vehicle Department should send you a noncompliance notice you need to contact your independent agent immediately and tell them to provide your insurance information to the IIDB. If your insurance company fails to comply with this request then the MVD can suspend your vehicle registration.

When you register your vehicle with the Mexico Vehicle Department you will need to take some proof with you, as follows. This is the only acceptable way that you will be able to register your auto in Mexico.

  • A copy of your current insurance policy
  • A verification letter, on an insurance letterhead from your carrier that verifies your coverage
  • A current insurance card by your company
  • You may present a surety bond or a $60,000 cash deposit with the New Mexico Treasurer’s office

If you do not comply with these requirements you could be in violation of Mexico law and be subject to criminal penalties. As an independent agent we can help you comply with the MVD. Give us a call today.

How do I know if I need a Personal Umbrella Liability Policy in Rio Rancho, NM?

Posted on by AgentInsure

In today’s litigious society, residents of Rio Rancho, New Mexico stand to benefit from a personal umbrella liability policy. Though umbrella insurance is never mandatory, it is recommended for individuals who are vulnerable to being sued. This crucial form of coverage can protect you from losing it all if you ever face a lawsuit.

What is Umbrella Insurance?

Umbrella insurance is a form of liability coverage that exceeds the limits that are currently in place on your auto, home, or renter’s insurance. For example, if the liability limit on your auto insurance policy is $400K, then the umbrella insurance will kick in after the threshold of $400K has been reached. Your umbrella policy protects you if you are ever sued and can be used to pay your legal expenses and the award amount in a lawsuit.

Who Needs Umbrella Insurance?

Because lawsuits are becoming more costly, anyone in Rio Rancho, New Mexico can benefit from umbrella insurance. However, business owners should especially purchase an umbrella policy. If you use your home or your car for business purposes, you pose a special risk of being sued for negligence. You may be responsible for the actions of employees who borrow your property, increasing your vulnerability to lawsuits. Umbrella insurance is a sure way to protect your assets and ensure that a civil suit won’t threaten your business.

Where Can I Purchase Umbrella Insurance?

The good news is that a personal umbrella liability policy is highly affordable. For an annual premium ranging between $150 and $300, you can receive $1 million worth of liability protection.

To get the best rates on an umbrella policy, it is important to contact an independent agent to compare policies. Your independent agent can offer you quotes from a wide range of insurance providers to give you the best deal on umbrella liability insurance.

What Insurance Discounts are Available in Texas and How Do You Qualify for Them ?

Posted on by AgentInsure

If you are living in Texas, and in particular, in a major city such as Dallas, El Paso or San Antonio, and you are looking for an insurance policy for your home or auto, your independent agent can help you learn about some of the available discounts and how you can qualify for them. Bundling Policies One very simple way to get a discount on any type of coverage in Texas is by bundling the different types of coverage together. Bundling policies simply means that you purchase each different type of coverage from the same company so that you can get a package deal. Even if you don’t own a home, but want to purchase renters insurance, you can still get a bundle discount by purchasing your renters and auto insurance from the same company. A real advantage to purchasing policies like this is that you won’t have to worry about paying for each premium on a different date. With a bundle, you can pay premiums on all of your policies simultaneously. Your Texas independent agent can guide you as to the types of bundles that are available for any type of protection you may need. How to Get Discounts on Your Auto Insurance Policy If you are a Texas auto owner and you drive a hybrid vehicle or one that uses other types of alternative fuel, you may be able to get a discount on your auto insurance policy. Your independent insurance agent will be able to tell you what companies offer this type of discount and how to get it. Good Student Discounts Good student discounts are available to teens who get high grades – as long as they meet the necessary criteria which includes:

  • They must be at least 16 years-of-age, but not older than 24-years old.
  • They must be enrolled in either high school or college as full-time students.
  • They must maintain a GPA of no less than 3.0 (or a B average,) or the student must earn and maintain a place on either the Dean’s List or school’s Honor Roll.

Discounts for Completing State-Approved Drivers Education Course Providing proof that a teen has taken a state-approved drivers education course and passed it with flying colors may entitle a parent to get a reduced rate on car insurance for the student they want to add to their policy, or for the auto insurance they may be taking out for their teen on a separate vehicle. Reduced Mileage Discounts Though not all Texas insurance providers will give discounts to policy holders who do very little daily driving, a handful of insurance providers do offer it. You may qualify for this discount if you drive under 25 miles a day, or if you yearly driving mileage totals less than 7500 miles. Some companies allow for double this amount. An independent agent should be able to help you find the companies that do offer this type of discount. Other Ways to Get Discounts There are other ways to get discounts on auto insurance in Texas. As an incentive to drivers who have never been arrested for DUI, some companies may give a discount based on that. Most companies will give discounts to drivers over the age of 25, and to drivers with pristine, accident-free driving records year after year. You may also qualify for discounts on Texas auto insurance, especially in places like Dallas, El Paso and San Antonio if your car has anti-theft devices such as an alarm, a steering wheel bar, a window sketching system that makes it impossible for would-be thieves to grind down the Vehicle Identification Number, or other features such as tire pressure monitoring systems and anti-lock brake systems. The best way to find out about all available discounts on any insurance policy is by talking to your Texas independent agent, and going over the types of coverage you need for your home and auto, and what things you and family members can do to help you qualify for more discounts and lower insurance policy rates.