Without auto insurance you risk severe consequences.
Minimum Liability Coverage
In Contemporary Mexico, the genuine minimum coverage you must carry, by principle, is $20,000 for the bodily harm and darkness of one subject, $50,000 for the injury or deaths of and than one adult and $10,000 to protect against Belongings damage you may doer in an accident. The minimum requirements arrange not cover any harm done to yourself or your Belongings in an accident, so provided you choose the minimum liability coverage you Testament be bound for paying your complete medical and mechanic bills, should you or your motorcar be damaged in an accident.Tort System
Increasingly, states are creation Car insurance obligatory for all drivers. As one of those states, Latest Mexico has a uncommon regulations you must postdate in composition to receive your vehicle registered and to legally be allowed latest the circle. Failing to felicitous the minimum qualifications and regulations could corollary in penalties as severe as a prison sentence in some situations.
States differ in how they clock Car accidents and conclude who is at wrong, provided anybody. While some states result a "no fallacy" development, Dewy Mexico follows the tort method, idea that the government has deemed that there must be a decision-making blowout in every auto accident. Consequently, insurance companies strongly recommend more than the minimum legal coverage to ensure you do not have to pay for any damages out of pocket if you are found responsible for an auto accident.
Self-Coverage
Self-coverage allows you to insure yourself by giving the state's treasury office a $60,000 cash deposit or security bond. The advantage to this method is that if you don't have an accident, you'll get the $60,000 back when you get traditional insurance, leave New Mexico or stop driving. However, if you do get into an accident and the cost of repairs and medical bills is taken out of the $60,000, you must then replenish it. If your deposit doesn't cover the damage, you are personally responsible for paying the rest of the damages as well as replacing the $60,000 you just lost in order to stay self-covered.
Penalties
In New Mexico there are some tough penalties associated with driving without auto insurance. Usually, a first offense will net you a $300 ticket that will be put on your driving record. Usually, on the second offense--though sometimes on the first--the officer who pulled you over will suspend your registration or your driver's license, preventing you from having any legal driving privileges. While both are misdemeanors, continuing to drive could bring it up to a felony and possibly even land you in prison.
Insurance Identification Database
The New Mexico Insurance Identification Database (IIDB) is a piece of state legislature passed in 2001 that allows the state of New Mexico to monitor the insurance status of registered drivers. Aimed at reducing the number of uninsured motorists, the IIDB will alert the state any time your insurance policy expires. This means that you can't get around not having insurance by driving safely and hoping you don't get caught, as the state will automatically know whether you're insured or not.
