Motorcycle Insurance in New Mexico: Everything You Need to Know

New Mexico is a rider’s paradise, with its wide open spaces, beautiful scenery, and miles of winding roads. But before hitting the open road, it’s important for motorcyclists to understand the state’s insurance requirements. This article provides a comprehensive guide to motorcycle insurance in New Mexico, including minimum coverage amounts, optional add-ons, factors that affect premiums, and tips for finding the best deal.

New Mexico Motorcycle Insurance Requirements

Under New Mexico law, all motorcyclists must carry the following minimum liability insurance coverage:

• $25,000 bodily injury liability per person
• $50,000 bodily injury liability per accident
• $10,000 property damage liability

This coverage protects you financially if you cause an accident that injures another person or damages their property. Without it, you could be sued directly and held personally responsible for damages and injuries.

While liability insurance is mandatory, it only covers the other driver’s losses in an accident that’s your fault. Here are some optional coverages to consider adding:

• Uninsured/Underinsured Motorist (UM/UIM) – Covers injuries to you and your passengers if you’re hit by a driver with little or no insurance.
• Collision – Pays to repair your motorcycle after an accident, regardless of fault.
• Comprehensive – Covers damage from non-collision incidents like vandalism, weather, or fire.
• Medical Payments – Helps pay medical bills for you and your passengers after an accident, regardless of who’s at fault.
• Accessories Coverage – Protects custom parts, equipment, and gear (saddlebags, chrome, audio, etc).

While not required, these additions are highly recommended to fully protect yourself, your bike, and your wallet.

Factors That Affect Motorcycle Insurance Costs in New Mexico

Insurance premiums can vary widely between riders due to these common rating factors:

• Age – Young riders under 25 tend to pay the highest rates due to lack of experience.Premiums decrease as you enter your 30s, level off in your 40s, then start to increase again after age 60.
• Gender – Statistics show males have more motorcycle accidents, so they generally pay more than females.
• Bike Type – Sport bikes and superbikes have much higher premiums than cruisers due to speed and accident frequency.
• Displacement – Larger engines (500cc+) cost more to insure than smaller bikes.
• Driving Record – Expect higher rates following accidents, claims, traffic violations, or DUI convictions. Maintaining a clean record saves you money.
• Coverage Limits – Lower liability limits and higher deductibles reduce premiums, but leave you more exposed financially.
• Location – Urban areas like Albuquerque tend to have higher premiums than rural towns.
• Usage – Riding your bike seasonally or as a recreational vehicle cuts costs versus daily transportation use.
• Credit History – Better credit typically leads to lower rates. Poor credit raises them.
• Multi-Policy Discounts – Bundling motorcycle with home/auto policies from the same insurer generates savings.

Tips for Finding the Best Motorcycle Insurance Rates in New Mexico

Follow these tips to get the cheapest motorcycle insurance in New Mexico that still provides adequate protection:

• Comparison shop online between insurers like Progressive, Geico, State Farm, and others. Rates for the same coverage can vary by hundreds.
• Ask about discounts – Take insurer-sponsored safety courses, insure multiple vehicles/home, pay annually, bundle policies, etc.
• Consider a higher deductible like $500, $750 or $1,000 to lower premiums.
• Drop unnecessary coverage like collision/comprehensive on older bikes worth less than $1,000.
• Look for a insurer that offers usage-based plans to save if you ride infrequently.
• Ask about group membership discounts through AAA, AARP, military associations, etc.
• Maintain a good credit score – insurers use this heavily in rating.
• Review coverage annually – needs and premium rates change over time.

Top Motorcycle Insurers in New Mexico

Here are some of the top motorcycle insurance providers licensed to operate in New Mexico, along with average annual premiums:

Of course, your actual premium will depend on your specific details like bike, driving history, limits/deductibles, and other factors. But this table gives you a general idea of cost differences between major insurers in the state.

To find the best match for your needs and budget, get free quotes from multiple companies before deciding. Most allow you to start a quote online, by phone, or via a local agent.

Final Tips for Riding Happy and Insured in New Mexico

Beyond having proper motorcycle coverage, here are a few additional tips for staying safe and compliant on New Mexico’s roads:

• Wear a DOT-approved helmet and eye protection. Though only required for riders under 18, gear greatly reduces injury risk.
• Carry your insurance ID card and proof of registration at all times when riding.
• Abide by speed limits, traffic laws, and ride defensively – nearly 50% of accidents involve speeding.
• Consider additional safety training even after getting your endorsement. Classes sharpen riding skills and often lead to insurance discounts.
• Document your motorcycle’s VIN, custom parts, and gear in case you need to file a claim.
• Review exclusions that can void medical or other coverages following an accident.
• File police reports promptly after any accident, even minor ones, to properly document fault and damages.

With this guide, New Mexico riders now have all the information needed to make smart decisions about motorcycle insurance. Follow the tips provided to secure the right protection at the best available rate for your bike and budget. Then you’ll be ready to hit the open roads and enjoy everything this beautiful state has to offer. Ride safe!