Santa Fe, New Mexico on an average has just 1,927 people per square mile. By this, one would easily assume that Santa Fe car insurance would be low. But, you will be surprised to know that as compared to 32 other states the car insurance rate here is higher. In Santa Fe, New Mexico, the car insurance on an average is only less by $5/- from the United States average. Santa Fe Car insurance is unexpectedly higher.
In the United States, New Mexico is one of the top 10 rural states. It is also a state having the least amount of population like few others. And still, its average premium for car insurance is really high.
The main reason for the high premium rates in this area is because of the number of uninsured drivers. A study conducted by the Insurance Research Council, states that in 2012 the number of uninsured drivers in Santa Fe, New Mexico was around 15-16%.
Apart from this, if you are uninsured and get caught driving, you will not be penalized. The SR-22 paperwork is important in all states almost. But here in Santa Fe, New Mexico you do not need to have it done.
Factors Affecting Santa Fe Car Insurance
Every city has minimum coverage that the people should have when going for car insurance. The minimum coverage as per law for Santa Fe, New Mexico car insurance is as follows:
- Property Damage Liability: Per Accident Minimum of $10,000
- Bodily Injury Liability: Per Person Minimum of $25,000
- Uninsured Motorist Property Damage: Per Accident Minimum of $10,000*
- Uninsured Motorist Bodily Injury: Per Person Minimum of $25,000 per person and Per Accident Minimum of $50,000*
* The uninsured motorist coverage can be rejected by you if you don’t feel the need to have it in Santa Fe. If you plan to do so, all you need to do is email a paper form signed by you to your insurance provider. But, there are around 25% of uninsured drivers in this place and hence it would be better to keep the uninsured motorist coverage. This way if and when you meet with an accident and the other driver is uninsured, your expenses will get covered by your insurance provider. Apart from this, all the other requirements are almost the same across states. We will guide you to identify the best car insurance companies in Santa Fe, New Mexico that meets your requirements.
Coverage Factors Affecting Santa Fe, New Mexico Car Insurance
Another coverage that you could opt for from the above is the comprehensive coverage, collision coverage, personal injury protection, medical payments coverage, and auto liability coverage. The premiums for your insurance will differ based on the coverages you choose.
The rates for auto insurance in Santa Fe, New Mexico differ based on which part of the city you live in. Please note that apart from your location, other factors like your car’s safety features, your personal driving record and so on affect the insurance rate too. It is therefore important to get a quote for your insurance from many insurers.
Do check the insurer’s ratings with NAIC which stands for the National Association of Insurance Commissioners. The ratings given by them are unbiased. Hence there is no worrying about fictitious positive ratings by the agency online. Even if you had online reviews left by a few people or customers, you cannot base your decision on these. Irate customers with bad experiences are more likely to leave a review than a happy customer.
As compared to the Santa Fe, New Mexico population, the rates for auto insurance are high. Actually, even when compared to many states in the nation, the insurance rates here are high. There is nothing much that can be done about this by you. However, by using our help and by doing your analysis, you will manage to find car insurance appropriate for your car and save on a few hundreds of dollars too. And by spending more on insuring your vehicle, you will save yourself during an accident as your insurance will take care of the expenses.