All motorists are required to have proof of financial responsibility for New Mexico. This means that if you have enough cash deposit or surety bond, you are not required to have any car insurance for New Mexico. The minimum amount of cash or surety bond that you can use as proof of your financial responsibility is $60,000. If you want the $60,000 to be your coverage, you can deposit this at the state treasurer office or you can get a surety bond. You will then have a certificate which you can use as proof of financial responsibility. Of course, this amount shall not be enough to cover all expenses if you got into serious accident. This is why many still purchase liability car insurance. Now if you do not have this amount of money, you can have insurance as proof of your financial responsibility.

The minimum amount of car insurance coverage is $20,000 per person for bodily injury to or death of one person per accident, $50,000 per accident for bodily injury to or death of two or more people per accident and $10,000 for property damage per accident. This liability insurance shall pay for the expenses incurred in an accident which you are responsible for.

Since New Mexico requires motorists to show proof of financial responsibility, you should always have this in the car. This is important because a law enforcement officer may ask you to show your proof after an accident or if you are stopped for a moving violation. If you fail to show this to the officer, you will get an additional citation. You will then have to prove in court that you have proof of financial responsibility. If you do not have car insurance for New Mexico, the cash deposit or bond at the time when you were requested to show it, you will have to pay the fine, you may lose the registration of your car and you might be charged with misdemeanor.

Read more about New Mexico Car Insurance