A reputable insurance agent in New Mexico will recommend adding uninsured or underinsured motorist coverage to your auto insurance. Although the state does not require it by law, crunching some numbers should illustrate why you should add this indemnity essential to your auto policy. Including it in your vehicle coverage now could save you thousands of dollars, along with some major headaches.
New Mexico’s Uninsured Driver Problem
Did you know that over 21 percent of motorists in New Mexico drive without any insurance coverage? Unfortunately, an accident with one of these individuals means that you’re stuck footing the bill. Your insurance agent in New Mexico will confirm how expensive it can get, but here are some quick stats to illustrate the point:
- Most uninsured motorists have annual incomes of less than $20,000
- The typical collision damage insurance claim is $3,144
- The average auto liability claim for property damage is $3,231
- Liability claims for bodily injury average around $15,000
Suing an uninsured driver, especially if he or she don’t have much income, often proves to be an exercise in futility. You may never see your court-awarded damages and in the meantime, you have to fix or replace your vehicle while footing the bill for your injuries.
Protect Yourself and Your Future
Electing uninsured and underinsured motorist coverage may add between $3 to $9 to your monthly premiums. It may be time to chat with your insurance agent in New Mexico about including it in your policy.