Franklin Insurance Agency

2345 Southern Blvd SE Ste C4,
Rio Rancho, NM 87124, United States

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Do You Need Boat Insurance in New Mexico?

You love your new boat and will want to protect it with an appropriate amount of boat insurance. According to the boat insurance agents at the Franklin Insurance Agency in Rio Rancho, NM, there are several coverage options you can choose from.


While boats are not required to be insured in the state of New Mexico, it is recommended to protect the investment you have made in your boat. Also, if you borrowed the money for your boat, you will be required by your lender to have boat insurance in place. Remember that boats in New Mexico must correctly display their validation stickers and registration number, even though boat insurance is not required.

Liability Boat Insurance

Liability boat insurance is critical since it can help you pay for any damage you cause to someone else’s boat or other property and even injuries that may result from some type of accident out on the water.

Comprehensive and Collision Insurance

If your boat catches on fire, is damaged by vandalism, or is destroyed by a hurricane or some other type of natural disaster, you will be grateful that you have comprehensive insurance in place since it can help you pay for the necessary repairs to your boat. Comprehensive insurance can also help you replace your boat if it is stolen.

Collision insurance will assist you in paying for damage to your boat if you collide with another boat or even a stationary object, such as a dock or wall.

Contact Us

To obtain the appropriate amount of boat insurance, contact the boat insurance agents at Franklin Insurance Agency in Rio Rancho, NM today!

Do I need Auto Insurance With a Car Loan in Rio Rancho, NM?

Car loans and comprehensive insurance go hand-in-hand. In Rio Rancho, NM most financing agreements require full auto insurance coverage. It is important to know about getting auto insurance when you have a car loan in Rio Rancho.

Why Do Vehicle Loans Require More Coverage?

The lender wants to ensure they protect their investment in an accident, theft, or natural disaster. So, they may require you to purchase comprehensive and collision coverage when you finance a vehicle.

How Much Auto Insurance Coverage Do I Need?

The auto insurance coverage you’ll need depends on several factors, including the value of your car, your personal assets, and your state’s minimum insurance requirements. The financing company may also have minimum insurance requirements.

Your Franklin Insurance Agency can help you determine the right coverage for your needs and budget.

Gap Insurance for Auto Loans

If you have a loan on your vehicle, you may purchase gap insurance. This type of policy covers the difference between what you owe on your car and the actual cash value of your vehicle if it’s totaled or stolen.

For example, you owe $20,000 on your car loan, but your vehicle is only worth $15,000. If your car is totaled in an accident, you would still owe the $20,000 to the lender. But with gap insurance, your insurer would pay the $5,000 difference.

Gap coverage is separate from comprehensive and collision insurance, so you’ll need to purchase it as an add-on to your auto insurance policy.

For more about car insurance in Rio Rancho, NM, contact your local Franklin Insurance Agency. We’re here to help you find the right coverage at the best price.

What home insurance covers and what it doesn’t

Home insurance helps homeowners keep their sanity and their peace of mind. It helps make the risks associated with homeownership more palatable. It makes you feel safe. At Franklin Insurance Agency in Rio Rancho, NM, we place our customer’s needs first. As independent agents, we are in the best position to provide the broadest range of options and the most reasonable rates. 

Traditional home insurance provides four basic types of protection. It covers the physical structure of your home from a variety of hazards, it covers the content, and it gives you liability protection and loss of use. All significant types of insurance. 

  • Property coverage is the insurance that protects you from tornados and fires etc., that can damage or destroy your home. It covers the house, major systems, attached structures like porches, decks, and detached structures like garages, casitas, patios, and sheds. 
  • Content coverage protects your personal property both at home and when traveling away from home with you. 
  • Liability protection is the amount you need to think about the most. It should be determined by your net worth and the level of risk you have. 
  • Loss of use will come in very handy if your home is damaged or destroyed and you can’t stay at home. It will pay for your hotel and a rental house if it is longer. 

Home insurance doesn’t cover floods, land movement, expensive art and antiques, owner neglect (wear and tear), and sewer backup. Land movement includes earthquakes, sinkholes, landslides, and mudslides. Expensive art and antiques should be covered with a rider added to the policy. Maintaining your home is what the insurance company expects.  

Contact Franklin Insurance Agency in Rio Rancho, NM, with your questions and home insurance needs. 

Protect your RV before hitting the road

If you are an RV owner who loves to head out on the open road, be sure to have the right insurance in place first. The team at Franklin Insurance Agency is here to help residents in the greater Rio Rancho, NM area with all of their insurance needs. Call our office today to learn more about how we can help you.

Protect your RV with the right insurance policy

Before you hit the road this season in your RV, give your insurance policy a review. There are several different ways that the right policy can protect you, and it only makes sense to have the protection you need. Now is a great time to review your policy.

Liability coverage is a big concern for many RV owners. This is because of the risk of accidents and other mishaps on the road, but that’s not the only reason. If you enjoy parking your RV in a campground or park for extended periods, you will want to ensure that you have the proper protection.

RV owners who entertain a lot or have guests stay with them can be at a higher level of risk when it comes to liability. This means that you want your policy to include protection if someone is injured while visiting you. Enjoying an RV is easy to do, especially when you know that you have the protection you need!

Reach out to us today!

Franklin Insurance Agency is here to serve the insurance needs of the Rio Rancho, NM community and surrounding areas. If you want to find out more about the RV policy options that are available in our area, give us a call today!

Umbrella Insurance Errors To Avoid

Franklin Insurance Agency serves the Rio Rancho, NM community and the surrounding areas. We work with multiple carriers in the region. This allows us to provide our clients with an assortment of options. For over 24 years, we have had families obtain the coverage they need to plan for the future.

Umbrella Insurance Errors to Avoid

Sometimes life throws unexpected situations your way. If you aren’t prepared, things can become even worse. Umbrella insurance is a policy that you can rely on during emergencies. Umbrella insurance covers you if you are involved in a serious home, auto, or commercial liability dispute. There are multiple reasons why someone may pursue litigation against you. Perhaps you are hosting a party at your Rio Rancho, NM home, and guests play in your swimming pool. Suddenly someone slips and falls, suffering a severe injury. Perhaps you are driving home from work, and you take your eye off the road to answer a call, but you cause an accident with multiple injuries. Maybe one of your employees is pursuing legal action against you, accusing you of slander and libel. These are common liability situations where your assets may be at risk. Umbrella insurance steps in once you have reached your liability limits. While looking over your policy, avoid these common umbrella insurance errors.

Many people believe that their assets aren’t valuable enough to obtain coverage. This is a mistake. If you are involved in a liability dispute, and you lose some of your assets, it can be a complicated and challenging process to replace them. Umbrella insurance can prevent you from losing everything you’ve worked hard for.

Franklin Insurance Agency will Help you Cover your Assets.

Visit our office to learn more information about umbrella insurance.

I Have Auto Insurance, Do I Need Motorcycle Insurance?

In New Mexico, motorcycle insurance is a requirement even if you already carry an auto insurance policy. The good news is that most motorcycle insurance policies are relatively affordable. The agents at Franklin Insurance Agency of Rio Rancho, NM are here to keep the process of finding the right policy as painless as possible.

The Basics of Motorcycle Insurance

As a general rule, motorcycle insurance is considerably less expensive than auto insurance. However, the exact cost of coverage will depend on the type of motorcycle you ride. Premium rates will also depend on your credit history and your driving record.

Coverage options for motorcycle insurance are pretty much the same as with car insurance. You will need to consider coverage for bodily injury, property damage, and accidental death.

Once you meet the minimum requirements for coverage in New Mexico, you can decide whether other available components meet your needs. For example, if you do not think it is necessary, you may opt-out of collision coverage. This is often the case for riders with older bikes that they do not feel are worth the price they pay for the coverage. Regardless of the coverage options that you choose, it is possible to find a quality policy that fits your particular budget.

If you are looking to find the right motorcycle coverage for your bike, contact Franklin Insurance Agency in Rio Rancho, NM. One of our helpful team members will be happy to assist you in finding the motorcycle insurance policy that comfortably fits into your current budget while providing the exact coverage that you need.

We are a family-owned business with more than 30 years of experience. Our highly trained experts are here to help with all of your coverage needs or answer any questions you have.

What Happens If You Don’t Have Auto Insurance?

In a recent study conducted by the Insurance Research Council, one in eight drivers on the road was operating a vehicle without proper insurance. In New Mexico alone, 21.8% of people did not have auto insurance. This is an exclusive club of which you do not want to be a member. Instead, contact Franklin Insurance Agency to obtain your policy today.

The Consequences of Driving Without Insurance

The penalties for driving without insurance in Rio Rancho, NM are steep. For a first offense, you could find yourself in jail for up to 90 days and paying a fine of up to $300. Get caught without insurance again and you could spend as long as six months in jail and pay a fine of up to $1,000.

In addition to legal troubles, you could also be in financial trouble. If you cause an accident resulting in injuries or property damage while driving without proper auto insurance, the financial consequences could be overwhelming.

Drivers in New Mexico that do not carry at least the minimum liability insurance could have their vehicle registration suspended. This means that you will not be able to register your vehicle until you obtain auto insurance. According to the New Mexico Mandatory Financial Responsibility Act, the owner of an uninsured vehicle must return the vehicle registration and the license plate to the MVD within ten days. Failing to do so could result in criminal actions being taken against the vehicle owner.

There is no reason that you should take the risk of driving in Rio Rancho, NM without proper auto insurance coverage. Affordable options are available to meet the needs of every driver on the road. Contact the qualified agents at Franklin Insurance Agency today and we will help you find the auto insurance policy that is right for you. Give us a call today.

Why You Probably Need Umbrella Insurance

You may say you have personal liability coverage under your home or auto insurance. But ask yourself whether the coverage would be enough if you got into serious accidents? The answer is no. These liability coverages have limits that can be depleted in the event of a significant accident. That’s why umbrella insurance is crucial, as it bridges the gap when these other liability policies max out.

To that end, without umbrella insurance, any injury or damage beyond your other liability limits means paying them from your pocket. But with umbrella insurance, that means your assets are safe in case of substantial liability claims. That said, there are several reasons why you need umbrella insurance. Franklin Insurance Agency has prepared for you some of the main reasons. Let’s learn.

Protects your assets

If you have assets, then umbrella insurance makes sense for you. When you are in an accident and the damage goes beyond your primary insurance limit, you should cover the difference. For some, it would mean letting go of their savings or assets. But with umbrella insurance, you get covered against such occurrences.

Provides broad coverage

Unfortunately, we live in an era of lawsuits, where everyone wants to sue you for anything. Luckily, umbrella insurance provides claims that your other insurance coverages exclude, like slander, malicious prosecution, libel, false arrest, or imprisonment.

For peace of mind

Your assets should be your source of joy, not worry. Umbrella insurance makes you rest assured that your assets will not be interfered with in the event of expensive claims. 

It’s affordable

The umbrella insurance premiums are pretty affordable, as the insurance kicks in when your other liability coverages get exhausted.

Umbrella insurance in Rio Rancho, NM

There you have it. Anyone who is not ready to pay the extra liability claims or expensive lawsuits from the pocket has umbrella insurance to thank. Ready to purchase one in Rio Rancho, NM, and its environs? Contact us at Franklin Insurance Agency for an affordable quote.

What Is And What Is Not Covered By Motorcycle Insurance?

Riding a motorcycle is a fun but dangerous activity, and it should be taken seriously. Every day, there are hundreds of motorcycle accidents happening in the world. Even though you cannot protect yourself from a motorcycle accident having motorcycle insurance is a smart way to protect yourself on the road. If you have any questions about this type of insurance, Franklin Insurance Agency serving clients in Rio Rancho, NM prepared a list of what is and what is not covered by motorcycle insurance:

What Is And What Is Not Covered By Motorcycle Insurance

Here is what is usually covered by motorcycle insurance:

  • Damages to a motorcycle 
  • Injury to yourself if you are involved in a road accident with an uninsured vehicle. 
  • Such unexpended events as theft or vandalism will be also covered by standard motorcycle insurance.

However, unfortunately, standard motorcycle insurance will not cover: 

  • Track days and competition. There are some motorcycle insurance policies that will cover truck days but not all of them. Make sure to ask your insurance agent about the coverage they provide. 
  • Commercial use of your motorcycle. Some people use their vehicles for commercial purposes. For example, a person may use a motorcycle to use as a courier. In this case, motorcycle insurance does not cover a motorist and motorcycle. 

 If you are a lucky owner of a motorcycle in Rio Rancho, NM or any other nearby town, and you are looking for motorcycle insurance, Franklin Insurance Agency will be glad to help you. If you have any questions about the options available, feel free to give our insurance agency a call – our insurance agents will provide you with all the necessary information. 

Should You Get Uninsured Motorist Coverage?

If you have taken the steps to get the right auto insurance, it is likely that you expect others to have gone through the process too. You expect that when somebody else hits you, they will be responsible for your injuries and property damage. In some cases, things simply do not go the way they should.

Franklin Insurance Agency, which serves Rio Rancho, NM, understands your needs as a driver. It’s normal to have questions about coverage, including optional insurance coverage.

Uninsured Motorist Coverage Protects You

Many people do not realize that uninsured motorist coverage does not protect other drivers. It actually protects you, ensuring that you do not get stuck paying the bill for your own vehicle’s repairs and your own medical bills when somebody else causes an accident.

As a result, you are in a less stressful predicament. Getting uninsured motorist coverage is simply one of the safest options, and it could very well protect you from facing financial hardship in the future. Your coverage may provide you with the protection you need when other drivers do not do their part to protect you.

Is Uninsured Motorist Coverage Right for You?

Many people do not think they will ever encounter a situation in which an uninsured motorist hits them, but it happens every day. You can be proactive by taking all measures possible to protect yourself before you ever get into an accident in the first place.

Are you still unsure about whether buying this kind of policy provides the coverage you need? Franklin Insurance Agency serving Rio Rancho, NM can help you decide if you should add uninsured motorist coverage to your policy.