Owning a car in Rio Rancho, NM is a necessity. When you own a vehicle, you are also required to adhere to the laws of the state regarding auto insurance. In New Mexico, the state requires that you carry liability insurance. Drivers must carry $25,000 per person for injury or death up to a max of $50,000 for two or more persons and additionally $10,000 for property damage. This is basic auto insurance. You are a driver, and if you have questions, the team at the Franklin Insurance Agency has answers.
What other auto coverage options do I need?
If you have an auto loan or a lease, you will be required to carry collision and comprehensive coverage. While basic liability insurance protects other drivers from damage that you are responsible for, it does not cover your vehicle. Lenders and leasers want your vehicle to be protected since that protects their investment in you.
Collision coverage is the insurance that helps to repair damage to your vehicle. When you have an accident and are at fault, you will need to fix your vehicle yourself if you do not have coverage. If you don’t have a collision policy, that repair comes out of your pocket. If your pocket is not deep enough to handle that sort of a hit, collision coverage is something that you need. You will have to pay a deductible, and depending on the value of the vehicle, the coverage may not be enough to replace the vehicle.
Comprehensive insurance covers damage to your vehicle from something other than another car. Some of these include weather events like wind and hail and from damage or loss caused by other humans such as vandalism and theft. Glass coverage is also part of comprehensive insurance.
At Franklin Insurance Agency in Rio Rancho, NM, our team of agents is here to help you to decide exactly what types of coverage is right for you. Give us a call or stop by our office for a no-obligation quote.