Everyday New Mexico truckers come to our big rig insurance brokers for quick help (855) 826-0321.
Big Rig Insurance New Mexico Brokers have most any type of bonds needed for your trucking brokerage or freight forwarder operation please visit our bond search and bind facility located here BOND SEARCH
Call us today to get complete New Mexico trucking for hire coverage as fast as possible 855-826-0321. Reliable and affordable all inclusive policies. Call us for you best rates for your for commercial truck insurance. Count on us for delivering unparalleled customer service to meet your load hauling needs.
MOST REQUESTED COVERAGE’S
Auto Liability, Motor Truck Cargo Coverage, Commercial General Liability, Medical Payments, Uninsured Motorist, Underinsured Motorist
Personal Injury Protection (PIP), Owned Auto, Non-Owned Auto, Hired Auto, Collision Coverage, Comprehensive Coverage and Trailer Interchange
Commercial truck insurance, and its respective requirements, can be complex and confusing. The state of New Mexico regulates certain aspects of commercial trucking insurance in order to protect the residents, businesses, and operators of commercial trucking operations. It is important for businesses to understand the specifics of New Mexico’s commercial trucking insurance regulations in order to ensure proper coverage and keep operation compliant.
This document will explain the basics of commercial truck insurance requirements in the state of New Mexico and offer insight into the coverages that are necessary for a successful, safe, and legally compliant operation.
Summary of New Mexico Commercial Truck Insurance Requirements
The state of New Mexico requires that all commercial motor vehicles registered within the state obtain and maintain minimum levels of liability insurance coverage. Failure to obtain and maintain this adequate coverage can result in fines, suspension of registration, or possible imprisonment.
The minimum insurance requirements for commercial trucking operations in New Mexico include:
• Bodily Injury Liability: This coverage offers protection should a driver, employee, or other third party incur any form of injury as a result of an accident involving the insured vehicle and/or its driver. Minimum coverage required is $100,000 per person/$300,000 per accident.
• Property Damage Liability: This coverage provides protection should an accident involving the insured vehicle cause damage to another person’s property or vehicle. The minimum coverage required is $25,000 per occurrence.
• Uninsured/Underinsured Motorist Coverage: This coverage provides protection in case an accident involving an uninsured or underinsured driver occurs. The minimum required coverage is $25,000 per person/$50,000 per accident.
• Medical Payments Coverage: This type of coverage covers medical and funeral costs incurred by an operator or employee as a result of an accident involving an insured vehicle. The minimum coverage required is $5,000 per person.
• Comprehensive Physical Damage Coverage: This type of coverage covers damages resulting from non-collision incidents such as theft, fires, flooding, or other similar events. The minimum coverage required is $10,000 per occurrence.
It is important to note that these are only the basic minimum requirements for New Mexico Commercial Truck Insurance. Depending on a business’s particular operations, additional coverages may be needed for full coverage and legal compliance. Additionally, self-insurance, surety bonds and alternative financial security may be acceptable substitutes for traditional insurance policies.
Types of Coverages
Liability insurance provides protection against claims of damages caused by the negligence or wrongdoing of an insured vehicle operator or trucker during the course of their duties or operations. Most common types of liabilities covered by commercial truck insurance include bodily injury liability coverage and property damage liability coverage. In order to stay safe and compliant with New Mexico laws, companies must carry at least the minimum amounts of each type as outlined above. It is important to note that there is no upper limit to liability insurance policies – larger companies may require more coverage based upon their size and nature of their operations.
Uninsured/Underinsured Motorist Coverage
Uninsured/Underinsured Motorist Coverage protects insured drivers in cases where they are involved in an accident with an uninsured or inadequately insured driver who is at fault for damage caused by the accident. In some cases, this coverage also includes additional factors such as hit-and-run accidents or accidents with drivers not identified. The minimum required coverage in New Mexico is detailed above – but larger companies may require higher amounts depending on their particular operations.
Medical Payments Coverage
Medical Payments Coverage helps cover medical expenses as well as funeral costs for individuals injured in an accident involving an insured vehicle. This type of coverage is often used for employees who are injured in workplace accidents or for passengers who suffer injury in a company-owned vehicle operated by another individual. The minimum coverage required in New Mexico is $5,000 per person – but larger companies may opt to purchase higher amounts depending on their specific needs and size of operations.
Comprehensive Physical Damage Coverage
Comprehensive Physical Damage Coverage provides protection against any non-collision related damages that occur to a commercially owned vehicle due to fire, flood, theft, vandalism or other misfortunate events that are classified as non-collision related incidents. The minimum amount required in New Mexico is $10,000 per occurrence – but larger companies may opt to purchase higher amounts depending on the potential risks their operations may face.
It is important to remember that these types of coverages are only the basic types available through most commercial truck insurance policies – additional coverages may be available depending on a company’s particular business model and size operation. It is wise to speak with a qualified agent to determine what additional coverages may be necessary for your business operations to remain safe and compliant with applicable laws and regulations.
Below are the classifications of commercial big rig trucking policies.
• Symbol 1 – Any auto, don’t have to schedule them. Covers any auto as long
as the insured is using it. (This is rare nowadays especially for Big Rig Trucks))
• Symbol 2 – Any owned auto. Covers only autos that the insured owns.
Includes autos you acquire ownership of after the policy begins.
• Symbol 3 – Owned private passengers autos only. Covers private passenger
autos. Includes autos you acquire after the policy begins.
• Symbol 4 – Owned autos other than private passenger autos only. Covers only
those autos you own that are not private passenger and for liability for trailers
you don’t own while attached to power units you own. Includes those autos
not of the private passenger type you acquire after the policy begins.
• Symbol 5 – Owned autos. Subject to No Fault State.
• Symbol 6 – Owned autos. Subject to Compulsory Uninsured Motorist Law.
Form you attach when the state requires and insured can not reject uninsured
motorist coverage. It includes autos you acquire during the policy period after
the policy begins.
• Symbol 7 – Specifically described autos. Covers only described autos.
Coverage follows power unit. Non owned trailers have liability with this form. (Most common for Big Rig, Box Trucks and other For-Hire operations)
• Symbol 8 – Hired Auto Only. Covers auto you lease, hire, rent or borrow.
This does not include any auto you lease, hire, rent or borrow from any of your
employees, partners or members, etc.
• Symbol 9 – Non-Owned Autos Only – Coverage auto you do not own, lease,
hire, rent or borrow that are used in connection with your business. Includes
auto owned by your employees, partners, members, etc.
We can easily insure the following New Mexico business types. >Click here to get your free New Mexico Big Rig Truck Insurance Quote<
CEMENT CONTRACTING – COAL HAULING – CONSTRUCTION – COURIER SERVICE – COURTESY PASSENGER TRANSPORT – DEBRIS REMOVAL – DEMOLITION – DIRT, SAND & GRAVEL – ELECTRICIANS – EXPEDITERS – FARMING – FIREWOOD HAULING – BULK FLORIST Refrigerated DELIVERY – FOR-HIRE TRUCKING – FROZEN FOODS TRANSPORT – FURNITURE DELIVERY – GARBAGE COLLECTION – HAZARDOUS MATERIALS HAULING – HOTEL SHUTTLES – HOTSHOT TRANSPORT – ICE CREAM VENDOR – IMPOUND LOT – INTERIOR DECORATING – INDEPENDENT TRUCKING – LANDSCAPING – LEASED-ON BIG RIG TRUCKING – LINEN SUPPLY – LOGGING – LONG-HAUL TRUCKING – MOTORCYCLE DEALERSHIP – OWNER-OPERATOR – PIANO MOVING – PLUMBING – ROCK QUARRY HAULING – RECYCLING SERVICES – REFRIGERATED GOODS TRANSPORT – RETAIL FOOD MARKET – ROOFING – SHOPPING MALL DELIVERIES – SNOW PLOWING – TOW OPERATION – TREE SERVICE – WIDE LOAD HAULER – WRECKER SERVICES and much more.
The state of New Mexico requires certain minimum levels of protection when it comes to commercial trucking insurance requirements – and failure to obtain or maintain this required level can result in fines or legal consequences for those involved with the operation. It is important for those operating within the state’s borders to understand these requirements, the various coverages available through commercial trucking insurance policies, and any additional coverages that may be needed depending on your particular business situation. Company operators should make sure they are aware of all applicable laws and regulations as well as contact a qualified agent to discuss any questions they may have when selecting appropriate safeguards for their company’s operations.