Commercial auto insurance in New Mexico

Any New Mexico company that uses vehicles for business purposes must have commercial vehicle insurance, whether it’s the owner’s personal vehicle or a fleet of vehicles owned by the business.

Your personal auto insurance policy covers you while driving to and from work, but not while making deliveries, picking up supplies, and other work-specific uses. A business auto policy would cover you and your personal vehicle in case you’re at fault for an accident during a work-related errand.

Any vehicles you own solely for work purposes must be covered by a commercial auto policy, whether you own a single pickup truck, a food truck, or a fleet of semi-trucks and tractor trailers.

If you’re using your own vehicle for work-specific activities, your personal auto policy and your commercial auto insurance policy wouldn’t cover you in the case of an accident.

That’s why many small business owners purchase hired and non-owned auto (HNOA) insurance. This liability policy covers accidents in personal, leased, and rented vehicles used for work purposes.

If you or an employee gets into an accident while driving a personal car for a work errand, your HNOA coverage would help pay for any claims or lawsuits against your business. It’s worth noting that this would not cover damage to the vehicle used by your business.

Your business could be in legal and financial jeopardy without commercial auto insurance coverage. From Albuquerque to Sante Fe, any New Mexico business that owns company vehicles must carry auto liability insurance.

If one of your business vehicles is at fault in an accident, you could face an expensive lawsuit or settlement. You’d likely have to pay for physical damage to the other vehicle or property, medical costs, lost wages, pain and suffering, plus other related costs.

Additionally, you could face severe penalties for not carrying auto insurance. Driving without insurance in New Mexico can result in a fine of $300, suspension of license plates and/or vehicle registration, and up to 90 days in jail.

Ensure you have the right policies for your insurance needs to prevent costly accidents or incidents that could result in significant financial losses to your business.

All vehicles in New Mexico are required by law to have a minimum amount of auto liability insurance coverage, whether they’re for personal or business use. These liability limits are:

• $25,000 bodily injury liability per person
• $50,000 bodily injury liability per accident
• $10,000 property damage liability per accident

Your insurance agency might recommend higher liability coverage limits based on the types of vehicles you own and how they’re used.

Semi-trucks, tractor-trailers, and other vehicles with a New Mexico Department of Transportation serial number will have additional liability coverage requirements, depending on the type of vehicle and how it’s used.

You can see if your business needs these additional requirements by checking your USDOT number or docket number with the Federal Motor Carrier Safety Administration.

Insureon makes it easy for business owners to compare quotes from top U.S. insurance companies for New Mexico commercial auto insurance. Complete one easy application to review quotes specific to your business and industry from leading U.S. insurers.

Our licensed insurance agents will answer any questions and make sure you get the right coverage for your business. Agents can assist with auto insurance and other helpful types of coverage and insurance options, such as general liability insurance and workers' compensation, to keep your New Mexico business safe.