Bill > SB147

This bill amends the Mandatory Financial Responsibility Act in New Mexico to double the minimum coverage amounts required for motor vehicle insurance. Specifically, it increases the minimum coverage for bodily injury or death of one person from $25,000 to $50,000, the minimum coverage for bodily injury or death of two or more persons from $50,000 to $100,000, and the minimum coverage for property damage from $10,000 to $20,000. The total minimum coverage amount for a surety bond or cash deposit is also increased from $60,000 to $120,000. The bill's provisions will take effect on July 1, 2021.

Budget and Finance

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=147&year=21