Analysis

Synopsis:

 Senate Bill 147 (SB 147) doubles the minimum motor vehicle insurance coverage amounts.

Analysis:

 Senate Bill 147 (SB 147) modifies the insurance coverage amounts required to register and use a motor vehicle.

The minimum car insurance requirement for New Mexico drivers is: $25,000 bodily injury per person per accident; $50,000 bodily injury for all persons per accident; and $10,000 property damage liability.

SB 147 raises the minimum car insurance to: $50,000 bodily injury per person per accident; $100,000 bodily injury for all persons per accident; and $20,000 property damage liability.

The effective date of the bill is July 1, 2021.

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