New Mexico Truck Insurance
NM License #: 1800011075
New Mexico Trucking Insurance
Anyone who’s spent significant time on the roads of New Mexico can tell you that the state poses unique challenges to drivers. Long, lonely roads like I-25 and I-40 are no strangers to distracted and sleepy drivers, and the state’s extreme weather—snowstorms, flash floods, and even a monsoon season—makes for dangerous driving.
Of course, you do your part to ensure your drivers, your trucks, and your cargo are safe. You train your drivers. You keep your trucks in tip-top shape. And you make sure you have insurance protecting you and yours when the worst comes to worst.
Finding the right insurance can often be challenging, especially as rates continue to rise. But it’s no less important now than before; according to the FMCSA, in 2018, the “number of large trucks and buses in fatal crashes . . . increased by 48 percent from its low of 3,432 in 2009.” So it’s not a matter of whether or not you should be insured, but how to find the best value for your money while keeping you and yours protected on the road.
While insurance is vital no matter where you drive, every state has its own special considerations. Let’s review why you need New Mexico truck insurance and why you should use an independent insurance agent when protecting your trucks.
Why do I need New Mexico Truck Insurance?
Truck Liability Coverage
In any state, your trucks must have liability coverage. Simply put, liability insurance covers any injuries or damage sustained by the other driver or vehicle involved in an accident. In New Mexico, truck drivers and businesses are required by law to hold a minimum level of liability insurance, determined by what you haul and where. For example, if your truck doesn’t cross state lines and is over 26,000 GVW, you are required to acquire an NMPRC authority number and be insured. Regardless of the law, liability insurance is there for your own protection. The last thing you want is to be left alone to foot the bill for your legal defense if you’re sued following an accident.
Physical Damage Coverage
Unlike liability coverage, physical damage coverage is not required by law. However, it’s no less essential. By their nature, accidents involving trucks get expensive quickly. According to the FMCSA, “the average cost of all large truck crashes is about $91,000 per crash.” That average goes up to nearly $200,000 when the crash results in injuries. But physical damage coverage protects you from losses, especially when a truck is put out of commission.
Motor Truck Cargo
Motor truck cargo insurance is needed by for-hire truckers to properly cover the commodities they are hauling. It is generally required by the party who owns the product being transported. This ensures that if their goods are damaged or stolen while in transit, their assets will be covered. Depending on the cargo that is in transport by your big rig, you may need specific endorsements. For example, if you transport refrigerated goods, you will need to make sure you have “reefer breakdown” coverage. This might cover a $50,000 load of ice cream when the reefer unit breaks down along I-40. Of any line of 18-wheeler insurance, cargo insurance is the one you need to understand and pay attention to the most. You usually get what you pay for, and some carriers will make a long list of exclusions that specifically exclude coverage for certain events.
Truckers General Liability
This coverage can be a bit more confusing, but here is the simplest way to understand it: Truckers general liability is designed to protect your business from damage that might occur when you are not behind the wheel of your truck. Your auto liability coverage would cover your business when you are driving. If you have other aspects of your business—such as a quarry or a consolidation warehouse—you will need a more robust general liability insurance policy that considers exposures outside the realm of trucking.
Why Should I use an Independent Insurance Agent?
Find Insurance Programs Specific to Your Needs
Insurance is like a coat: You can buy one that is one-size-fits-all and hope for the best, or you can go to a tailor, who not only can customize a coat to your size and measurements, but also has access to a variety of colors and fabrics. At TIS, we specialize in the trucking niche and know how to connect you with the right specialty truck insurance program for whatever you drive, such as the following:
- Dry van freight
- Refrigerated goods (Reefer)
- Flatbed trailers
- Hazmat cargo
- Tow trucks
- Car haulers
Instant Certificates of Insurance with our Mobile App
If you knew exactly when or where you would need insurance, you likely wouldn’t need insurance at all. When the unexpected happens and you need to prove your policy, the last thing you want is to be waiting for an insurance agent to return your call or get back into the office. For our part, TIS is available 24/7 to issue your certificate of insurance through our mobile app. Regardless of where you or your drivers may go, we’re right there with you for every mile of your journey.
Get Assistance with your Trucking Permits & Filings
With so many laws and regulations, ensuring you stay compliant can be tricky—but not staying compliant can be expensive. During the annual International Roadcheck inspection blitz in September, over 15,000 trucks and drivers in the US, Canada, and Mexico were placed out-of-service. Among those cases, 687 were due to wrong class licenses, and 141 were due to suspended licenses.
The right agent won’t only make sure you’re insured but will also help you keep all of your permits up to date. At TIS, our permit department is well versed in all of the permits and regulations in New Mexico, and we are constantly watching the ever-changing system for updates that might trip you up. We ensure our clients have all of the required trucking permits and keep you informed of all changes made to laws and regulations.
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Here is what Our Happy Customers have to say
Lisa is a true professional. Responsive to the minute when returning calls and honest and professional when making commitments for her company. She makes you feel respected and appreciated as her customer. Most pleasant insurance quote and purchase I have encountered.Dean Mick
Outstanding Customer Service!! Glena is great! Helped me get an Insurance policy at a great price! #Blessed #ThankfulMerary Ramirez
Would like to thank Shalyn Nelson at TIS Trucking Services for all the help and the fast service. I highly recommend if you are in need of permits or filings with the state for your business and commercial vehicles.Jacob Granados