In New Mexico, motorists are expected to maintain a minimum amount of liability insurance while behind-the-wheel. Although driving while uninsured is not an option for many residents, motorists still have the ability to choose their insurer, as well as their payment method. How a motorist pays for their vehicle coverage can often impact the overall price of a policy, in addition to the upfront costs.
There are many different New mexico auto insurance companies to choose from, and many offer policy payment methods that may be unique. Most commonly, drivers have the option of paying for a plan on a monthly or quarterly basis, or entirely upfront when the policy is purchased. Each method has its own advantages, and motorists are encouraged to consider all of the possibilities before settling on a single method.
When a New Mexico motorist pays for auto insurance on a monthly basis, they are distributing the overall price of a policy across the entire term. This can often make vehicle coverage more affordable for many people, but may also lead to a higher overall policy price. When a motorist makes an installment, it is usually accompanied by a billing or processing fee. This fee can sometimes be as high as $10.00 a month. Although initially a small sum, these additional fees can add up over time.
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