Protect your business vehicles with a New Mexico commercial auto policy
Many of New Mexico’s 157,000 small businesses need commercial auto insurance to protect against a variety of incidents that involve the vehicles used in their business. Vehicles used for work typically need commercial coverage because they’re considered higher risk than personal vehicles.
Over 750,000 small business owners across the nation trust us to protect their work vehicles and livelihoods. Each get customized coverage to match their unique needs whether they own a single delivery vehicle in Santa Fe or several contractor trucks in Las Cruces.
Commercial auto coverage for a variety of business types:
Vehicles driven by employees or used for business activities, such as visiting clients or making deliveries, usually need commercial auto insurance. Personal auto insurance usually doesn’t cover vehicles used for work purposes.
Contractors need commercial auto coverage for things like transporting various tools and supplies and traveling between job sites. These are business-related activities that need the additional protection of a commercial policy.
Food trucks and other food service businesses like restaurants and ice cream vendors depend on their commercial vehicles. Most food trucks have expensive equipment attached to them that a commercial auto policy can cover.
Any vehicle used to transport people for a fee must be insured by a commercial auto policy. This includes taxis, limousines, and non-emergency medical transportation (NEMT) vehicles. Some ridesharing vehicles might require commercial coverage.
We’re the #1 truck insurer in the nation*, insuring everything from dump trucks to tractor trailers. Our network of truck repair shops and specialty claims services is accessible whether you’re driving locally or outside of New Mexico.
We offer protection whether you own a wrecker, rollback or roadside repair vehicle. You can add specialty tow coverages like On-hook and Garagekeepers Legal Liability to protect you when a customer’s vehicle is in your possession.
New Mexico commercial auto insurance cost
Several factors affect the cost of your New Mexico commercial auto policy, including your:
Some industries have more risk than others. Some industries have more risk than others. A carpenter who carries tools and equipment to various job sites every day can expect to pay more than an accountant who occasionally visits clients.
Your vehicle’s size and use affect your rate. A carpet cleaning van with an attached vacuum system will likely have a higher premium than a small bakery van with minimal equipment.
Your commercial auto insurance carrier will run a motor vehicle report on all drivers with access to your business vehicles. Drivers with accidents or violations on their driving record will usually cause your rate to increase. You can expect your insurance company to take the past three years of driving history into account.
It’s common to pay more for commercial auto coverage in a large city like Albuquerque than a smaller city like Roswell. Keep in mind, prices are usually higher in locations that experience more claims or more expensive settlements than other locations. Areas susceptible to weather-related events such as wildfires and flooding are also factors.
The distance you routinely travel can influence your commercial auto rate. A vehicle with a local route within Albuquerque’s city limits is considered lower risk than a vehicle with a regional route that covers all of central New Mexico.
The amount of coverage you need affects your premium. Policyholders with the New Mexico state minimum limits of 25/50/10 will pay less than a policyholder needing a combined single limit of $1M.
Did you know?
New Mexico’s state minimum liability limit 25/50/10 is called a split limit. It separates, or “splits”, the dollar amounts payable by your insurer for bodily injury and property damage into three groups. By choosing New Mexico’s state minimum limits, your policy will pay up to:
- $25,000 for each person injured in an accident
- $50,000 for all people injured in an accident
- $10,000 for all property damaged in an accident
Learn more about liability coverage.
Discover ways to save on your commercial auto insurance.
New Mexico commercial auto insurance requirements
New Mexico state law requires all commercial auto policies to have a minimum liability limit of $25,000 per person, $50,000 per accident for bodily injury and $10,000 for property damage (i.e. 25/50/10). Some policies are required to carry higher limits based on the types of vehicles they insure.
You’ll want to select limits that are best for your business in addition to what’s legally required in New Mexico. Lacking adequate coverage for your commercial vehicles could leave you responsible for a claim that could put your business and its assets at risk.
New Mexico commercial auto resources:
Common professions that need commercial auto insurance in NM:
- Construction tradesmen
- Tech firms
- Food trucks
- Cleaning services
- Church & religious groups
Browse more examples of professions we insure.
Get New Mexico commercial auto insurance with Progressive
We’re the #1 commercial auto insurer* in the country, insuring over 1.6 million commercial vehicles. Here’s a few of the many reasons small business owners trust us:
24/7 policy service by phone or online
We understand you might need help outside of regular business hours whether you need to adjust your coverages, request an insurance certificate or pay a bill.
Specialized commercial claims adjusters
Our in-house adjusters are specialized in handling commercial auto claims to help you get back on the road fast after an accident.
Save up to 15% by paying your policy in full and take advantage of our other commercial discounts† to get the best rate for your New Mexico policy.
Business insurance options
In addition to commercial auto insurance, we can help you find other business coverages including general liability, professional liability, workers’ compensation and more.
Commercial auto insurance anywhere in New Mexico
We offer New Mexico commercial auto insurance statewide including these major cities:
- Rio Rancho
- Las Cruces
- South Valley
- Santa Fe
* No. 1 truck and commercial auto insurer from SNL Financial's 2019 national written premium data. Truck is classified as all For Hire Specialty (FHS) vehicles, all For Hire Transportation (FHT) vehicles, and all vehicles with a Gross Vehicle Weight (GVW) greater than 16k for Tow, Contractors, and Business Auto.
†Discounts vary and may not be available in all states and situations.