New Mexico Insurance Division Offers Auto Premium Comparision Guide

January 9, 2007

New Mexico drivers now can compare personal auto insurance rates on the New Mexico Public Regulation Commission’s Web site:
The guide to compare premiums can be accessed by clicking on the “Compare Auto Premiums” button on the NMPRC website home page.

The auto premium comparison guide is the culmination of a project initiated by the Insurance Division’s Chief Property and Casualty Actuary Alan Seeley, and supported by PRC Vice-Chairman Jason Marks, to provide a tool to help consumers shop for the lowest rates and best service in personal auto insurance.

“We are pleased to offer this guide on our website that will assist consumers in making the best choice for their personal budgets,” said Superintendent Morris J. Chavez. “This consumer guide is another great example of how the Insurance Division is working to serve all insurance consumers throughout the state.”

The guide helps consumers compare premiums from companies that sell a large market share of auto insurance in New Mexico. The guide lists the insurance companies and the premiums they would charge for eight different hypothetical customers living in different parts of New Mexico. Consumers can choose the scenario that most closely fits their situation from the provided list, and then click on their region of the provided map to bring up a chart of various premium prices arranged by scenario for their area. Scenarios range from 24-year-old single males and females, to households with several vehicles and drivers, to a 65-year-old widow.

The premium costs listed for the eight different scenarios were provided by insurance companies in response to a data call issued last year by the Insurance Division. The Insurance Division plans to issue the data call every year in order to keep the guide up to date.

Source: NMID

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