Purchasing the right automotive insurance can seem daunting, but Franklin Insurance Agency, serving Rio Rancho, NM, is here to help keep you protected and covered.

What is included in auto insurance?

There are three main types of insurance included under auto insurance: property, liability, and medical. The role of insurance is to protect you, the policyholder, from financial costs that may incur in the case of an unforeseen event involving your vehicle.

So, what does each type of insurance cover?

Property coverage
- Addresses potential damage to the car
- Provides coverage in the case of car theft
- It can also cover damage to other types of property, such as lamp posts or fences that may be hit in an accident.
Liability coverage
- Covers any legal responsibility the policyholder has to others in the case of damage to property or bodily injury
Medical coverage
- It covers the cost of treating injuries and completing rehabilitation (if required).
- Depending on the scenario, medical coverage can include lost wages or funeral expenses.
- It may also be referred to as Personal Injury Protection (PIP)

At a minimum, drivers who operate motor vehicles need to have auto liability insurance per a New Mexico requirement. The minimum amounts of coverage needed are:

$25,000 – for bodily injury to or death of one person
$50,000 – for bodily injury to or death of two plus people
$10,000 – for damage to property from any single accident

Insurance beyond the minimum above provides peace of mind and can help protect your assets, such as a house, in case of the unexpected.

Contact Franklin Insurance Agency, serving Rio Rancho, NM, for a quote. We are here to help you find the right insurance at the right price.