“Evidence of financial responsibility,” as used in the Mandatory Financial Responsibility Act, means evidence of the ability to respond in damages for liability, on account of accidents occurring subsequent to the effective date of the evidence, arising out of the ownership, maintenance or use of a vehicle of a type subject to registration under the laws of New Mexico, in the following amounts:
A. twenty-five thousand dollars ($25,000) because of bodily injury to or death of one person in any one accident;
B. subject to this limit for one person, fifty thousand dollars ($50,000) because of bodily injury to or death of two or more persons in any one accident;
C. ten thousand dollars ($10,000) because of injury to or destruction of property of others in any one accident; and
D. if evidence is in the form of a surety bond or a cash deposit, the total amount shall be sixty thousand dollars ($60,000).
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