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Current as of January 01, 2024 | Updated by FindLaw Staff
“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).
Cite this article: FindLaw.com - New Mexico Statutes Chapter 66. Motor Vehicles § 66-5-208. Evidence of financial responsibility; amounts and conditions - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-66-motor-vehicles/nm-st-sect-66-5-208/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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