New Mexico Auto Dealer Bonds and Insurance

Auto dealers in New Mexico face specific risks and regulatory requirements, from securing the right bonds to obtaining comprehensive insurance coverage. Whether you’re selling new cars or managing a used vehicle lot, the right insurance not only ensures compliance, but also provides peace of mind.

At Insured ASAP, we have years of experience providing New Mexico auto dealers with comprehensive insurance solutions. Read on to learn more about what New Mexico requires of car dealerships and the types of coverage we frequently recommend.

Essential Insurance and Bond Requirements for New Mexico Auto Dealers

To legally operate and obtain a business license in New Mexico, motor vehicle dealers must meet certain criteria:

New Mexico Dealer Bonds

Dealers must secure a $50,000 Surety Bond. This bond serves as a guarantee against defaults and fraudulent activities, protecting both the state and your customers.

Garage Liability Insurance

A minimum limit of $50,000 Combined Single Limit (CSL) is required. This coverage is critical for protecting your dealership from claims of bodily injury or property damage that could occur on your premises or as a result of garage operations.

Comprehensive Coverage to Safeguard Your Dealership

Beyond the required Surety Bond and Garage Liability Insurance, Insured ASAP offers a range of coverage options that safeguard every aspect of your dealership, including:

• Dealer Physical Damage Coverage: Also referred to as Dealer Open Lot, this policy covers losses to your inventory due to accidents, weather events, and other damages.
• Garage Keepers Insurance: Ideal for dealerships with service operations, this insurance protects customer vehicles while in your repair shop, stored on your lot, or otherwise under your care.
• Business Auto: For vehicles owned by your dealership, this coverage protects against a variety of risks on and off the road.
• Workers Compensation: Offers wage replacement and medical benefits for employees injured in the course of employment, ensuring that your dealership complies with state laws and safeguards your team.
• Errors and Omissions: Protects your dealership from claims of negligence, errors, or omissions that might occur during business operations.

Discover the Insured ASAP Difference for Your New Mexico Dealership

No two dealerships are alike. This is why we offer custom solutions tailored to meet the unique needs of each New Mexico dealership. By allowing us to build your car dealer insurance package, you will have more time to focus on operating your business.

Our process is designed to quickly or even instantly provide you with the best possible rates without compromising on the quality of your protection. Our insurance agents combine their deep local knowledge of the New Mexico auto dealer landscape with the robust resources of national insurance leaders, providing you with personalized service and strong, dependable coverage.

Request Your Free Personalized Quote Today

Don’t leave your New Mexico auto dealership exposed to unforeseen risks. Contact Insured ASAP for a personalized insurance quote or for help securing a motor vehicle dealer bond and discover how easy and affordable protecting your business can be.