In New Mexico, who must have a vehicle liability insurance policy or the equivalent?

The MVD will not allow you to register a motor vehicle until you can show them evidence of financial responsibility. In this context, financial responsibility refers to your ability to pay a liability claim if you're involved in an accident. For the vast majority of drivers, this takes the form of a liability insurance policy on the vehicle. Alternatives include a $60,000 surety bond or depositing $60,000 in cash with the state treasurer. [Accidents and the Financial Responsibility Law, New Mexico Driver Manual], [NM Stat § 66-5-206]