Cheapest Car Insurance in New Mexico

Because insurance coverage rates are cheaper in New Mexico than the national average, you have a good chance at finding great car insurance in New Mexico at excellent rates.

Here, we’ll look at the cheapest car insurance companies and coverage options in the state, beginning with the most affordable providers and coverage options.

Cheapest Car Insurance Companies in New Mexico

The cheapest car insurance companies in New Mexico are State Farm, Geico and USAA. Below are the overall, coverage and cost ratings for these providers:

Cheapest New Mexico Car Insurance Companies	Overall Rating	Coverage Rating	Cost Rating	# of Discounts Offered	Learn More
State Farm Learn More	8.4	9.2	9.3	16	Learn More
Geico Learn More	9.1	8.4	9.1	16	Learn More
USAA Learn More	9.2	9.5	9.7	9	Learn More
Central Insurance	8.6	8.5	9.7	9
Nationwide Learn More	9.1	8.9	9.7	15	Learn More

Cheapest New Mexico Car Insurance Companies	Overall Rating	Coverage Rating	Cost Rating	# of Discounts Offered	Learn More
State Farm Learn More	8.4	9.2	9.3	16	Learn More
Geico Learn More	9.1	8.4	9.1	16	Learn More
USAA Learn More	9.2	9.5	9.7	9	Learn More
Central Insurance	8.6	8.5	9.7	9
Nationwide Learn More	9.1	8.9	9.7	15	Learn More

*Our research team considers nationwide factors when scoring providers. The ranking of providers in this table is specific to car insurance in New Mexico.

Cheapest Car Insurance Coverage in New Mexico

Coverage level has a major impact on rates. Many quotes from providers include estimates for minimum-liability and full-coverage car insurance. While minimum liability is all that is required, it’s a good idea for drivers to consider full-coverage auto insurance.

Below are the cheapest auto insurance options in New Mexico for both coverage types.

Cheapest Minimum-Coverage Car Insurance in New Mexico

Minimum coverage in New Mexico costs an average of $536 per year or $45 per month. That’s almost 17% below the national average of $627 per year, making New Mexico one of the more affordable states for auto insurance.

Listed below are price estimates for minimum coverage in New Mexico:

*These rates are based on a 35-year-old driver with good credit and a clean driving record. Your rates will vary depending on a number of factors.

Cheapest Full-Coverage Car Insurance in New Mexico

The average cost of full coverage in New Mexico is $1,943 per year or $162 per month, which is 3% below the national average of $2,008 per year. However, drivers in the state can find full-coverage rates as low as $1,235 per year on average.

Below are the companies that typically offer the cheapest car insurance in New Mexico for full coverage:

We also looked at average car insurance costs for different types of drivers. This data was used to help us rank the five best car insurance companies for motorists in New Mexico.

A person’s age, driving history and credit score can have a huge impact on the cost of car insurance in New Mexico. Below, we compare cheap car insurance estimates for New Mexico drivers in these categories.

Cheapest Car Insurance for Young Drivers in New Mexico

Young drivers often pay significantly more for car insurance than older adults. The series of tables below show the cheapest car insurance for young drivers in New Mexico along with estimated monthly and annual costs.

Cheapest New Mexico Car Insurance for 16-Year-Olds

It’s expensive for 16-year-olds to get auto insurance in the Land of Enchantment. The state’s cheapest average rates come from Central Insurance and total $3,174 per year.

Cheapest New Mexico Car Insurance for 17-Year-Olds

It’s considerably cheaper to pick up coverage when you’re 17 years old in New Mexico. The lowest average annual rate for this group of drivers is from USAA and costs $2,362.

*Costs were taken from 2022 information.

Cheapest New Mexico Car Insurance for 18-Year-Olds

Prices continue to decline once you turn 18 in the Land of Enchantment. Eighteen-year-old drivers who get coverage from USAA pay an average rate of $1,988 per year.

*Costs were taken from 2022 information.

Cheapest New Mexico Car Insurance for 21-Year-Olds

When drivers reach their 20s, they typically start seeing drastically reduced annual car insurance premiums for full coverage. USAA has an average rate of $1,224 per year for 21-year-old drivers in New Mexico.

*Costs were taken from 2022 information.

Cheapest New Mexico Car Insurance for 25-Year-Olds

New Mexico drivers who are 25 pay relatively affordable rates for auto coverage. The cheapest car insurance in New Mexico for these motorists costs $1,430 per year and comes from USAA.

Cheapest New Mexico Car Insurance for High-risk Drivers

At-risk drivers who have had a speeding ticket, DUI or recent accident can pay substantially more for auto insurance. The sections below provide estimates for the cheapest car insurance rates for drivers who may fall into these categories.

Cheapest Car Insurance in New Mexico After a Speeding Ticket

Getting a speeding ticket is one way to boost your rates for auto coverage in the Land of Enchantment. The cheapest car insurance in New Mexico after a speeding violation usually comes from State Farm, which offers an average rate of $1,493 per year.

Cheapest Car Insurance in New Mexico After an Accident

Those involved in a recent car accident can expect their auto insurance rates to increase. In New Mexico, State Farm is the cheapest provider for those with an accident on their record, with an average rate of $1,600 per year.

Cheapest Car Insurance in New Mexico After a DUI

Motorists who get caught driving under the influence (DUI) pay an average of $1,493 per year for State Farm coverage, the cheapest option available.

Car Insurance Deals in New Mexico

Many car insurance companies offer a wide variety of car insurance discounts and deals to help drivers in New Mexico save money. The table below shows which car insurance discounts the best cheap car insurance companies provide, which we’ll expand upon in further detail below.

*These are the standard car insurance discounts offered by each company. Discount availability can vary by state, so you’ll need to speak with an insurance agent to find out which car insurance discounts you may qualify for.

Car Insurance Discounts in New Mexico

New Mexico motorists typically pay less for car insurance than most other states. However, taking advantage of car insurance discounts is still important in the state. As you’re shopping around for car insurance, remember to look for providers that offer the best discounts for your situation. You can also speak with your insurance agent to see if there are any discount opportunities that you are missing out on.

Here’s more information on the standard types of discounts offered by the best car insurance companies:

• Multi-policy: Bundle two or more insurance policies with the same company to get this discount
• Multi-vehicle: Insuring multiple cars under the same policy or combining auto insurance policies
• Military: Applies whether you’re a veteran or active military member
• Senior: Typically applies to policyholders who are 55 and older
• Homeowners: If you own a home, you may be eligible for this discount
• Good student: Usually for college and high school students who maintain a B average in their courses
• Good driver: Applies to drivers with a clean driving record (no at-fault accidents, DUIs, or speeding tickets in the last three years)
• Defensive driving: Those who take a defensive driving course tend to qualify for this discount
• Driver training: Get a discount by taking a driver education training course
• New car: Given to drivers who purchase a new car, typically three model years or newer
• Safe car: Applies if your vehicle has safety features like anti-theft technology
• Paperless: Go paperless for your billing to earn this discount
• Pay-in-full: Save on your car insurance premium by paying your policy in full up front

For those who would like to know about the cheapest auto insurance companies in New Mexico, the sections below contain more detailed information:

The average rate for full-coverage car insurance in New Mexico is $1,943 per year, which breaks down to $162 per month.

The sections below break down average costs for New Mexico drivers based on city and age.

Cost of New Mexico Car Insurance by City

Drivers in the Albuquerque region and in southeastern New Mexico often pay some of the highest rates for car insurance in the state. Average prices are considerably lower in other major cities such as Las Cruces and Santa Fe.

*Average rates above apply to the top three companies in each city.

New Mexico Car Insurance Cost by Age

The cost of car insurance in New Mexico varies significantly depending on your age. While 30-year-olds pay an average of $1,529 per year for full coverage, those who are 16 get charged an average of $7,463 annually.

Factors That Affect Car Insurance Costs in New Mexico

Car insurance companies look at many variables when deciding on drivers’ rates for auto coverage.

Some of the top factors that affect prices for car insurance in New Mexico are:

• Location: Those in major cities such as Albuquerque often pay higher-than-average prices for car coverage.
• Age: Young drivers and teen drivers usually get charged steep prices due to their inexperience on the road.
• Driving history: If you have a speeding ticket, at-fault accident or DUI violation on your driving record, you’ll pay higher rates.
• Credit history: Those with bad credit scores often struggle to find affordable rates on auto insurance.
• Gender: Young men typically get charged more than young women for the same coverage plans.
• Marital status: Single drivers pay more on average for car insurance than the majority of married motorists.
• Vehicle: Your car’s make, model, age and mileage will factor strongly into your coverage prices.
• Deductible: High deductibles can help lower your premiums, but you’ll end up paying more out of pocket after an at-fault accident.

To legally drive in the Land of Enchantment, you’ll need to maintain the state minimum coverage limits outlined by the New Mexico Motor Vehicle Division:

• Bodily injury liability insurance: $25,000 per person and $50,000 per accident
• Property damage liability coverage: $10,000 per accident

New Mexico state requirements mandate pretty basic coverage compared to most spots across the country. That’s one reason the cheapest car insurance in New Mexico often comes at such reasonable rates.

New Mexico law holds drivers to an at-fault insurance system, meaning that whoever causes an accident is responsible for covering all damages. It’s generally cheaper to get coverage in states with an at-fault system.

Additional Car Coverage Types

It’s smart for motorists to consider additional coverage beyond the state’s minimum requirements, as these won’t protect a vehicle in the event of an at-fault accident. Additional coverage options that can offer greater protection include:

• Collision coverage: provides coverage for damages after an accident that you’re at fault for — which minimum coverage in New Mexico won’t
• Comprehensive insurance: covers environmental damage and instances of theft or vandalism
• Uninsured motorist coverage/underinsured motorist coverage: protects drivers and their vehicles after an accident with someone who doesn’t carry adequate levels of auto insurance
• Medical payments (MedPay) coverage: for certain medical expenses resulting from a car accident, regardless of who caused the incident

Lenders commonly require that drivers carry collision and comprehensive coverage. Read your contract carefully to learn whether your vehicle needs them.

Also consider bundling your New Mexico auto insurance with renters and homeowners coverage. By doing so, you’ll likely receive a reduced rate on your policy.

How To Get Car Insurance in New Mexico

Make sure to compare car insurance quotes to determine which provider offers the cheapest coverage for your vehicle. That way, you’ll be able to receive high-quality car insurance in New Mexico at some of the lowest possible prices.

We recommend checking out State Farm, Geico, USAA, Central Insurance and Nationwide. These companies all are known for their excellent rates and have strong reputations for customer service in the Land of Enchantment.

In this article, we reviewed the cheapest auto insurance companies, coverage and rates in the state of New Mexico. We also looked at the average cost of car insurance and coverage requirements in the Land of Enchantment.

Cheapest Car Insurance New Mexico: FAQ

Below are some frequently asked questions about cheap car insurance in New Mexico:

Our Methodology

Because consumers rely on us to provide objective and accurate information, we created a comprehensive rating system to formulate our rankings of the best car insurance companies. We collected data on dozens of auto insurance providers to grade the companies on a wide range of ranking factors. The end result was an overall rating for each provider, with the insurers that scored the most points topping the list.

Here are the factors our ratings take into account:

• Cost: Auto insurance rate estimates generated by Quadrant Information Services and discount opportunities were both taken into consideration.
• Coverage: Companies that offer a variety of choices for insurance coverage are more likely to meet consumer needs.
• Reputation and experience: Our research team considered market share, ratings from industry experts and years in business when giving this score.
• Availability: Auto insurance companies with greater state availability and few eligibility requirements scored highest in this category.
• Customer experience: This score is based on volume of complaints reported by the NAIC and customer satisfaction ratings reported by J.D. Power. We also considered the responsiveness, friendliness and helpfulness of each insurance company’s customer service team based on our own shopper analysis.

Our credentials:

• 800 hours researched
• 45 companies reviewed
• 8,500+ consumers surveyed

*Data accurate at time of publication.