Car insurance costs in New Mexico vary greatly depending on various factors, including the type of coverage you choose, coverage limits, your address and personal factors. Geico offers the cheapest annual rates for full coverage car insurance in New Mexico at $1,406 annually.
We’ve compiled this detailed guide to help you choose the right car insurance in New Mexico. The team at CarInsurance.com has done all the hard work by researching and analyzing insurance prices for different kinds of drivers.
Keep reading to learn how car insurance works in New Mexico and how much you need.
- Geico provides the most affordable annual rates for full coverage car insurance in New Mexico, at $1,406 per year.
- In New Mexico, car insurance costs can change based on the type of coverage, coverage limits, age, location, make and model of your car and your driving record.
- Minimum liability coverage in New Mexico costs around $421 annually for limits of 25/50/10, while liability-only coverage costs $658 per year for limits of 50/100/50.
- In New Mexico, driving incidents can significantly increase premiums, with a speeding ticket raising rates by up to 22%, a DUI raising rates by 45%, and an at-fault accident by up to 37%.
How much is car insurance in New Mexico?
In New Mexico, drivers pay an average of $171 monthly for full coverage car insurance, based on a rate analysis by CarInsurance.com.
Understanding the average insurance cost can give you a head start in budgeting for your coverage. It’s important to consider that premium costs vary from person to person and will depend largely on the make/model of your car, your driving record and other factors.
Average cost of auto insurance in New Mexico by coverage level
Car insurance costs in New Mexico can differ based on the coverage limit. To legally drive, New Mexico residents must adhere to the minimum liability limits of 25/50/10.
Liability-only insurance is the least expensive coverage and meets the minimum legal requirements in New Mexico, but it doesn’t offer adequate protection.
While liability insurance protects you from financial loss by covering legal defense and damages if you’re found responsible for causing injury or property damage to others, it doesn’t protect your vehicle or passengers.
Full coverage car insurance policies are the most expensive but provide much more protection. They cover your own vehicles from accidents, theft, natural disasters and animal strikes. With a full-coverage insurance policy, drivers can be confident that they’re protected in the event of an accident up to the limits of their policies.
Full coverage comprises liability, comprehensive, collision and any other coverage required by your state.
Below, you will find the rates for car insurance in New Mexico for different coverage levels.
| Coverage Level | Avg. Monthly Cost | Avg. Annual Cost |
|---|---|---|
| State Minimum – Liability Only BI/PD | $35 | $421 |
| Liability Only – 50/100/50 BI/PD | $55 | $658 |
| Full Coverage – 100/300/100 Liability BI/PD with $500 Comp/Coll Deductible | $171 | $2,049 |
State minimum car insurance in New Mexico
New Mexico laws mandate that all drivers carry insurance with minimum liability limits of $25,000 for bodily injury liability per person, $50,000 for bodily injury liability per accident and $10,000 for property damage liability.
The state minimum car insurance cost in New Mexico is $421 a year. However, this basic coverage only offers limited protection. New Mexico drivers can choose to add more coverage, such as comprehensive and collision insurance, raise their liability limits and include personal injury protection or other insurance coverage, for better protection.
Drivers in New Mexico must be aware of the minimum insurance coverage requirements to stay compliant.
Liability-only car insurance in New Mexico
According to CarInsurance.com data, liability-only car insurance costs $658 in New Mexico for limits 50/100/50.
Liability-only insurance helps cover the costs if you damage someone else’s car or injure someone in an accident. It’s more affordable than full coverage insurance, but remember, it doesn’t pay for repairs to your vehicle or cover injuries to your passengers.
Full coverage car insurance in New Mexico
On average, premiums for full coverage car insurance in New Mexico cost $2,049 per year for the limits of 100/300/100 – $100,000 in bodily injury coverage, $300,000 in bodily injury coverage per accident and $100,000 in property damage coverage.
When it comes to car insurance, experts recommend opting for full coverage with the highest liability limits you can afford. It includes liability, comprehensive and collision coverage with a deductible. Full coverage car insurance protects you from unexpected events on the road. with a deductible.
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Calculate the cost of car insurance in New Mexico
Insurance rates can differ depending on your ZIP code because what’s affordable in one area might be expensive in another.
Insurance companies assess various factors, such as crime rates, traffic conditions, car theft incidents and population density, to evaluate the level of risk in different areas and determine car insurance premiums.
This means that residents in higher-risk neighborhoods in New Mexico have to bear greater financial burdens than those in areas with lower risks.
With our easy-to-use tool, you can get insurance quotes for different coverage limits for your ZIP code in minutes. Enter your ZIP code into our free tool to see how much you can save.
New Mexico Car Insurance Rates by ZIP Code
Estimate car insurance in New Mexico by car model
In New Mexico, car insurance costs depend on the type of car you drive. If you have a luxury or electric vehicle that’s more expensive to repair, you’ll pay higher insurance rates than someone with a car that’s cheaper to repair.
For example, luxury brands like Maserati, BMW, Porsche and Audi tend to have higher insurance costs. On the other hand, more affordable brands like Subaru, Hyundai, Honda and Mazda typically come with the cheapest insurance cost.
See how much you’ll pay for car insurance for your specific make and model in New Mexico.
Insurance Rates by Car Model
Guide: How to estimate car insurance using our car insurance estimator tool
Car insurance rates by age group in New Mexico
As drivers age, their auto insurance premiums change – with younger and teen drivers paying higher rates than experienced drivers. The crash rate for teen drivers is four times higher than that of drivers aged 20 and older, according to the Insurance Institute for Highway Safety.
Car insurance companies know teen drivers are less experienced and riskier to insure. New Mexico drivers aged 30 to 60 have the lowest average auto insurance rates at $1,990 annually.
Drivers aged 16-19 pay $4,361 more for car insurance than New Mexico drivers aged 30-60 per year.
See the average rates by age group below:
- For teen drivers: Teens aged 16-19 can expect to pay $6,351 per year for a full coverage car insurance policy.
- For young adults: Drivers aged 20-25 can expect to pay $2,982 yearly for a full coverage policy.
- For average-aged adult drivers: Drivers aged 30 to 60 can expect to pay $1,990 annually in New Mexico.
- For senior drivers: Drivers aged 65 and older can expect to pay $2,044 per year.
Check out our detailed guide on average car insurance rates by age
Rates based on driver profile, history and habits in New Mexico
Having a DUI, speeding ticket or being at fault in an accident can substantially increase your insurance rates. In New Mexico, a DUI conviction often results in higher premiums and you may see an increase of up to 45% as insurers perceive you as a high-risk driver.
If you get caught speeding in New Mexico, your car insurance rates will increase by 22% when you renew your policy. Typically, you’ll pay the increased premiums for three years. But how much your rates go up can vary depending on the laws in your state, the insurance company you’re with, and your driving history.
Here is how much your car insurance rate increases in New Mexico after driving incidents:
- Speeding ticket: Up to 22% increase
- DUI conviction: 45% increase
- At-fault accident (bodily injury and property damage): 37% increase
But even with a traffic ticket, comparison shopping can save you money.
Car insurance cost in New Mexico for high-risk drivers
High-risk drivers in New Mexico pay more for car insurance than other drivers because they are considered riskier. Factors like accident history, traffic violations and poor credit scores influence how much the policyholder will pay for insurance coverage.
Luckily, there are ways for high-risk drivers to reduce their premium payments. Shopping around and comparing quotes is a great place to start, as each company will have its own rate structure tailored to individual needs.
Use this tool to determine which company has the best prices for drivers with speeding tickets, DUIs, or at-fault accidents on their driving records.
Select your state and risk factor below to see the insurance company and its
average annual full coverage rates.
| Company Name | Insurance Rates |
|---|---|
| USAA | $1,601 |
| State Farm | $1,919 |
| Progressive | $2,288 |
| Geico | $2,551 |
| Nationwide | $3,005 |
| Iowa Farm Bureau | $3,774 |
| Kemper | $4,050 |
| Farmers | $4,292 |
| Allstate | $4,375 |
Learn more: The 10 most important factors that affect car insurance rates
Average car insurance cost in different states of U.S.
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Our apologies, we cannot display the data due to availability or spelling errors. Please check the spelling and try again. For assistance, reach out us via Compare car insurance quotes in New Mexico
Drivers in New Mexico can save hundreds of dollars by shopping around and comparing quotes. While many factors influence the cost of your car insurance, from driving record to the type of car you drive, there are many options to get the coverage you need at a price that works for you.
Begin your search for the top car insurance policy in New Mexico by getting quotes from multiple insurance providers and comparing them.
Below are the details of New Mexico car insurance companies and their annual premiums.
| Company | State Minimum | 50/100/50 | 100/300/100 |
|---|---|---|---|
| Geico | $380 | $538 | $1,406 |
| Central Insurance | $192 | $406 | $1,517 |
| Progressive | $357 | $530 | $1,557 |
| State Farm | $321 | $512 | $1,669 |
| Nationwide | $545 | $765 | $1,806 |
| Farmers | $575 | $1,226 | $2,740 |
| Allstate | $788 | $862 | $2,834 |
| Iowa Farm Bureau | $396 | $604 | $2,912 |
| Kemper Insurance | $467 | $763 | $3,268 |
| USAA | $198 | $399 | $1,054 |
Car insurance rates by city in New Mexico
Kirtland Air Force Base is the priciest city in New Mexico for car insurance, costing an average of $2,332 annually. On the other hand, Alamogordo is the most affordable city, where drivers pay an average of $1,742 per year for car insurance.
Car insurance costs differ from city to city in New Mexico, mainly because of traffic congestion. Cities with more traffic usually see more accidents and insurance claims, which makes insurance more expensive.
The number of uninsured drivers, crime rates, and the average cost of repairs and medical bills also influence car insurance rates.
Below, you’ll see the average annual car insurance cost of major cities in New Mexico.
Select your city below to see the insurance company and its average full coverage rates.
| Company Name | Insurance Rates |
|---|---|
| USAA | $1,173 |
| Central Insurance | $1,492 |
| Geico | $1,657 |
| Progressive | $1,852 |
| Nationwide | $1,969 |
| State Farm | $2,132 |
| Allstate | $3,149 |
| Farmers | $3,259 |
| Iowa Farm Bureau | $3,424 |
| Kemper | $3,582 |
How much does car insurance cost in New Mexico per month?
The average cost of a full-coverage car insurance policy in New Mexico costs $171 monthly for coverage limits of 100/300/100.
Paying car insurance monthly can offer individuals greater budget flexibility. By spreading the cost over time, they can avoid the strain of a hefty lump sum payment and manage their expenses more comfortably.
Alternatively, paying your car insurance in full upon renewal may earn you a discount. Ultimately, the ideal choice depends on your needs and situation.
| Coverage Level | Avg. Monthly Rates |
|---|---|
| State Minimum – Liability Only BI/PD | $35 |
| Liability Only – 50/100/50 BI/PD | $55 |
| Full Coverage – 100/300/100 Liability BI/PD with $500 Comp/Coll Deductible | $171 |
Final thoughts on choosing car insurance in New Mexico
The ideal car insurance company varies depending on what matters most to you. Some prioritize excellent customer service, even if it costs slightly more. Others focus on finding the cheapest rates. Some drivers also value the convenience of handling everything through a mobile app, while some prefer the personalized touch of a dedicated agent.
It’s really important to figure out what you need and find the best insurance policy for your car without breaking the bank while driving in New Mexico.
Resources & Methodology
Sources
- Insurance Institute for Highway Safety. “Teenagers.” Accessed September 2024.
- USAA. “How credit affects insurance premiums.” Accessed September 2024.
Methodology
CarInsurance.com commissioned Quadrant Information Services to get car insurance rates in New Mexico. The average premiums are based on the sample profile of a 40-year-old male and female driving a Honda Accord LX with a good insurance score and a clean driving record.
The rates are for different coverage limits. It includes:
- Full coverage car insurance with a coverage limit of $100,000 in bodily injury per person, $300,000 in bodily injury coverage per accident, $100,000 in property damage coverage per accident and a $500 collision/comprehensive deductible.
- Liability-only car insurance rates with a limit of 50/100/50.
- State minimum coverage limit of 25/50/10.
To evaluate the rates, we have compared 53,409,632 insurance quotes from 75 company groups across 34,588 ZIP codes. The average premiums are for comparison purposes only; your exact rates may vary.
Note: USAA is only available to military community members and their families.
Ask the Insurance Expert
Laura Longero
Executive Editor
Laura Longero is an insurance expert and Executive Editor at CarInsurance.com, where she specializes in helping consumers navigate the complexities of the financial and insurance industries. She has 15 years of experience educating people about finance and car insurance. Prior to joining CarInsurance.com, she worked as a reporter and editor at the USA Today Network. Her expertise provides readers with practical guidance, helping them make informed choices about their financial and insurance needs.
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John McCormick
Editorial Director
John is the editorial director for CarInsurance.com, Insurance.com and Insure.com. Before joining QuinStreet, John was a deputy editor at The Wall Street Journal and had been an editor and reporter at a number of other media outlets where he covered insurance, personal finance, and technology.
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Leslie Kasperowicz
Executive Editor
Leslie Kasperowicz is an insurance educator and content creation professional with nearly two decades of experience first directly in the insurance industry at Farmers Insurance and then as a writer, researcher, and educator for insurance shoppers writing for sites like ExpertInsuranceReviews.com and InsuranceHotline.com and managing content, now at CarInsurance.com.
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Nupur Gambhir
Managing Editor
Nupur Gambhir is a content editor and licensed life, health, and disability insurance expert. She has extensive experience bringing brands to life and has built award-nominated campaigns for travel and tech. Her insurance expertise has been featured in Bloomberg News, Forbes Advisor, CNET, Fortune, Slate, Real Simple, Lifehacker, The Financial Gym, and the end-of-life planning service.
Guide to car insurance (with rates) in cities of New Mexico