- GEICO has the cheapest car insurance rates in New Mexico for full coverage at $117 a month among the companies analyzed by the team of CarInsurance.com.
- In New Mexico, drivers with clean driving records pay 31% less than drivers with a DUI.
- The city of Alamogordo has the lowest auto insurance rates in New Mexico, with an average premium of $1,742 per year.
- You can save up to 32% per year on your car insurance policy in New Mexico by comparing price quotes from multiple insurers.
The cheapest car insurance in New Mexico costs $117 per month for a full coverage policy from GEICO. That’s a $54 savings from the average cost of insurance in the state, which is $171 a month.
“Drivers looking to get the cheapest insurance premiums in New Mexico should maintain continuous coverage and avoid any lapse. When it comes to shopping for a new insurance company, discounts may be applied if the drivers have maintained continuous coverage, which will help lower the annual premium,” says Lauren McKenzie, senior insurance agent, A Plus Insurance.
To help you find the cheapest rates, CarInsurance.com analyzed rates from multiple auto insurance companies in New Mexico including Geico, Progressive, State Farm and others, so that you can easily compare car insurance rates.
Car insurance companies with cheap car insurance in New Mexico
GEICO has the cheapest full coverage car insurance in New Mexico, at an average premium of $117 per month or around $1,406 per year, based on CarInsurance.com data.
A full-coverage auto insurance policy typically includes liability coverage, which is mandated by most states and optional coverages such as comprehensive and collision insurance, which have a deductible.
The table below provides the cheapest full coverage insurance quotes in New Mexico. We’ve gathered rates from different insurance companies to help you find the most affordable option.
Cheapest car insurance rates in New Mexico per month
| Company | Full coverage monthly rates |
|---|---|
| GEICO | $117 |
| Central Insurance | $126 |
| Progressive | $130 |
| State Farm | $139 |
| Nationwide | $150 |
| Farmers | $228 |
| Allstate | $236 |
| Iowa Farm Bureau | $243 |
| Kemper Insurance | $272 |
| USAA* | $88 |
Note: USAA is only available to military community members and their families.
Who pays a lower insurance premium in New Mexico?
Car insurance quotes vary based on several factors such as your age, location, driving record, credit score, driving habits and vehicle. Some insurance companies may offer cheaper policies for certain types of drivers than others. For instance:
- Married drivers pay 6% less than single drivers.
- New Mexico drivers with clean records pay 31% less than drivers who have a DUI on their records.
- New Mexico drivers in their 20s pay 63% lower rates for insurance than a 16-year-old in New Mexico.
- Adding a teen to your policy will cost you 67% less than having the teen purchase their own auto insurance policy.
- Drivers who are licensed for three or more years pay 23% less on their insurance premiums.
- Drivers insured for three or more years can save up to 17% on their insurance costs.
Cheapest companies for different coverage levels in New Mexico
It’s no secret that car insurance quotes vary drastically from person to person and from company to company. Your car insurance premiums will also vary depending on the coverage level you choose, your driving history and other factors.
In addition to full coverage, there are also liability-only and state minimum policies. Unlike full coverage, liability-only and state minimum policies only cover damage to another driver’s bodily injury and property damage in the event of an accident.
Not all insurers offer the same coverage limits at the same price point. For instance:
- Central Insurance is the cheapest for a state minimum policy.
- Central Insurance has the cheapest rates for a liability-only policy (50/100/50).
- GEICO offers the cheapest car insurance for a full coverage policy (100/300/100) in New Mexico.
The numbers above (100/300/100) represent coverage of up to $100,000 per person for medical bills with a $300,000 cap per accident, as well as up to $100,000 for property damage.
Cheapest companies for state minimum coverage in New Mexico
New Mexico requires all drivers to carry a minimum amount of car insurance, known as the state’s minimum coverage requirements. It means that your policy must include at least:
| Minimum coverage | Minimum limit |
|---|---|
| Minimum bodily injury liability | $25,000/$50,000 |
| Minimum property damage liability | $10,000 |
Read more about the minimum liability car insurance requirements by state
Below are the average annual rates from major insurance companies in New Mexico, ranked from cheapest to the most expensive for the state minimum coverage.
| Company | State minimum annual rates |
|---|---|
| Central Insurance | $192 |
| State Farm | $321 |
| Progressive | $357 |
| GEICO | $380 |
| Iowa Farm Bureau | $396 |
| Kemper Insurance | $467 |
| Nationwide | $545 |
| Farmers | $575 |
| Allstate | $788 |
| USAA* | $198 |
Note: USAA is only available to military community members and their families.
Cheapest insurance providers for liability-only coverage in New Mexico
Liability-only coverage will financially protect you up to the specific policy limits for any damage, injuries or deaths resulting from an accident for which you’re responsible.
Here are the average annual rates for liability insurance coverage from major carriers in New Mexico, ranked in the order of the cheapest to the most expensive. The coverage limits for these rates are $50,000 for bodily injury per person, $100,000 for bodily injury per accident and $50,000 for property damage.
| Company | Liability only annual rates |
|---|---|
| Central Insurance | $406 |
| State Farm | $512 |
| Progressive | $530 |
| GEICO | $538 |
| Iowa Farm Bureau | $604 |
| Kemper Insurance | $763 |
| Nationwide | $765 |
| Allstate | $862 |
| Farmers | $1,226 |
| USAA* | $399 |
Note: USAA is only available to military community members and their families.
Cheapest full coverage in New Mexico
Full coverage car insurance policies consist of comprehensive and collision insurance. Comprehensive and collision protect against accidents, theft, vandalism and natural disasters.
Ideally, full coverage means you have insurance that’s appropriate for your income, assets and risk profile. Lenders require full coverage from those who finance their cars.
The table below shows the average annual rates from major insurance providers in New Mexico, listed by cost, for a full coverage policy of $100,000 for bodily injury per person, $300,000 for bodily injury per accident and $100,000 for property damage, with comprehensive and collision coverage and a $500 deductible.
| Company | Full coverage annual rates |
|---|---|
| GEICO | $1,406 |
| Central Insurance | $1,517 |
| Progressive | $1,557 |
| State Farm | $1,669 |
| Nationwide | $1,806 |
| Farmers | $2,740 |
| Allstate | $2,834 |
| Iowa Farm Bureau | $2,912 |
| Kemper Insurance | $3,268 |
| USAA* | $1,054 |
Note: USAA is only available to military community members and their families.
Learn more about who has the cheapest full coverage auto insurance
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Cheapest car insurance in New Mexico, by driving history
Your driving history affects how much you pay for insurance in New Mexico because insurance companies use it to assess the risk associated with insuring a driver.
Traffic violations such as speeding tickets, DUIs and at-fault accidents demonstrate risky behavior on the road. Insurance companies view these violations as indicators of higher risk and may charge you higher premiums.
A driver with a history of traffic violations pays $538 more annually in New Mexico than an individual with a clean driving record.
Cheap car insurance in New Mexico after a speeding ticket
If you have a speeding ticket on your New Mexico driving record and you are looking for cheap car insurance, Nationwide offers the cheapest full-coverage auto insurance for drivers with a speeding ticket, with an average rate of $1,425 per year.
| Company | Rates before speeding | After speeding (1-29 mph over limit) | % difference | $ difference |
|---|---|---|---|---|
| Nationwide | $1,216 | $1,425 | 17% | $210 |
| State Farm | $1,344 | $1,442 | 7% | $98 |
| GEICO | $1,107 | $2,017 | 82% | $910 |
| Progressive | $1,737 | $2,132 | 23% | $394 |
| Farmers | $1,779 | $2,279 | 28% | $500 |
| Allstate | $2,151 | $2,398 | 11% | $247 |
| Kemper Insurance | $2,358 | $2,781 | 18% | $423 |
| Iowa Farm Bureau | $2,903 | $3,169 | 9% | $266 |
| USAA* | $1,078 | $1,342 | 25% | $264 |
Note: USAA is only available to military community members and their families.
Cheap car insurance rates after a DUI conviction in New Mexico
CarInsurance.com analyzed insurance rates for New Mexico drivers with DUI convictions and we found that State Farm provides the cheapest car insurance rates at an average annual premium of $1,442. Progressive is the second-cheapest insurer at an average of $1,906 per year.
A DUI can significantly impact your car insurance costs. On average, drivers with clean records pay 31% less than drivers with a DUI on their record.
| Company | Rates before DUI | Rates after a DUI | % difference | $ difference |
|---|---|---|---|---|
| State Farm | $1,344 | $1,442 | 7% | $98 |
| Progressive | $1,737 | $1,906 | 10% | $169 |
| Nationwide | $1,216 | $2,198 | 81% | $982 |
| GEICO | $1,107 | $2,321 | 110% | $1,214 |
| Farmers | $1,779 | $2,385 | 34% | $606 |
| Kemper Insurance | $2,358 | $2,881 | 22% | $522 |
| Allstate | $2,151 | $2,955 | 37% | $804 |
| Iowa Farm Bureau | $2,903 | $4,577 | 58% | $1,674 |
| USAA* | $1,078 | $2,126 | 97% | $1,048 |
Note: USAA is only available to military community members and their families.
Cheap car insurance rates in New Mexico after an at-fault accident
If you’re a driver with an at-fault accident on your record, State Farm is the cheapest option, offering car insurance at an average cost of $1,442 annually.
Nationwide is the second most affordable option, providing full-coverage insurance to drivers with a history of at-fault accidents at an average cost of $1,761.
If you’re accountable for an accident, it can significantly affect your insurance premiums, as insurance companies see at-fault incidents as a sign of higher risk, leading to increased costs for coverage.
| Company | Rates before accident | Rates after accident | % difference | $ difference |
|---|---|---|---|---|
| State Farm | $1,344 | $1,442 | 7% | $98 |
| Nationwide | $1,216 | $1,761 | 45% | $546 |
| GEICO | $1,107 | $1,981 | 79% | $874 |
| Farmers | $1,779 | $2,482 | 40% | $703 |
| Progressive | $1,737 | $2,566 | 48% | $829 |
| Kemper Insurance | $2,358 | $2,936 | 25% | $578 |
| Allstate | $2,151 | $2,955 | 37% | $804 |
| Iowa Farm Bureau | $2,903 | $3,691 | 27% | $787 |
| USAA* | $1,078 | $1,603 | 49% | $525 |
Note: USAA is only available to military community members and their families.
Check out the most affordable insurance options in your neighboring state
Cities with the lowest auto insurance rates in New Mexico
Your location plays a key role in determining your car insurance premium. Insurance companies analyze claim data in your area to assess the risk of insuring you. Areas with higher accident rates or theft statistics have higher premiums.
In New Mexico, Alamogordo stands out as the city with the lowest auto insurance rates, at an average of $1,742 per year.
Insurers base these rates on various factors such as theft statistics, collision rates and incidents of vandalism to assess risk in different areas. Additionally, your individual driving history, vehicle make and age play a role in calculating the premiums you pay.
The table below shows a list of cities in New Mexico with the most affordable car insurance rates.
| City | Full coverage annual rates |
|---|---|
| Alamogordo | $1,742 |
| Hurley | $1,789 |
| Santa Clara | $1,790 |
| Tularosa | $1,792 |
| Buckhorn | $1,792 |
| Bayard | $1,793 |
| Silver City | $1,801 |
| Arenas Valley | $1,813 |
| Hanover | $1,816 |
| Deming | $1,820 |
Learn about the 10 most important factors that affect car insurance rates
Average savings on car insurance in New Mexico
If you compare car insurance quotes, you could enjoy an annual saving of around 32% on a full coverage policy in New Mexico.
While the actual savings may differ for each person, comparing price quotes before buying a policy can help you find affordable insurance.
Car insurance discounts in New Mexico: Save on premiums
New Mexico drivers can lower their car insurance costs by taking advantage of discounts. Insurance companies give discounts to drivers who drive safely, have safety features in their cars and bundle insurance policies.
Compare prices and coverage from different insurance companies to get the best deal and discounts for your specific needs.
Below, find common auto insurance discounts available in New Mexico.
| Discount type | % difference | $ difference |
|---|---|---|
| Anti-theft device | 2% | $33 |
| Daily commute | 4% | $98 |
| Days advanced purchase | 7% | $137 |
| Education | 3% | $58 |
| Electronic funds transfer | 3% | $69 |
| Electronic signature | 10% | $183 |
| Homeowner | 10% | $205 |
| Lower annual mileage | 8% | $123 |
| Loyalty – years renewal with company | 8% | $119 |
| Marital status | 6% | $109 |
| Multi policy | 8% | $152 |
| Paperless/electornic documents | 5% | $100 |
| Payment type | 5% | $129 |
| Primary use | 10% | $191 |
| Profession | 10% | $190 |
| Safety devices | 2% | $36 |
| Telematics | 6% | $109 |
| Years insured | 16% | $443 |
| Years licensed | 21% | $674 |
Final thoughts on cheap car insurance in New Mexico
Our research shows that GEICO has the cheapest full coverage car insurance rates in New Mexico for individuals with a good driving record.
We understand that finding affordable car insurance is important, but it’s also crucial to ensure you have enough coverage for adequate financial protection.
To get cheap car insurance in New Mexico, first, figure out what coverage you need. Then, compare prices from different companies. Look for discounts and try to keep your driving record clean. Even if you’ve had tickets or accidents, you might still find a company that offers you a good deal.
Resources &Methodology
Methodology
CarInsurance.com commissioned Quadrant Information Services to field rates in 2023 from all the major insurers in nearly every ZIP code of New Mexico for three different coverage levels:
- Full coverage policy with limits 100/300/100, including comprehensive and collision coverage and a $500 deductible.
- Liability-only with limits 50/100/50.
- State-minimum car insurance limits of 25/50/10.
The rates are based on the sample profile of a 40-year-old male and female driving a Honda Accord LX with a clean driving record and a good credit score. We have compared 53,409,632 car insurance quotes from 75 company groups across 34,588 ZIP Codes.
Violations:
Car insurance rates are calculated by evaluating the sample profile of a 40-year-old driver for a full coverage policy with limits 100/300/100, including comprehensive and collision coverage, and a $500 deductible, with the following incidents applied: clean record, at-fault accident, DUI conviction and speeding ticket.
Discounts:
Car insurance discount rates are for a full coverage policy with limits of 100/300/50 and a $500 comprehensive and collision deductible based on the sample profile of a 40-year-old male driver. To gather the data, our data experts compared 2,677,890 insurance quotes across various ZIP Codes.
The rates are for comparison purposes only and your exact rates may vary.
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