- Among the companies analyzed by CarInsurance.com, GEICO stands out as the cheapest option for full coverage car insurance in New Mexico, with an insurance premium of $126 per month.
- Drivers in New Mexico with a clean record pay 62% less for premiums compared to those with a DUI.
- The city with the lowest car insurance rates in New Mexico is Alamogordo, with an annual premium of $2,171.
- New Mexico drivers can save up to 41% annually on their auto insurance policy by comparing price quotes from multiple carriers.
The cheapest car insurance in New Mexico costs $126 per month for a full coverage policy from GEICO. That’s a $89 savings from the average cost of insurance in the state, which is $215 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.
Which company offers the cheapest car insurance in New Mexico?
GEICO offers the cheapest car insurance rates in New Mexico for a full coverage policy with an average premium of $126 per month or around $1,518 per year, based on CarInsurance.com’s rate analysis.
A full coverage policy includes liability insurance, which is required by law in most states and optional coverage such as comprehensive and collision insurance, which typically have a deductible.
The below table shows the cheapest quotes in New Mexico by different insurance carriers for a full coverage policy.
Cheapest car insurance rates in New Mexico per month
| Company | Full coverage monthly rates |
|---|---|
| GEICO | $126 |
| Central Insurance | $177 |
| Nationwide | $185 |
| Progressive | $237 |
| Allstate | $247 |
| Farmers | $259 |
| Kemper | $294 |
| Iowa Farm Bureau | $315 |
| USAA* | $93 |
New Mexico drivers who pay lower insurance premiums
Car insurance rates can differ due to various factors, including age, location, driving history, credit score and the type of vehicle you own. Some insurers may offer cheaper rates for certain types of drivers compared to others.
- Married drivers pay 7% less than single drivers.
- New Mexico drivers with clean records pay 62% less than drivers who have a DUI on their record.
- New Mexico drivers in their 20s pay 64% lower rates for insurance than a 16-year-old in New Mexico.
- Adding a teen to your policy will cost you 64% less than having the teen purchase their own auto insurance policy.
- Drivers who are licensed for three or more years pay 18% less on their insurance premiums.
- Drivers insured for three or more years can save up to 18% on their insurance costs.
TipIf you no longer drive regularly or work remotely, you may want to re-evaluate your insurance policy. Drivers with a daily commute of less than 15 miles can save up to 5% for this state more on their premiums.
Cheapest New Mexico companies for different coverage levels
Full coverage car insurance provides comprehensive protection for your vehicle. It typically includes liability coverage, collision coverage and comprehensive coverage, which safeguards against many incidents beyond accidents, such as theft or natural disasters.
There are cheaper options, such as liability-only and state minimum policies. These types of insurance only provide coverage for the other party in an at-fault accident up to the limits of the policy.
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 up to $100,000 for medical bills per person, with a $300,000 cap per accident and up to $100,000 to repair other drivers’ cars and property that you damage.
Cheapest state minimum coverage in New Mexico
State laws require all drivers to maintain a minimum level of car insurance coverage, also known as the state’s minimum coverage requirements. In New Mexico, you must have at least the following insurance coverage on your car.
| 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, you’ll see average annual rates for major insurance providers in New Mexico, ranked from cheapest to most expensive for state minimum coverage.
| Company | State minimum annual rates |
|---|---|
| Central Insurance | $322 |
| GEICO | $398 |
| Kemper | $529 |
| Iowa Farm Bureau | $595 |
| Nationwide | $708 |
| Farmers | $721 |
| Progressive | $715 |
| Allstate | $830 |
| USAA* | $241 |
Cheapest New Mexico insurance companies for liability-only coverage
If you cause an accident, your liability insurance will pay for the medical bills and property damage of others involved, up to the policy limits.
In the table below, see the average annual rates from New Mexico’s top insurers for liability insurance, ranked from cheapest to most expensive. Coverage limits 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 | $430 |
| GEICO | $470 |
| Kemper | $642 |
| Iowa Farm Bureau | $726 |
| Nationwide | $784 |
| Progressive | $797 |
| Farmers | $812 |
| Allstate | $897 |
| USAA* | $290 |
Cheapest car insurance companies in New Mexico for full coverage
Full coverage car insurance provides comprehensive protection for your vehicle. It typically includes liability coverage, collision coverage and comprehensive coverage, which safeguards against many incidents beyond accidents, such as theft or natural disasters.
When it comes to car insurance, it’s important to have coverage that fits your income, assets and risk profile. If you’re financing your vehicle, your lender will likely require you to purchase a full coverage auto insurance policy.
The table below lists major insurance providers in New Mexico based on the average annual cost for a full coverage policy with limits of $100,000/$300,000 bodily injury, $100,000 property damage and $500 comprehensive/collision deductibles.
| Company | Full coverage annual rates |
|---|---|
| GEICO | $1,518 |
| Central Insurance | $2,122 |
| Nationwide | $2,220 |
| Progressive | $2,845 |
| Allstate | $2,958 |
| Farmers | $3,103 |
| Kemper | $3,528 |
| Iowa Farm Bureau | $3,785 |
| USAA* | $1,115 |
Learn more about who has the cheapest full coverage auto insurance
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Cheapest auto insurance in New Mexico by driving history
Your driving history impacts insurance premiums in New Mexico, as insurance companies use this factor to assess the risks associated with providing coverage for a driver.
A clean driving record is the key to affordable car insurance. Traffic violations like speeding, DUIs and at-fault accidents can significantly increase your insurance premiums – insurers consider drivers with these violations on their records risky.
In New Mexico, drivers with a history of traffic violation pay an average of $1,094 more per year than those with a clean record. Choose responsible driving habits to save money and protect yourself and others on the road.
Cheap car insurance rates in New Mexico after a speeding ticket
A speeding ticket can impact your New Mexico car insurance rates, but finding affordable options is still possible. Among the carriers analyzed, Central Insurance has the cheapest car insurance premiums for individuals with a speeding ticket at an average cost of $2,777 a year.
| Company | Rates before speeding | After speeding (1-29 mph over limit) | % difference | $ difference |
|---|---|---|---|---|
| Central Insurance | $2,122 | $2,777 | 31% | $655 |
| GEICO | $1,518 | $2,889 | 90% | $1,371 |
| Nationwide | $2,220 | $3,156 | 42% | $936 |
| Allstate | $2,958 | $3,567 | 21% | $609 |
| Progressive | $2,845 | $3,899 | 37% | $1,054 |
| Farmers | $3,103 | $3,936 | 27% | $833 |
| Kemper | $3,528 | $4,166 | 18% | $638 |
| Iowa Farm Bureau | $3,785 | $4,208 | 11% | $423 |
| USAA* | $1,115 | $1,400 | 26% | $285 |
Cheapest car insurance in New Mexico after a DUI conviction
GEICO offers the cheapest car insurance to New Mexico drivers with a DUI conviction at $3,268 per year and Progressive has the second-cheapest insurance premiums at $3,522 a year, based on recent data.
Drivers with clean driving records can expect to pay an average of 62% less than those with a history of DUI.
| Company | Rates before DUI | Rates after a DUI | % difference | $ difference |
|---|---|---|---|---|
| GEICO | $1,518 | $3,268 | 115% | $1,750 |
| Progressive | $2,845 | $3,522 | 24% | $677 |
| Allstate | $2,958 | $4,131 | 40% | $1,173 |
| Farmers | $3,103 | $4,136 | 33% | $1,033 |
| Kemper | $3,528 | $4,360 | 24% | $832 |
| Central Insurance | $2,122 | $4,450 | 110% | $2,328 |
| Nationwide | $2,220 | $5,119 | 131% | $2,899 |
| Iowa Farm Bureau | $3,785 | $6,442 | 70% | $2,657 |
| USAA* | $1,115 | $2,221 | 99% | $1,106 |
Cheap car insurance companies in New Mexico after an at-fault accident
The car insurance company with the cheapest driver rates after an at-fault accident is GEICO, at $2,977 a year.
On the other hand, Central Insurance offers the second-cheapest full-coverage car insurance rates for drivers with a history of at-fault accidents at an average annual premium of $3,246 .
When you are responsible for an accident, it can have a significant impact on your insurance premiums. Insurance companies generally consider at-fault accidents an indicator of increased risk, which leads to increased premiums.
| Company | Rates before accident | Rates after accident | % difference | $ difference |
|---|---|---|---|---|
| GEICO | $1,518 | $2,977 | 96% | $1,459 |
| Central Insurance | $2,122 | $3,246 | 53% | $1,124 |
| Nationwide | $2,220 | $3,784 | 70% | $1,564 |
| Farmers | $3,103 | $4,296 | 38% | $1,193 |
| Progressive | $2,845 | $4,296 | 51% | $1,451 |
| Kemper | $3,528 | $4,379 | 24% | $851 |
| Allstate | $2,958 | $4,998 | 69% | $2,040 |
| Iowa Farm Bureau | $3,785 | $5,035 | 33% | $1,250 |
| USAA* | $1,115 | $1,700 | 52% | $585 |
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 $2,171 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 | $2,171 |
| Farmington | $2,205 |
| Las Cruces | $2,361 |
| Santa Fe | $2,475 |
| Rio Rancho | $2,674 |
| Roswell | $2,712 |
| Clovis | $2,740 |
| Hobbs | $2,776 |
| Carlsbad | $2,782 |
| Albuquerque | $2,901 |
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 41% 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 |
|---|---|---|
| Air Bags | 1% | $28 |
| Anti-Theft Device | 2% | $45 |
| Comp and Coll Deductibles | 17% | $440 |
| Daily Commute | 5% | $122 |
| Days Advanced Purchase | 7% | $188 |
| Education | 3% | $76 |
| Electronic Funds Transfer | 3% | $82 |
| Electronic Signature | 10% | $258 |
| Homeowner | 7% | $170 |
| Lower Annual Mileage | 6% | $165 |
| Loyalty – Years Renewal With Company | 20% | $504 |
| Marital Status | 7% | $173 |
| Multi Policy | 7% | $178 |
| Paperless/Electornic Documents | 2% | $45 |
| Payment Type | 6% | $158 |
| Primary Use | 9% | $221 |
| Profession | 12% | $298 |
| Safety Devices | 1% | $28 |
| Student Away At School | 6% | $165 |
| Telematics | 7% | $193 |
| Years Insured | 19% | $486 |
| Years Licensed | 25% | $646 |
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 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.
*USAA is only available to military community members and their families.
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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