You can find the cheapest full-coverage car insurance in New Mexico for $117 a month from Geico. It saves you $54 compared to the state average car insurance cost of $171 monthly.
Shopping for car insurance in New Mexico can be a hassle, but CarInsurance.com is here to help. We have analyzed quotes from top car insurance companies, such as Geico, Progressive and State Farm so you can see who offers the best deals.
“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.
- 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.
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 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 | $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.
You might also be interested in
- Non-owner car insurance in New Mexico: Find affordable rates
- Liability insurance for New Mexico drivers
- Minimum car insurance requirements in New Mexico
- New Mexico car insurance calculator: Get estimates by ZIP code and model
- How much is car insurance for a 25-year-old in New Mexico?
- Car insurance for high-risk drivers in New Mexico
- Cheap car insurance for seniors in New Mexico
- Car insurance discounts in New Mexico; 11% potential savings
- How much does car insurance cost in New Mexico?
Who pays a lower insurance premium in New Mexico?
The cost of car insurance can vary greatly depending on your age, location, driving record, credit score, driving habits and vehicle type. However, some insurers may offer you more affordable rates than others based on your situation.
- 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 record.
- 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 New Mexico companies for different coverage levels
We all know that car insurance costs are different for everyone and can vary depending on your insurance company. Other than the insurer, your driving record and coverage levels also play a role in determining your premium.
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 companies for state minimum coverage in New Mexico
In New Mexico, all drivers must have a certain amount of car insurance, also called the state’s minimum coverage requirements. You must purchase the minimum coverage limits listed below. Keep in mind that minimums are merely that – the minimum. Most drivers need more insurance to be protected in case of a costly accident.
| 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 | $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 liability-only coverage in New Mexico
Your liability-only coverage will cover the cost of property damage or bodily injury you cause in an accident, 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 | $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 car insurance 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.
In an ideal scenario, having full coverage means having a policy that aligns with your income, assets and risk profile. Lenders typically mandate full coverage for individuals financing their vehicles.
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 | $1,406 |
| 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
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 $538 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 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.
Cheapest car insurance in New Mexico after a DUI conviction
State Farm offers the cheapest car insurance to New Mexico drivers with a DUI conviction at $1,442 per year and Progressive has the second-cheapest insurance premiums at $1,906 a year, based on recent data.
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 companies 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.
Cheapest car insurance rates by state
Please enter the correct format
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 Which cities in New Mexico have the lowest auto insurance rates?
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.
Insurance providers rely on statistical data regarding thefts, collisions and vandalism to analyze the likelihood of such incidents occurring in a particular area. Besides driving history, your car model and age play a significant role in determining your insurance premiums.
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
How much can you save on auto insurance in New Mexico?
Shopping around for car insurance quotes in New Mexico can help drivers save 32% annually on full coverage policies.
How much money you save depends on factors specific to you but compare quotes and ensure you’re getting exactly what you need at a good price.
Car insurance discounts in New Mexico: Save on premiums
In New Mexico, car insurance companies offer various discounts to drivers, such as safe driver and bundling discounts to help you save on your premiums. Learn more about some common car insurance discounts in New Mexico below.
| 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 |
The bottom line on cheap car insurance in New Mexico
Based on our research, if you are a good driver, Geico is the cheapest in New Mexico for a full coverage policy.
We know that finding the best and cheapest auto insurance coverage is essential, but so is getting the right amount of protection.
The best way to find affordable car insurance in New Mexico is to know and understand the coverage you need, compare quotes, apply for discounts and maintain a clean driving record. Even if you have tickets or accidents, it’s still possible that the company will offer you a policy at affordable rates.
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.
Ask the Insurance Expert
Laura Longero
Executive Editor
Laura is an award-winning editor with experience in content and communications covering auto insurance and personal finance. She has written for several media outlets, including the USA Today Network. She most recently worked in the public sector for the Nevada Department of Transportation.
Ask the Insurance Expert
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.
Ask the Insurance Expert
Leslie Kasperowicz
Managing 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.
Ask the Insurance Expert
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