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.
- 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 $117 per month.
- Drivers in New Mexico with a clean record pay 31% 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 $1,742.
- New Mexico drivers can save up to 32% annually on their auto insurance policy by comparing price quotes from multiple carriers.
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 $117 per month or around $1,406 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 | $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 the lowest auto insurance premiums 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
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 | $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.
Below, you’ll see average annual rates for major insurance providers in New Mexico, ranked from cheapest to most expensive for liability insurance coverage. The coverage limit for the below-mentioned rates is $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 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 | $1,406 |
| 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 rates after a speeding ticket in New Mexico
If you’ve got a speeding ticket on your New Mexico driving record and need affordable car insurance, Nationwide might be the answer. With an average annual rate of $1,425, Nationwide offers the cheapest full coverage auto insurance options for drivers with speeding tickets in New Mexico.
| 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 premiums in New Mexico after a DUI conviction
New Mexico drivers with a DUI on their record can get the cheapest car insurance from State Farm at an average of $1,442 a year, followed by Progressive with an annual premium of $1,906 annually, based on recent data.
If you have a clean record, you are likely to pay 31% less for car insurance than someone with a DUI.
| 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 after an at-fault accident in New Mexico
State Farm is the cheapest car insurance company for drivers with a history of at-fault accidents with an annual premium of $1,442.
Nationwide is the second most affordable option, providing full-coverage car insurance with an average annual premium of $1,761.
If you’re found at fault in an accident, it can significantly raise your insurance premiums. Insurance companies view at-fault incidents as a sign of higher risk, leading to higher 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
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 |
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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