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.
- According to recent data, Geico offers the cheapest full coverage car insurance in New Mexico at $117 per month.
- New Mexico drivers with a clean driving record pay 31% less for car insurance than drivers with a DUI.
- In New Mexico, the city of Alamogordo has the most affordable car insurance rates at $1,742 annually.
- Comparing price quotes from multiple insurers can help you save up to 32% per year on your car insurance policy in New Mexico.
Which company offers the cheapest 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.
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Who pays the lowest auto insurance premiums 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 New Mexico companies for different coverage levels
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.
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
The following table lists New Mexico’s major insurance providers, ranked by their average annual state minimum coverage rates, from cheapest to most expensive.
| 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.
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 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 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
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
A speeding ticket can impact your New Mexico car insurance rates, but finding affordable options is still possible. Among the carriers analyzed, Nationwide has the cheapest car insurance premiums for individuals with a speeding ticket at an average cost of $1,425 a 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
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.
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
The car insurance company with the cheapest driver rates after an at-fault accident is State Farm, at $1,442 a year.
On the other hand, Nationwide offers the second-cheapest full-coverage car insurance rates for drivers with a history of at-fault accidents at 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.
Cheapest car insurance rates by state
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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 Cities with the lowest auto insurance rates in New Mexico
Where you live significantly impacts your car insurance cost. Insurance companies consider the number and cost of claims in your area to determine the risk of insuring vehicles. Areas with higher accident risks or theft rates tend to have higher premiums to compensate for the increased risk.
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.
Find below a list of New Mexico cities with the lowest 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 |
Explore the top 10 factors that influence car insurance rates
How much can you save on car insurance in New Mexico?
Shopping around for car insurance quotes in New Mexico can help drivers save 32% annually on full coverage policies.
While savings will depend upon individual circumstances, there are still significant benefits associated with comparison shopping and getting exactly what you need at an affordable price.
Car insurance discounts in New Mexico: Save on premiums
Car insurance discounts in New Mexico can help you save on car insurance premiums. Insurance companies offer discounts to drivers for safe driving, vehicle safety features and policy bundling. Here are some common car insurance discounts available in New Mexico.
Shop around and compare quotes from different insurance companies to find the best coverage and discounts for your specific needs.
| 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 auto 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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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