Cheapest car insurance in New Mexico for 2023

The cheapest car insurance companies in New Mexico

In the search for the cheapest car insurance in New Mexico, Bankrate’s insurance editorial team first worked with Quadrant Information Services to obtain current premium information for the largest insurance companies in the state. However, the price of New Mexico car insurance is likely not your only consideration when looking for great coverage. With this in mind, we also reviewed each company’s available coverage types, discounts, policy features and third-party rankings. Based on our findings, here are some of the cheapest companies across a range of common driver profiles:

Cheapest company for minimum coverage

Cheapest company for full coverage

Cheapest company for adding a teen driver

Cheapest company for getting a speeding ticket

Cheapest company for being in an at-fault accident

Cheapest company after a high-risk incident

The cheapest car insurance companies in New Mexico by coverage level 

Like most states, New Mexico law requires all drivers to carry a certain amount of coverage, called minimum coverage, to legally get behind the wheel. Full coverage adds optional collision and comprehensive insurance to the state minimums. Most insurance professionals recommend purchasing more than the minimum required liability coverage in order to give yourself more financial protection in the event of a covered incident. Below are the companies writing the most affordable car insurance in New Mexico at both minimum and full coverage levels:

Cheapest cities in New Mexico for car insurance 

In New Mexico, your ZIP code helps determine your auto insurance premium. If you live in an area that sees frequent car thefts, for example, you may pay more to account for the increased risk that the insurer is taking on. Areas with more traffic congestion, severe weather patterns or a high percentage of uninsured drivers may also experience higher average rates. Here are the cities that feature the cheapest car insurance in New Mexico, as determined by our data:

Getting a speeding ticket

Getting into an at-fault accident

Being deemed a high-risk driver

Minimum coverage requirements for New Mexico drivers

Car insurance is legally required in New Mexico, as it is in most states. To drive legally in New Mexico, you must carry at least the following minimum limits:

• $25,000 bodily injury liability per person
• $50,000 bodily injury liability per accident
• $10,000 property damage liability to others

New Mexico car insurance companies are also required to offer you uninsured motorist coverage and underinsured motorist coverage in the same limits as your liability coverage, but you do have the option to reject these coverage types in writing. However, over 21 percent of New Mexico drivers are estimated to be uninsured, so accepting these coverage types could offer financial protection if you are hit by an uninsured or underinsured driver. The average cost of minimum coverage for a New Mexico driver is $346.

Drivers looking for cheap auto insurance in New Mexico will often pay the lowest rate if they buy minimum coverage insurance. However, minimum limits do not provide you any coverage for damage to your own vehicle. For that, you need full coverage, which adds comprehensive and collision insurance. If you finance or lease your vehicle, your lender will likely require full coverage.

How to get the cheapest car insurance in New Mexico

Finding cheap car insurance may seem daunting, but a few easy steps might help ensure you're getting the best rates for your coverage needs. Here are some things you might want to consider doing to find a competitively-priced policy:

Shop around 

Different companies have different rating systems, so you will often get different quotes for the same coverage types with different companies. You might even consider comparing quotes before your policy renews to ensure you are still getting the most competitive rate before your next policy term begins. This could be especially effective if you have experienced a significant life change, like moving or buying a new car. 

Maintain a clean driving record 

Tickets, DUI convictions and auto insurance claims tend to increase your car insurance rates. Maintaining a clean driving record could help bring down your rates, even if you don't have a clean driving record to begin with. If you do have a few marks on your record, considering a telematics program or a defensive driving course may help bring your rates down more quickly.

Car insurance discounts in New Mexico

Most companies offer at least a few discounts that could lower your premium. Bundling your home, condo or renters insurance with your auto insurance is often one of the biggest discounts. Here are some of the other common ones you could ask your insurer about:

• Young driver discounts: Some insurers offer discounts to students in high school and college who earn a "B" grade or better. Others have discounts for young drivers who take a defensive driving course or enroll in a telematics program. Students who attend college away from home without a vehicle may also save on their premium. 
• Safe driver discounts: Demonstrating safe driving may earn you a discount with some carriers. One example is telematics programs that monitor an individual's driving abilities in real time. Drivers who take defensive driving classes or who avoid claims for a number of years (usually three to five) may also earn a lower rate.
• Other discounts: Discounts are usually available for vehicle safety and anti-theft devices, and most insurers offer discounts for those who insure multiple cars with the same company. Some professions — such as teachers, military members and first responders — may also be eligible for discounts with some insurance companies.

Frequently asked questions

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2023 rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits:

• $100,000 bodily injury liability per person
• $300,000 bodily injury liability per accident
• $50,000 property damage liability per accident
• $100,000 uninsured motorist bodily injury per person
• $300,000 uninsured motorist bodily injury per accident
• $500 collision deductible
• $500 comprehensive deductible

To determine minimum coverage limits, Bankrate used minimum coverage that meets each state’s requirements. Our base profile drivers own a 2021 Toyota Camry, commute five days a week and drive 12,000 miles annually. 

These are sample rates and should only be used for comparative purposes.