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Cheapest car insurance in New Mexico for 2023
Based on average premiums, USAA, Geico and State Farm offer some of the cheapest average rates in New Mexico.
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What To Know First
Drivers in the Land of Enchantment pay an average of $346 for minimum coverage and $1,591 for full coverage, which is considerably below national averages. Bankate's insurance editorial team picked the cheapest carriers in the state by comparing average rate data from Quadrant Information Services with quality metrics like customer satisfaction scores, financial strength ratings, coverage options, discount variety and digital tool availability. If you're looking for the cheapest auto insurance in New Mexico, you may want to start with quotes from some of these companies:
- Cheapest company for minimum coverage: USAA
- Cheapest company for full coverage: USAA
- Cheapest company for adding a teen driver: USAA
- Cheapest company for getting a speeding ticket: USAA
- Cheapest company for being in an at-fault accident: State Farm
- Cheapest company after a high-risk incident: Progressive
On This Page
- The cheapest car insurance companies in New Mexico
- The cheapest car insurance companies in New Mexico by coverage level
- Cheapest cities in New Mexico for car insurance
- Factors that impact cheap rates in New Mexico
- Minimum coverage requirements for New Mexico drivers
- How to get the cheapest car insurance in New Mexico
- Car insurance discounts in New Mexico
- Frequently asked questions
- Methodology
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
Company | Average monthly minimum coverage premium | Average annual minimum coverage premium |
---|---|---|
USAA | $22 | $260 |
Cheapest company for full coverage
Company | Average monthly full coverage premium | Average annual full coverage premium |
---|---|---|
USAA | $109 | $1,307 |
Cheapest company for adding a teen driver
Company | Average monthly minimum coverage premium | Average annual minimum coverage premium |
---|---|---|
USAA | $58 | $691 |
Cheapest company for getting a speeding ticket
Company | Average monthly minimum coverage premium | Average annual minimum coverage premium |
---|---|---|
USAA | $27 | $329 |
Cheapest company for being in an at-fault accident
Company | Average monthly minimum coverage premium | Average annual minimum coverage premium |
---|---|---|
State Farm | $31 | $366 |
Cheapest company after a high-risk incident
Company | Average monthly minimum coverage premium | Average annual minimum coverage premium |
---|---|---|
Progressive | $45 | $534 |
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:
Insurance company | Average monthly minimum coverage premium | Average annual minimum coverage premium | Annual savings vs. State average* |
---|---|---|---|
USAA
4.3
Bankrate Score
|
Average monthly minimum coverage premium
$22
|
Average annual minimum coverage premium
$260
|
Annual savings vs. State average*
- $86 |
Geico
4.4
Bankrate Score
|
Average monthly minimum coverage premium
$23
|
Average annual minimum coverage premium
$280
|
Annual savings vs. State average*
- $66 |
State Farm
4.2
Bankrate Score
|
Average monthly minimum coverage premium
$25
|
Average annual minimum coverage premium
$296
|
Annual savings vs. State average*
- $50 |
Progressive
4.2
Bankrate Score
|
Average monthly minimum coverage premium
$40
|
Average annual minimum coverage premium
$485
|
Annual savings vs. State average*
+ $139 |
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
*Based on policies with minimum coverage for 2023
Insurance company | Average monthly full coverage premium | Average annual full coverage premium | Annual savings vs. State average* |
---|---|---|---|
USAA
4.3
Bankrate Score
|
Average monthly full coverage premium
$109
|
Average annual full coverage premium
$1,307
|
Annual savings vs. State average*
- $284 |
Geico
4.4
Bankrate Score
|
Average monthly full coverage premium
$117
|
Average annual full coverage premium
$1,408
|
Annual savings vs. State average*
- $183 |
State Farm
4.2
Bankrate Score
|
Average monthly full coverage premium
$123
|
Average annual full coverage premium
$1,474
|
Annual savings vs. State average*
- $117 |
Progressive
4.2
Bankrate Score
|
Average monthly full coverage premium
$132
|
Average annual full coverage premium
$1,578
|
Annual savings vs. State average*
- $13 |
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
*Based on policies with full coverage for 2023
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:
City | City average annual minimum coverage premium | Cheapest car insurance company | Company average annual minimum coverage premium |
---|---|---|---|
Magdalena | $273 | USAA | $187 |
Pie Town | $274 | USAA | $187 |
Capitan | $274 | USAA | $193 |
Clayton | $275 | USAA | $193 |
Lemitar | $275 | USAA | $187 |
City | City average annual full coverage premium | Cheapest car insurance company | Company average annual full coverage premium |
---|---|---|---|
Fruitland | $1,432 | USAA | $1,258 |
Timberon | $1,433 | State Farm | $1,144 |
Mescalero | $1,436 | USAA | $1,141 |
Alto | $1,436 | USAA | $1,178 |
Pinon | $1,437 | State Farm | $1,144 |
Factors that impact cheap rates in New Mexico
Insurance companies use a variety of factors to determine your rates. In New Mexico, these include personal factors like your age, credit-based insurance score, driving record, vehicle type and more. Understanding these factors may help you maintain low rates.
Insuring a teen driver
Since teens don't have years of experience behind the wheel, they are statistically at high risk of having accidents. In general, they or their parents will likely experience above-average car insurance rates. However, parents with teen drivers may be able to find affordable coverage by choosing a company that does not weigh drivers' age as heavily or one that extends many student discounts. If you're looking for the cheapest rates for yourself and your teen driver, you might consider one of these companies.
Car insurance company | Average annual minimum coverage premium | Average annual full coverage premium |
---|---|---|
USAA | $691 | $2,934 |
Allstate | $716 | $4,804 |
State Farm | $782 | $2,842 |
Geico | $841 | $3,114 |
Progressive | $1,081 | $3,419 |
Getting a speeding ticket
Your driving record impacts your auto insurance rates, and even a single speeding ticket may cause a surcharge. After a speeding ticket, you may want to shop around for the insurer that offers you the best post-ticket rate for cheap New Mexico car insurance.
Car insurance company | Average annual minimum coverage premium | Average annual full coverage premium |
---|---|---|
USAA | $329 | $1,645 |
Geico | $331 | $1,619 |
State Farm | $336 | $1,695 |
Allstate | $435 | $3,052 |
Getting into an at-fault accident
As is true with speeding tickets, being involved in an at-fault accident may leave insurers hesitant to offer you low rates. If you have accident forgiveness as part of your policy, a single accident may not impact your rate. Multiple accidents, however, are likely to cause an increase in your rate. Some companies may even deny coverage to drivers with many at-fault accidents on their record. If you've been in an accident and are looking for cheaper rates, you may want to explore quotes from the following carriers:
Car insurance company | Average annual minimum coverage premium | Average annual full coverage premium |
---|---|---|
State Farm | $366 | $1,780 |
USAA | $406 | $1,948 |
Allstate | $465 | $3,210 |
Geico | $467 | $2,154 |
Being deemed a high-risk driver
Although each insurer may define high-risk drivers differently, you may be classified as high-risk if you have multiple speeding tickets or accidents on your record. A DUI conviction may also place you in this category and will likely substantially raise your rate. Following a DUI conviction or other infraction that puts you in the high-risk category, you may want to shop around to see which carrier might offer you reasonably priced insurance. Note that not all carriers will extend coverage to drivers with a DUI, so you may need to contact the company directly about coverage for high-risk drivers.
Car insurance company | Average annual minimum coverage premium | Average annual full coverage premium |
---|---|---|
Progressive | $534 | $1,774 |
USAA | $541 | $2,698 |
State Farm | $455 | $2,038 |
Allstate | $592 | $3,485 |
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.