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Cheapest car insurance in New Mexico for 2023
According to Bankrate's analysis, USAA, Geico and State Farm may offer lower-than-average car insurance ratings for New Mexico.
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The cheapest car insurance companies in New Mexico
In the search for cheap 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. On average, car insurance in New Mexico costs $346 per year for minimum coverage and $1,591 for full coverage. 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.
Key takeaways
- Cheapest company for minimum coverage: USAA
- Cheapest company for full coverage: USAA
- Cheapest companies for drivers with prior incidents: Progressive and USAA
- Cheapest companies for young drivers: USAA and State Farm
Compare auto insurance rates
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.
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.
Cheapest car insurance in New Mexico for minimum coverage
Like most states, New Mexico requires its drivers to carry at least liability only coverage, also known as minimum coverage. In New Mexico, minimum coverage includes bodily injury liability and damage liability. Bankrate found that USAA offered the cheapest car insurance in New Mexico for minimum coverage in our analysis.
| Carrier | Monthly min coverage premium | Annual min coverage premium | Savings vs state avg. for min coverage |
|---|---|---|---|
|
$22
|
$260
|
- $86 |
|
|
$23
|
$280
|
- $66 |
|
|
$25
|
$296
|
- $50 |
|
|
$40
|
$485
|
+ $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.
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.
Cheapest car insurance in New Mexico for full coverage
Although not required by law, many drivers elect to purchase full coverage car insurance to further protect themselves from financial risk. Full coverage includes collision and comprehensive coverage, both of which are designed to pay out toward your own costs instead of others. We found that USAA offered the lowest average rates for full coverage.
| Carrier | Monthly full coverage premium | Annual full coverage premium | Savings vs state avg. for full coverage |
|---|---|---|---|
|
$109
|
$1,307
|
- $284 |
|
|
$117
|
$1,408
|
- $183 |
|
|
$123
|
$1,474
|
- $117 |
|
|
$132
|
$1,578
|
- $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.
Cheapest car insurance in New Mexico for drivers with prior incidents
One of the most significant variables in car insurance rates is the driving record. Traffic violations can lead to significant rate increases for drivers in New Mexico. Below are the cheapest carriers, on average, for drivers with a variety of previous incidents on their record:
- Cheapest car insurance for drivers with a ticket: USAA
- Cheapest car insurance for drivers with an at-fault accident: State Farm
- Cheapest car insurance for high-risk drivers: Progressive
Cheapest insurance companies for drivers in New Mexico with a speeding ticket: USAA
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. Bankrate found USAA offers the lowest average rates for drivers with a speeding ticket.
| Company | Avg annual min coverage premium | Avg annual full coverage premium |
|---|---|---|
| USAA | $329 | $1,645 |
| Geico | $331 | $1,619 |
| State Farm | $336 | $1,695 |
| Allstate | $435 | $3,052 |
Cheapest car insurance for drivers in New Mexico with an at-fault accident: State Farm
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. Bankrate found State Farm offers the lowest average rates for drivers with an at-fault accident 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:
| Company | Avg annual min coverage premium | Avg annual full coverage premium |
|---|---|---|
| State Farm | $366 | $1,780 |
| USAA | $406 | $1,948 |
| Allstate | $465 | $3,210 |
| Geico | $467 | $2,154 |
Cheapest car insurance in New Mexico for high-risk drivers: Progressive
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. Bankrate found that Progressive offers the lowest average rates for high-risk drivers in our analysis.
| Company | Avg. annual min coverage premium | Avg. annual full coverage premium |
|---|---|---|
| Progressive | $534 | $1,774 |
| USAA | $541 | $2,698 |
| Allstate | $592 | $3,485 |
| Geico | $824 | $3,556 |
Bankrate’s take: Auto insurance companies make many of their own determinations about coverage, including whether to offer coverage to drivers with DUIs on their record. Even when we offer average rates for a company regarding high-risk drivers, there is no guarantee they will cover a driver with a DUI. DUIs are seen as one of the riskiest forms of driving behavior and many insurers are hesitant to engage with this risk level.
Cheapest car insurance for young drivers in New Mexico
Age is another significant factor that impacts auto insurance rates in most states. Younger drivers are among the costliest to insure and have some of the highest rates of traffic incidents. Because of that, finding cheap car insurance for young adults can be an important priority. Below are the companies we found to offer the best rates for young drivers in different circumstances:
- Cheapest car insurance for insuring a teen driver: USAA
- Cheapest car insurance for teens with a ticket: State Farm
- Cheapest car insurance for teens with an at-fault accident: State Farm
- Cheapest car insurance for young drivers with a DUI: Allstate
Cheapest New Mexico car insurance for insuring a teen driver: USAA
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 and has teen discounts or student discounts. If you're looking for the cheapest rates for yourself and your teen driver, you might consider one of these companies.
| Company | Avg. annual min coverage premium | Avg. 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 |
Bankrate’s take: Rates were determined by adding a 16-year-old teen to their 40-year-old married parents' policy. The rates displayed reflect the total cost of a driver this age added to their parents' policy. The reasons behind insurers charging more for teen drivers have primarily to do with how inexperienced younger drivers are. The younger and more inexperienced a driver is, the risker they are, generally speaking.
Cheapest New Mexico car insurance for teens with a ticket: State Farm
Teens with a speeding ticket can face even higher rates than they already would simply being young. With teen rates already so high, it's important to find affordable rates when insuring a teen in this situation. Bankrate found that State Farm offered the lowest average rates to teens with speeding tickets in our analysis.
| Company | Avg. annual min coverage premium | Avg. annual full coverage premium |
|---|---|---|
| State Farm | $1,029 | $3,935 |
| USAA | $1,065 | $4,695 |
| Allstate | $1,068 | $7,722 |
| Geico | $1,306 | $4,992 |
Cheapest New Mexico car insurance for teens with an at-fault accident: State Farm
Being at fault for an auto accident can significantly increase your rates, and if you're dealing with a teen driver, then those rates could become unaffordable. In these situations, it can become essential to look for carriers that specialize in high-risk driver insurance. Bankrate found that State Farm offered the lowest average rates to teens with an at-fault accident on their record, but below are further options:
| Company | Avg. annual min coverage premium | Avg. annual full coverage premium |
|---|---|---|
| State Farm | $1,119 | $4,206 |
| Allstate | $1,212 | $8,396 |
| USAA | $1,225 | $5,405 |
| Geico | $1,826 | $6,854 |
Bankrate’s take: If your car insurance provider offers accident forgiveness, that can be a serious boon in these circumstances. Having a teen driver is costly enough without an at-fault accident hiking those rates. Accident forgiveness coverage costs more upfront on your regular premiums but means that your first accident will not impact your rates. Of course, you must select this coverage before the accident occurs. Specific details of accident forgiveness vary between insurers.
Cheapest New Mexico car insurance for young drivers with a DUI: Allstate
Finding affordable auto insurance for a teen with a DUI can be difficult, as it's effectively combining two of the most significant risk factors in auto insurance underwriting. Bankrate found that Allstate offered the lowest average rates in our analysis for a teen driver with a DUI.
| Company | Avg. annual min coverage premium | Avg. annual full coverage premium |
|---|---|---|
| Allstate | $798 | $6,016 |
| Progressive | $891 | $3,061 |
| USAA | $953 | $4,508 |
| Geico | $1,828 | $7,153 |
Cheapest car insurance rates by city in New Mexico
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. Below are the cheapest insurance in large cities and the cities that feature the cheapest car insurance in New Mexico, as determined by our data. Note that USAA is also a cheap option in most of these cities, but it’s only available to members of the military and their family members.
| City | City average annual minimum coverage premium | Cheapest car insurance company | Company average annual minimum coverage premium |
|---|---|---|---|
| Clovis | $290 | Geico | $219 |
| Roswell | $309 | Geico | $241 |
| Santa Fe | $354 | State Farm | $296 |
| Rio Rancho | $390 | Geico | $333 |
| Albuquerque | $404 | Geico | $332 |
| City | City average annual minimum coverage premium | Cheapest car insurance company | Company average annual minimum coverage premium |
|---|---|---|---|
| Magdalena | $273 | State Farm | $205 |
| Pie Town | $274 | State Farm | $199 |
| Capitan | $274 | State Farm | $213 |
| Clayton | $275 | Geico | $219 |
| Lemitar | $275 | State Farm | $199 |
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.
Incidents: Rates were calculated by evaluating our base profile with the following incidents applied: clean record (base), at-fault accident, single speeding ticket and single DUI conviction. Young driver DUI rates are for 21-year-old drivers on their own policy; other young driver incident rates are for 18-year-old drivers on their own policy.
Teens: Rates were determined by adding a 16-year-old teen to their 40-year-old married parents' policy. The rates displayed reflect the total cost of a driver this age added to their parents' policy.
Age: Rates were calculated by evaluating our base profile with the ages 18 and 21 applied. Drivers are renters on their own policy. Age is not a contributing rating factor in Hawaii and Massachusetts due to state regulations.