Best cheap car insurance in Farmington

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As of 2015, New Mexico ranked third highest in the nation for uninsured drivers on the road, with just over 20% of drivers estimated to be uninsured. Even with this risk factor, the average rates for car insurance in Farmington are still below the national average. Drivers can expect to pay an average of $354 per year for minimum coverage and $1,312 per year for full coverage.

It is important to have a car insurance policy in place so you are financially protected in the event of an accident. Bankrate analyzed average premiums, coverages offered, discount options, and third-party rankings for Farmington auto insurance companies to help drivers find the best car insurance options.

Best car insurance companies in Farmington

Bankrate considered factors such as coverages offered, discount opportunities, financial strength, customer service scores and claims experience to determine the best car insurance companies in Farmington. We use Quadrant Information Services to obtain current premium information for both minimum coverage and full coverage.

Based on our findings, the following companies are among the best options in Farmington:

Insurance company J.D. Power score
(Southwest region)
Average annual premium for minimum coverage Average annual premium for full coverage
Allstate 830 / 1,000 $449 $1,773
Geico 834 / 1,000 $328 $1,373
MetLife N/A $376 $1,302
USAA 876 / 1,000 $254 $1,077

Quadrant Information Services, 2020

Allstate

With several choices for insurance products, including auto, home and life, plus many options for discounts, Allstate offers a one-stop insurance shopping experience with affordable rates. The company also placed third in the Southwest region in the 2020 J.D. Power U.S. Auto Insurance Study, which analyzed customer experiences based on factors like a company’s billing process and claims handling.

Although its premiums are higher than average for Farmington drivers, Allstate offers numerous discounts to help policyholders control their insurance costs. You may earn a discount for insuring a new car, signing up for automatic payments or having safety features like an anti-theft device on your vehicle.

Geico

Geico offers fairly basic auto insurance coverage with only a few optional coverages, like mechanical breakdown coverage and emergency road service coverage. However, Geico’s already low premiums are complemented by a long list of available discounts that may allow you to lower your premium even more.

Geico tied for first place in the 2020 J.D. Power U.S. Auto Insurance Study with a score of 834 out of 1,000 in the Southwest region. However, the company did score below industry average in the 2020 J.D. Power U.S. Auto Claims Satisfaction Study.

MetLife

MetLife offers a range of insurance products, including auto insurance. MetLife understands that life can happen at the most inconvenient times, so policyholders have access to 24/7 customer support. Coverage options include new car replacement, enhanced car rental damage coverage and special parts replacement.

Metlife received an above-industry-average score in the 2020 J.D. Power U.S. Auto Claims Satisfaction Study, landing in fifth place overall. This indicates that policyholders are generally satisfied with MetLife’s claims service.

USAA

Though USAA’s auto insurance is only available to past and present military members and their families, it may be a great option for your car insurance if you qualify. If you are eligible for coverage, USAA claims that you could save over $700 per year for switching your coverage.

In addition to low premiums, USAA also offers unique discounts tailored to military service members. Policyholders can get discounts for garaging their vehicle on a military base or for being deployed.

Cheapest car insurance in Farmington

The average cost of car insurance in Farmington, New Mexico is $354 annually for minimum coverage and $1,312 annually for full coverage. Farmington drivers pay less for insurance than the general population of New Mexico, where the statewide average premiums are $385 per year for minimum coverage and $1,419 per year for full coverage. The average cost of car insurance in the U.S. is $565 per year for minimum coverage and $1,674 per year for full coverage.

Although rates are below the national average, price may be a concern for some drivers when shopping for car insurance in Farmington. Bankrate reviewed average premiums from the 25 largest companies by market share in the Farmington area to find the cheapest auto insurance options.

Insurance company Average annual premium for minimum coverage Average annual premium for full coverage
USAA $254 $1,077
State Farm $309 $1,346
Farmers $312 $1,073
Geico $328 $1,373
MetLife $376 $1,302

Although finding a cheap auto insurance company might be high on your list of priorities, remember that price is not the only consideration when it comes to car insurance. You may also want to consider coverage options, available discounts, financial strength and customer service ratings when choosing an insurance provider.

Farmington insurance requirements

Like most states, New Mexico requires drivers to carry a minimum amount of liability insurance to legally drive. The minimum required coverage levels in New Mexico are:

  • Bodily injury per person: $25,000
  • Bodily injury per accident: $50,000
  • Property damage: $10,000

Insurance companies in New Mexico are also required to offer consumers uninsured motorist coverage, although you can decline the coverage in writing if you choose not to purchase it. New Mexico ranks third in the U.S. for uninsured drivers, making uninsured motorist coverage an important consideration for drivers in Farmington.

If you are involved in an accident, the minimum liability limits may not be enough to cover you. If the damage you cause in an at-fault accident is higher than your state minimum limits, you will have to pay the excess out of pocket.

You may also want to consider adding full coverage, which includes comprehensive and collision coverages, to your policy to provide coverage for your own vehicle. If you finance or lease your car, your lender will likely require that you carry full coverage.

Car insurance discounts in Farmington

Though car insurance rates are already low for Farmington residents, discounts are a great way to save even more. Here are some common discounts in Farmington:

  • Accident-free discount: If you do not have any at-fault accidents on your driving record within a specified period of time, some car insurance companies will offer you a discount on your policy.
  • Multi-car and multi-policy discounts: If you own more than one car and insure both with the same company, you may get a discount on each vehicle. Similarly, if you have a homeowners, condo owners or renters insurance policy with the same company as your auto insurance, you may get a discount on each policy.
  • Student discounts: If you are a full-time student or if you insure a full-time student on your auto insurance policy, you could qualify for a discount for maintaining a certain grade point average. If your student goes to college away from home and does not have a vehicle with them, you might be able to save on your car insurance with a “student-at-school” discount.
  • Vehicle safety discounts: Many companies offer discounts for vehicle safety features, including discounts for passenger or side curtain airbags, anti-lock brakes and anti-theft devices.

If you are not sure what discounts your insurance company offers, you can call and talk to a member of its customer service department to review your policy for savings.

Frequently asked questions

What is the best car insurance company in Farmington?

The best car insurance company is likely to be different for everyone, since everyone has a different situation when it comes to insurance. One of the best ways to find the right company for you is to get quotes from multiple providers and compare them. Price is a factor, but you may also want to compare customer service reviews, claims satisfaction ratings, financial strength, coverage options and available discounts.

How much does car insurance in Farmington cost?

Car insurance in Farmington tends to be lower than both the average rates in New Mexico and the national average cost. In Farmington, minimum coverage costs $354 per year and full coverage costs $1,312 per year, on average. However, your rates may be lower or higher depending on your driving history, type of car and coverage needed, among other factors.

How much car insurance do I need in Farmington?

To drive legally in New Mexico, you will need to carry at least the minimum required liability limits of 25/50/10. Many experts recommend purchasing the higher liability limits to better protect yourself financially. You may also want to consider full coverage to provide coverage for your vehicle. Talking to a licensed insurance agent may be a good idea to help you determine how much coverage you need.

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. 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 coverages that meet each state’s requirements. Our sample drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles annually.

These are sample rates and should be used for comparative purposes only. Your quotes may be different.

Written by
Mandy Sleight
Insurance Contributor
Mandy Sleight has been a licensed insurance agent since 2005. She has three years of experience writing for insurance websites such as Bankrate.com, MoneyGeek and The Simple Dollar. Mandy writes about auto, homeowners, renters, life insurance, disability and supplemental insurance products.
Reviewed by
Insurance Editor