Drivers in New Mexico are required by law to carry a minimum amount of liability insurance for their vehicles. As of 2019, however, New Mexico ranked fourth highest in the nation for uninsured drivers on the road, with nearly 22% of drivers estimated to be uninsured. Despite 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 in Farmington.
Car insurance protects drivers finances, which means 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
|Average annual premium for minimum coverage||Average annual premium for full coverage|
|Allstate||822 / 1,000||$449||$1,773|
|Geico||829 / 1,000||$328||$1,373|
|USAA||863 / 1,000||$254||$1,077|
Quadrant Information Services, 2021
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 placed seventh in the Southwest region in the 2021 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.
Learn more: Allstate Insurance Review
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.
While Geico placed just below average in fifth place in the J.D. Power Auto Insurance Study, the insurer ranked above average in the 2021 J.D. Power U.S. Auto Claims Satisfaction Study.
Learn more: Geico Insurance Review
MetLife offers a range of insurance products, including auto and homeowners 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.
Now a part of Farmers, those interested in MetLife can access a broader range of insurance options from the company ranked fifth in the Auto Claims Satisfaction Study.
Learn more: MetLife Insurance Review
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.
Learn more: USAA Insurance Review
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 some of the cheapest auto insurance rates compared to 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 affordable rates 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|
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 insurance 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
Insurers in New Mexico are also required to offer consumers uninsured motorist insurance 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. Bankrate’s research found that Allstate, Geico, MetLife and USAA offer the best and cheapest auto insurance rates in Farmington. One of the best ways to find the right company for you is to get insurance 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?
Farmington drivers typically get more affordable car insurance rates when compared to what drivers pay in New Mexico and nationwide. For minimum insurance coverage, the average annual rate paid by Farmington drivers is $354, while full coverage insurance options average $1,312 per year annually in this city. However, your rates will likely differ, as they are based on a number of personal factors, including your age, ZIP code, claims and driving history and the make and model of the car you drive.
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.
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.