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Best car insurance in New Mexico for 2023

Geico, USAA and Progressive are among the best auto insurance carriers in New Mexico.

Updated Nov 29, 2023
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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.

Best car insurance companies in New Mexico

Bankrate’s insurance editorial team analyzed average premium data sourced from analytics company Quadrant Information Services and found that, in 2023, the average premium for a full coverage policy in New Mexico is $1,591 per year, while minimum coverage averages $346. However, your insurance premium will vary depending on your personal rating factors. Still, this information could provide you with a benchmark while comparing rates.

We also based our analysis on other non-premium related metrics, including the J.D. Power 2023 U.S. Auto Insurance Study. We want to ensure that the companies on this list are truly the best for a wide range of drivers, not just the cheapest. After our study, we concluded that Geico, USAA, Progressive, State Farm and Allstate are among the best car insurance companies in New Mexico.

Insurance company
Bankrate score
Info
Average full coverage rate* Average min coverage rate*
4.4
Rating: 4.4 stars out of 5
$1,408
$280
4.3
Rating: 4.3 stars out of 5
$1,307
$260
4.2
Rating: 4.2 stars out of 5
$1,578
$485
4.2
Rating: 4.2 stars out of 5
$1,474
$296
3.8
Rating: 3.8 stars out of 5
$2,739
$385
*Displayed rates are average annual premiums
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This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

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.

Best for discounts

Rating: 4.4 stars out of 5
4.4 Bankrate Score
JD Power: 804/1,000 AM Best: A++

Average annual premium

$ 1,408 for full coverage
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Why Geico made our list: After an in-depth analysis conducted by our insurance experts, Geico tied for best auto insurance company overall in the 2023 Bankrate Awards. One of the company’s standout features is its long list of discounts, which may help drivers in New Mexico save on their car insurance. New Mexicans might take advantage of the company’s membership and employee discount, defensive driver discount or federal employee discount. Safe drivers may also be interested in Geico’s telematics program, DriveEasy.

Who Geico may be good for: Budget-conscious drivers looking for cheap average rates and a fairly basic car insurance policy might want to request a quote from Geico.

Read full Geico Insurance review

Best for military-focused options and benefits

Rating: 4.3 stars out of 5
4.3 Bankrate Score
JD Power: 879/1,000 AM Best: A++

Average annual premium

$ 1,307 for full coverage
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Why USAA made our list: USAA may offer some of the best benefits to those who qualify (active-duty military, veterans and qualifying family members). However, there are five military bases in New Mexico, so a good portion of the state’s population may be eligible for coverage. USAA policyholders could get a discount if their vehicle is garaged on base, with another savings opportunity for those with vehicles in storage (perhaps due to deployment). On top of lower-than-average rates in New Mexico and unique military benefits, USAA consistently earns top marks from J.D. Power in both claims and customer satisfaction (although the company isn’t officially ranked due to its eligibility requirements).

Who USAA may be good for: USAA could be an excellent choice for eligible drivers looking for unique, military-focused benefits and options from a company known for stellar customer service.

Read full USAA Insurance review

Best for digital tools

Rating: 4.2 stars out of 5
4.2 Bankrate Score
JD Power: 809/1,000 AM Best: A+

Average annual premium

$ 1,578 for full coverage
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Why Progressive made our list: From its telematics program Snapshot to its Name Your Price Tool, Progressive’s digital features are some of the best in the business. The Name Your Price Tool, in particular, could help streamline the shopping experience for customers looking for the best car insurance in New Mexico but aren’t sure what coverage options may be best for them. The company also offers a highly-rated mobile app and online portal that allows policyholders to manage their policies from the convenience of their homes.

Who Progressive may be good for: Drivers who are concerned less with customer service experience and prefer to handle their policy needs online might enjoy the digital experience Progressive has to offer.

Read full Progressive Insurance review

Best for excellent customer service

Rating: 4.2 stars out of 5
4.2 Bankrate Score
JD Power: 835/1,000 AM Best: A++

Average annual premium

$ 1,474 for full coverage
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Why State Farm made our list: State Farm is the largest insurance company in the U.S. by market share and is known for its wide network of neighborhood agents. Since State Farm agents live in the same community they serve, they are likely more familiar with New Mexico drivers' unique needs than agents working in an out-of-state contact center. State Farm came in first place in the Southwest region of the J.D. Power study, so it may be able to provide the best auto insurance in New Mexico for those seeking excellent customer service.

Who State Farm may be good for: If you’re willing to forgo some discount and coverage options in favor of insuring with a company that provides excellent customer service, State Farm could be the carrier for you.

Read full State Farm Insurance review

Best for tailored coverage options

Rating: 3.8 stars out of 5
3.8 Bankrate Score
JD Power: 801/1,000 AM Best: A+

Average annual premium

$ 2,739 for full coverage
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Answer a few questions to see personalized rates from top carriers.

Why Allstate made our list: Allstate might not offer the cheapest car insurance in New Mexico, but you might find coverage options here not available with other companies. Due to the state’s location, New Mexico drivers may be especially interested in Allstate’s Mexico tourist car insurance policy. The company also offers rideshare insurance, extended vehicle care (an add-on that works similarly to an extended warranty), gap insurance, new car replacement and more. Safe drivers may also want to explore Allstate’s Deductible Rewards program, which can lower your deductible over time if you remain accident-free.

Who Allstate may be good for: Drivers who are willing to pay higher-than-average rates for some of the most robust New Mexico auto insurance might find Allstate to be their company of choice.

Read full Allstate Insurance review

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How Bankrate chose the best car insurance companies in New Mexico

To find the best car insurance in New Mexico, we first studied average premiums sourced from analytics company Quadrant Information Services. But we understand that pricing isn't the only factor that makes for a great car insurance company.

To uncover the very best carriers, we also reviewed digital tool availability, coverage options, discount opportunities and other important metrics. We converted this information into a proprietary Bankrate Score. Bankrate Scores range from 0.0 to 5.0 — the higher a carrier’s score, the better it fared during our evaluation. We created our Bankrate Scoring model to give our readers an easy way to evaluate insurance companies holistically as they shop around.

Bankrate logo

Why you can trust Bankrate

Read our full methodology

To help New Mexico drivers find the best car insurance, Bankrate’s insurance editorial team reviewed some of the largest insurers by market share. We based our picks on a well-rounded analysis of several metrics related to each company.

46

years of industry expertise

122

carriers reviewed

20.7K

ZIP codes examined

1.2M

quotes analyzed

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This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

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Insurance Disclosure

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.

How to find the best car insurance in New Mexico

Car insurance is a legal requirement for New Mexico drivers, but the right car insurance policy should do more than ensure you're driving legally. The best policy for you will also fit your coverage needs, budget and priorities as a driver. Consider the factors below when choosing the best company for you.

Related content:

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This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

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.

How much is car insurance in New Mexico?

According to our analysis of average premium data, the average cost of car insurance in New Mexico is $1,591 per year for full coverage and $346 for a minimum coverage policy. These premiums are much lower than the national averages of $2,014 and $622 for full and minimum coverage, respectively.

Average rates in New Mexico are also quite a bit cheaper than some of its neighbors, namely Colorado and Arizona. The average annual premium for full coverage insurance in Colorado is $2,121, with minimum coverage at $500. Arizona is a little less expensive than Colorado but still averages higher than New Mexico, with average yearly premiums of $1,810 and $587 for full and minimum coverage. New Mexico’s relatively mild weather and low population density could help keep its average car insurance premiums low.

Estimate your car insurance cost in New Mexico

Requesting personalized quotes will give you a more accurate understanding of how your personal rating factors influence your premium. Begin estimating your personalized rates using our tool below.

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This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

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Why we're asking
Methodology

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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.

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46
years of industry expertise
Search
122
carriers reviewed
Location
20.7K
ZIP codes examined
Dollar Coin
1.2M
quotes analyzed
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Written by
Grace Kim
Insurance Contributor

Grace Kim has two years of experience in writing for finance and insurance domains such as Bankrate and Reviews.com. She has written about auto, homeowners, renters and life insurance. She has spent most of her professional experience writing about finance and tech topics.

Edited by Editor, Insurance