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Best car insurance in New Mexico for 2024

Updated Oct 02, 2024
Geico, USAA and Progressive are among the best auto insurance carriers in New Mexico.
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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 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 October 2024, the average premium for a full coverage policy in New Mexico is $2,290 per year, while minimum coverage averages $554. 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 2024 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.

4.4
Rating: 4.4 stars out of 5
$1,564
$286
4.4
Rating: 4.4 stars out of 5
$2,132
$385
4.3
Rating: 4.3 stars out of 5
$2,467
$496
4.2
Rating: 4.2 stars out of 5
$1,403
$294
3.9
Rating: 3.9 stars out of 5
$3,000
$628

Geico

Geico

4.4

Rating: 4.4 stars out of 5

Avg. full coverage premium

$130/mo

Avg. full coverage premium

$1,564/yr

Customer satisfaction

618/1,000

Progressive

Progressive

4.4

Rating: 4.4 stars out of 5

Avg. full coverage premium

$178/mo

Avg. full coverage premium

$2,132/yr

Customer satisfaction

614/1,000

State Farm

State Farm

4.3

Rating: 4.3 stars out of 5

Avg. full coverage premium

$206/mo

Avg. full coverage premium

$2,467/yr

Customer satisfaction

646/1,000

USAA

USAA

4.2

Rating: 4.2 stars out of 5

Avg. full coverage premium

$117/mo

Avg. full coverage premium

$1,403/yr

Customer satisfaction

733/1,000

Allstate

Allstate

3.9

Rating: 3.9 stars out of 5

Avg. full coverage premium

$250/mo

Avg. full coverage premium

$3,000/yr

Customer satisfaction

633/1,000

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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.

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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

34.5K

ZIP codes examined

1.2M

quotes analyzed

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Advertising disclosure
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 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.

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News that affects New Mexico car owners

Statistics illustrate another factor you may want to consider when choosing the right auto insurance plan: vehicle theft.

According to the National Insurance Crime Bureau (NCIB), New Mexico placed sixth on the list of top 10 states for vehicle theft, with more than 489 thefts per 100,000 residents in 2023. Echoing that statistic is another: Albuquerque is in the top 10 for car theft among U.S. metropolitan areas, according to the Insurance Information Institute.

NCIB recommends that NM drivers strive to park in well-lit areas, close and lock all windows and doors when parked and avoid leaving the area when your car is running to help counter possible theft attempts. Your insurance will cover car theft if you have comprehensive coverage, so you may want to consider this option if you live in a high-theft area of the state.

Related content:

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Powered by Coverage.com (NPN: 19966249)

Advertising disclosure
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 $2,290 per year for full coverage and $554 for a minimum coverage policy. These premiums are lower than the national averages of $2,388 and $664 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 $3,022, with minimum coverage at $551. Arizona is a little less expensive than Colorado but still higher than New Mexico, with average yearly premiums of $2,727 and $851 for full and minimum coverage. New Mexico’s relatively mild weather and low population density could help keep its average car insurance premiums low.

City Avg. annual full coverage premium Avg. savings vs. state average

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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Why we're asking
Methodology

Frequently asked questions

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46
years of industry expertise
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122
carriers reviewed
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34.5K
ZIP codes examined
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1.2M
quotes analyzed

Methodology

Bankrate utilizes Quadrant Information Services to analyze October 2024 rates for all 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 for our base profile are based on the following characteristics and coverage levels:

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40 year old
Single male and female driver
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2022 Toyota Camry
Primary vehicle
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Good credit score
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Clean driving record
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Commutes 5 days

Bodily injury liability

$100,000 per person
$300,000 per accident

Property damage liability

$50,000 per accident

Personal injury protection

$100,000 per accident

Uninsured motorist bodily injury

$100,000 per person
$300,000 per accident

Collision deductible

$500

Comprehensive deductible

$500

These are sample rates and should only be used for comparative purposes.