Best car insurance in New Mexico for 2023

Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.

• Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
• Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
• Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.

To drive legally on public roads, you must carry a certain amount of liability insurance to meet New Mexico state law. While it’s impossible to purchase a New Mexico car insurance policy with limits less than the state minimum requirements, knowing these requirements can help provide a baseline when tailoring your coverage package. Additionally, insurance professionals recommend that drivers consider choosing the highest liability coverage they can afford. Higher liability limits and additional coverage types may help reduce your out-of-pocket costs in the event of an at-fault accident or other incident.

If you’re financing or leasing your vehicle, you will likely have other insurance requirements you must meet to satisfy the terms of your loan or lease agreement. Whether you are financing or leasing, you’ll almost certainly need to carry comprehensive and collision, and you may have a maximum deductible restriction (usually $500 or $1,000). For those leasing, you will probably have liability limit requirements to meet, too. Your lender wants to be sure that its property will be repaired in the event of a covered claim, which is why it requires extra coverage. Failure to meet your lender or leasing company’s insurance requirements could lead to expensive force-placed insurance.

An important part of finding the best car insurance for you is tailoring your policy to meet your needs. For instance, it could be dangerous to experience a vehicle breakdown while driving through the New Mexican desert. You might want to add emergency roadside assistance to your coverage package to prepare for this possibility. Perhaps you have a less-than-stellar driving record. If so, you might want to seek out companies known to offer high-risk car insurance. Maybe you prefer the personal touch that an in-person agency experience can provide. If that’s the case, you probably won’t want to shop with companies that only do business over the phone and online.

Before shopping, you might want to make a list of what you’re looking for in your insurance company, as this might narrow down the carriers you're considering.

New Mexico car insurance companies calculate your car insurance premium by using several personal rating factors. These factors include your credit-based insurance score, age, gender, ZIP code, driving history, the type of vehicle you drive and more. Because insurance is unique to you and your background, no one company will be the cheapest for all drivers. However, our analysis of average premiums provided by Quadrant Information Services shows that USAA, State Farm and Progressive could be good places to get started.

Unless you pay a surety bond or cash deposit of $60,000 to the New Mexico State Treasurer, car insurance is legally required in New Mexico. If you fail to maintain the mandated minimum amount of liability coverage required in New Mexico, the state could suspend your vehicle registration and you will be required to return your license plate to the Motor Vehicle Department (MVD). The minimum liability insurance requirements in New Mexico are:

• $25,000 bodily injury liability per person
• $50,000 bodily injury liability per accident
• $10,000 property damage liability per accident

Additionally, uninsured and underinsured coverages must be offered but can be rejected in writing.

Yes, among the other requirements needed to register your car in New Mexico, you will need to provide proof of your auto insurance policy that meets the state’s minimum coverage requirements. You will not be able to register your car in New Mexico if you do not have the proper insurance coverage for the vehicle, in addition to a VIN inspection, vehicle title, proof of identity, proof of residency and a completed application.

When requesting car insurance quotes, you’ll need to provide some basic information, including the names and birthdays of the drivers you’d like listed. You will also need to give the insurance company your address, a basic rundown of your claims and insurance history, as well as the types of coverage options you would like to include. Finally, you’ll need to provide the information for all of the vehicles you’d like covered. While you should be able to get a quote by only providing your car's year, make and model, your quote will likely be more accurate if you provide the vehicle identification number (VIN). Although some companies may offer anonymous quotes that don’t require as much information, these tend to be less accurate.