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Best car insurance in New Mexico for 2024
Powered by Coverage.com (NPN: 19966249)
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
|
$1,564
|
$286
|
|
4.4
|
$2,132
|
$385
|
|
4.3
|
$2,467
|
$496
|
|
4.2
|
$1,403
|
$294
|
|
3.9
|
$3,000
|
$628
|
Geico
4.4
4.4
Avg. full coverage premium
$130/mo
Avg. full coverage premium
$1,564/yr
Customer satisfaction
618/1,000
-
Why Geico made our list: After an in-depth analysis conducted by our insurance experts, Geico was chosen as one of our best overall car insurance carriers. 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
Progressive
4.4
4.4
Avg. full coverage premium
$178/mo
Avg. full coverage premium
$2,132/yr
Customer satisfaction
614/1,000
-
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 who are 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.
Read full Progressive Insurance review
State Farm
4.3
4.3
Avg. full coverage premium
$206/mo
Avg. full coverage premium
$2,467/yr
Customer satisfaction
646/1,000
-
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 communities 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 with an above-average ranking 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.
Read full State Farm Insurance review
USAA
4.2
4.2
Avg. full coverage premium
$117/mo
Avg. full coverage premium
$1,403/yr
Customer satisfaction
733/1,000
-
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).
Read full USAA Insurance review
Allstate
3.9
3.9
Avg. full coverage premium
$250/mo
Avg. full coverage premium
$3,000/yr
Customer satisfaction
633/1,000
-
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.
Read full Allstate Insurance review
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.
Why you can trust Bankrate
Read our full methodologyTo 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
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.
!
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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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.
Sorry, we don't have enough data yet on this city yet!
But these other cities in the state may give you some insight.
City | Avg. annual full coverage premium | Avg. savings vs. state average |
---|---|---|
Navajo Dam | $1,995 | -14% |
Santa Fe | $2,226 | -3% |
Amalia | $2,333 | +2% |
Hernandez | $2,269 | -1% |
La Madera | $2,281 | -0% |
Tesuque | $2,191 | -4% |
Mills | $2,212 | -3% |
Watrous | $2,207 | -4% |
Winston | $2,008 | -13% |
Berino | $2,111 | -8% |
Mule Creek | $1,956 | -16% |
Silver City | $1,899 | -19% |
Broadview | $2,251 | -2% |
Crossroads | $2,232 | -3% |
Taiban | $2,259 | -1% |
Lakewood | $2,321 | +1% |
Malaga | $2,360 | +3% |
Whites City | $2,352 | +3% |
Mescalero | $2,103 | -9% |
Orogrande | $2,114 | -8% |
Ruidoso | $2,086 | -9% |
Weed | $2,036 | -12% |
Holman | $2,225 | -3% |
Montezuma | $2,250 | -2% |
Springer | $2,208 | -4% |
Lemitar | $2,159 | -6% |
Polvadera | $2,157 | -6% |
Las Cruces | $2,073 | -10% |
Lordsburg | $1,928 | -17% |
Mimbres | $1,921 | -18% |
Yatahey | $2,106 | -8% |
Aztec | $1,990 | -14% |
La Plata | $1,994 | -14% |
Shiprock | $2,034 | -12% |
Arroyo Seco | $2,353 | +3% |
Chamisal | $2,292 | +0% |
Glorieta | $2,252 | -2% |
Llano | $2,303 | +1% |
Medanales | $2,298 | +0% |
Red River | $2,313 | +1% |
Jemez Springs | $2,254 | -2% |
Regina | $2,254 | -2% |
San Fidel | $2,092 | -9% |
Albuquerque | $2,554 | +11% |
Rio Rancho | $2,337 | +2% |
Newcomb | $2,091 | -9% |
Alcalde | $2,283 | -0% |
Cebolla | $2,264 | -1% |
Chama | $2,319 | +1% |
Espanola | $2,287 | -0% |
Ohkay Owingeh | $2,292 | +0% |
Truchas | $2,275 | -1% |
Los Lunas | $2,417 | +5% |
House | $2,207 | -4% |
Kenna | $2,209 | -4% |
Roswell | $2,282 | -0% |
Caprock | $2,292 | +0% |
Jal | $2,286 | -0% |
Maljamar | $2,322 | +1% |
Monument | $2,335 | +2% |
Holloman Air Force Base | $1,913 | -18% |
Picacho | $2,169 | -5% |
Tucumcari | $2,215 | -3% |
Bard | $2,203 | -4% |
Folsom | $2,272 | -1% |
Gladstone | $2,248 | -2% |
Bosque | $2,290 | -0% |
Gallina | $2,353 | +3% |
La Loma | $2,225 | -3% |
Rociada | $2,276 | -1% |
Wagon Mound | $2,242 | -2% |
San Acacia | $2,154 | -6% |
Arrey | $2,017 | -13% |
Caballo | $1,976 | -15% |
Garfield | $1,941 | -17% |
Hatch | $1,999 | -14% |
Deming | $1,895 | -19% |
Hanover | $1,906 | -18% |
Hillsboro | $1,977 | -15% |
La Mesa | $2,049 | -11% |
Organ | $2,104 | -8% |
Floyd | $2,215 | -3% |
Carlsbad | $2,346 | +2% |
Hobbs | $2,339 | +2% |
Lincoln | $2,148 | -6% |
Ruidoso Downs | $2,170 | -5% |
Newkirk | $2,278 | -1% |
Trementina | $2,293 | +0% |
Pena Blanca | $2,234 | -2% |
Ramah | $2,078 | -10% |
Cubero | $2,111 | -8% |
Counselor | $2,225 | -3% |
Eagle Nest | $2,207 | -4% |
Jarales | $2,352 | +3% |
Jemez Pueblo | $2,242 | -2% |
Laguna | $2,223 | -3% |
Ponderosa | $2,278 | -1% |
Santo Domingo Pueblo | $2,256 | -2% |
San Ysidro | $2,270 | -1% |
Cerrillos | $2,197 | -4% |
Edgewood | $2,282 | -0% |
Tohatchi | $2,064 | -10% |
Flora Vista | $1,972 | -15% |
Abiquiu | $2,295 | +0% |
Costilla | $2,319 | +1% |
Dixon | $2,278 | -1% |
Ranchos De Taos | $2,317 | +1% |
Vadito | $2,308 | +1% |
Vallecitos | $2,310 | +1% |
Paguate | $2,190 | -4% |
Placitas | $2,272 | -1% |
Tijeras | $2,403 | +5% |
Willard | $2,300 | +0% |
La Jara | $2,271 | -1% |
Lindrith | $2,275 | -1% |
Pueblo Of Acoma | $2,151 | -6% |
Moriarty | $2,314 | +1% |
Nageezi | $2,085 | -9% |
Peralta | $2,419 | +5% |
Prewitt | $2,051 | -11% |
Clines Corners | $2,217 | -3% |
Gallup | $2,035 | -12% |
Algodones | $2,273 | -1% |
Coyote | $2,309 | +1% |
Estancia | $2,341 | +2% |
Milan | $2,037 | -12% |
Sandia Park | $2,400 | +5% |
Chaparral | $2,114 | -8% |
Lingo | $2,215 | -3% |
Fort Stanton | $2,066 | -10% |
Glencoe | $2,142 | -7% |
Hondo | $2,143 | -7% |
Pinon | $2,117 | -8% |
San Patricio | $2,107 | -8% |
Cleveland | $2,261 | -1% |
Magdalena | $2,108 | -8% |
Elephant Butte | $1,919 | -18% |
Santa Teresa | $2,133 | -7% |
Glenwood | $1,981 | -14% |
Hachita | $1,926 | -17% |
Clovis | $2,236 | -2% |
Melrose | $2,276 | -1% |
Texico | $2,261 | -1% |
Eunice | $2,315 | +1% |
Rainsville | $2,220 | -3% |
Roy | $2,199 | -4% |
Aragon | $1,995 | -14% |
San Antonio | $2,108 | -8% |
Williamsburg | $1,936 | -17% |
Playas | $1,969 | -15% |
Arenas Valley | $1,906 | -18% |
Buckhorn | $1,905 | -18% |
Columbus | $1,945 | -16% |
Zuni | $2,023 | -12% |
Blanco | $1,985 | -14% |
Chimayo | $2,349 | +3% |
Los Ojos | $2,350 | +3% |
Valmora | $2,269 | -1% |
Datil | $2,145 | -7% |
Rincon | $2,047 | -11% |
Sunland Park | $2,171 | -5% |
Tres Piedras | $2,319 | +1% |
Elida | $2,203 | -4% |
Fort Sumner | $2,253 | -2% |
Grady | $2,274 | -1% |
Rogers | $2,208 | -4% |
Lovington | $2,341 | +2% |
Alamogordo | $1,849 | -21% |
Cloudcroft | $2,039 | -12% |
Encino | $2,247 | -2% |
Capulin | $2,229 | -3% |
Conchas Dam | $2,278 | -1% |
Grenville | $2,262 | -1% |
Pep | $2,221 | -3% |
Portales | $2,174 | -5% |
Yeso | $2,284 | -0% |
Lake Arthur | $2,275 | -1% |
Carrizozo | $2,058 | -11% |
Alto | $2,119 | -8% |
Bent | $1,974 | -15% |
Mayhill | $2,176 | -5% |
Nogal | $2,077 | -10% |
Tularosa | $1,955 | -16% |
Amistad | $2,240 | -2% |
Bluewater | $2,076 | -10% |
Tatum | $2,239 | -2% |
Corona | $2,262 | -1% |
Sunspot | $2,117 | -8% |
Tinnie | $2,239 | -2% |
Clayton | $2,247 | -2% |
Garita | $2,289 | -0% |
Mcalister | $2,225 | -3% |
Saint Vrain | $2,262 | -1% |
Loving | $2,356 | +3% |
Logan | $2,242 | -2% |
Crownpoint | $2,075 | -10% |
Milnesand | $2,226 | -3% |
Hope | $2,255 | -2% |
Loco Hills | $2,296 | +0% |
Cuervo | $2,227 | -3% |
Mosquero | $2,255 | -2% |
Animas | $1,920 | -18% |
Ojo Feliz | $2,211 | -4% |
Derry | $2,042 | -11% |
Anthony | $2,103 | -9% |
Bayard | $1,897 | -19% |
Faywood | $1,934 | -17% |
Gila | $1,952 | -16% |
San Jon | $2,213 | -3% |
Dona Ana | $2,085 | -9% |
Hurley | $1,900 | -19% |
Redrock | $1,946 | -16% |
Sedan | $2,237 | -2% |
Quay | $2,186 | -5% |
La Joya | $2,180 | -5% |
San Rafael | $2,087 | -9% |
Torreon | $2,259 | -1% |
Fence Lake | $2,054 | -11% |
Gamerco | $2,079 | -10% |
Casa Blanca | $2,196 | -4% |
Claunch | $2,126 | -7% |
Bernalillo | $2,314 | +1% |
Stanley | $2,288 | -0% |
Veguita | $2,229 | -3% |
Cochiti Pueblo | $2,335 | +2% |
Church Rock | $2,087 | -9% |
Continental Divide | $2,052 | -11% |
Mentmore | $2,113 | -8% |
Thoreau | $2,071 | -10% |
Jamestown | $2,096 | -9% |
Kirtland | $1,993 | -14% |
El Prado | $2,344 | +2% |
Penasco | $2,281 | -0% |
San Cristobal | $2,307 | +1% |
Serafina | $2,212 | -3% |
Tererro | $2,291 | +0% |
Pinehill | $2,112 | -8% |
Fruitland | $2,009 | -13% |
Ilfeld | $2,279 | -0% |
Lamy | $2,172 | -5% |
Pecos | $2,287 | -0% |
Santa Cruz | $2,233 | -3% |
Valdez | $2,306 | +1% |
Anton Chico | $2,226 | -3% |
Sheep Springs | $2,089 | -9% |
Canones | $2,276 | -1% |
Carson | $2,330 | +2% |
Cerro | $2,319 | +1% |
Embudo | $2,302 | +1% |
Ojo Caliente | $2,292 | +0% |
Velarde | $2,319 | +1% |
Youngsville | $2,331 | +2% |
Fort Wingate | $2,071 | -10% |
Mexican Springs | $2,044 | -11% |
Isleta | $2,496 | +9% |
Cochiti Lake | $2,235 | -2% |
Rehoboth | $2,093 | -9% |
Belen | $2,474 | +8% |
Cuba | $2,195 | -4% |
Cimarron | $2,275 | -1% |
Miami | $2,250 | -2% |
Mora | $2,295 | +0% |
Raton | $2,218 | -3% |
Sapello | $2,257 | -1% |
Quemado | $2,077 | -10% |
Monticello | $1,959 | -16% |
Rodeo | $1,943 | -16% |
Maxwell | $2,218 | -3% |
Socorro | $2,180 | -5% |
Pie Town | $2,103 | -9% |
White Sands Missile Range | $2,093 | -9% |
Cliff | $1,955 | -16% |
Mesquite | $2,058 | -11% |
Smith Lake | $2,103 | -9% |
Farmington | $1,969 | -15% |
Cedarvale | $2,319 | +1% |
Grants | $2,015 | -13% |
New Laguna | $2,239 | -2% |
Kirtland Afb | $2,416 | +5% |
Brimhall | $2,036 | -12% |
Vado | $2,051 | -11% |
Causey | $2,220 | -3% |
Dexter | $2,298 | +0% |
Hagerman | $2,289 | -0% |
High Rolls Mountain Park | $2,090 | -9% |
La Luz | $1,976 | -15% |
Sacramento | $2,029 | -12% |
Timberon | $2,136 | -7% |
Guadalupita | $2,249 | -2% |
Ocate | $2,262 | -1% |
Solano | $2,225 | -3% |
Ute Park | $2,225 | -3% |
Luna | $1,987 | -14% |
Reserve | $1,988 | -14% |
Truth Or Consequences | $1,975 | -15% |
Salem | $1,969 | -15% |
Santa Clara | $1,890 | -19% |
Fort Bayard | $1,925 | -17% |
Mesilla Park | $2,068 | -10% |
Cedar Crest | $2,403 | +5% |
Bloomfield | $2,014 | -13% |
Mountainair | $2,336 | +2% |
Corrales | $2,398 | +5% |
Bosque Farms | $2,356 | +3% |
Santa Rosa | $2,189 | -5% |
Nara Visa | $2,241 | -2% |
Sanostee | $2,088 | -9% |
Canjilon | $2,288 | -0% |
Taos Ski Valley | $2,342 | +2% |
El Rito | $2,298 | +0% |
Los Alamos | $2,014 | -13% |
Questa | $2,335 | +2% |
Ribera | $2,280 | -0% |
Rowe | $2,314 | +1% |
San Jose | $2,282 | -0% |
Buena Vista | $2,212 | -3% |
Artesia | $2,243 | -2% |
Mcdonald | $2,334 | +2% |
Capitan | $2,130 | -7% |
Des Moines | $2,270 | -1% |
Vanderwagen | $2,094 | -9% |
Navajo | $2,085 | -9% |
Dulce | $2,335 | +2% |
Taos | $2,312 | +1% |
Trampas | $2,326 | +2% |
Chacon | $2,272 | -1% |
Waterflow | $2,002 | -13% |
Petaca | $2,294 | +0% |
Tierra Amarilla | $2,283 | -0% |
Las Vegas | $2,263 | -1% |
Angel Fire | $2,222 | -3% |
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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.
Frequently asked questions
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:
Bodily injury liability
$100,000 per person$300,000 per accident
Property damage liability
$50,000 per accidentPersonal injury protection
$100,000 per accidentUninsured motorist bodily injury
$100,000 per person$300,000 per accident
Collision deductible
$500Comprehensive deductible
$500These are sample rates and should only be used for comparative purposes.