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Best car insurance in New Mexico for 2024

Updated Jun 01, 2024
Geico, USAA and Progressive are among the best auto insurance carriers in New Mexico.
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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 June 2024, the average premium for a full coverage policy in New Mexico is $2,225 per year, while minimum coverage averages $540. 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
$1,498
$290
4.4
Rating: 4.4 stars out of 5
$1,741
$303
4.3
Rating: 4.3 stars out of 5
$2,481
$515
4.2
Rating: 4.2 stars out of 5
$1,429
$286
3.9
Rating: 3.9 stars out of 5
$3,150
$631

Geico

Geico

4.4

Rating: 4.4 stars out of 5

Avg. full coverage premium

$125/mo

Avg. full coverage premium

$1,498/yr

Customer satisfaction

804/1,000

Progressive

Progressive

4.4

Rating: 4.4 stars out of 5

Avg. full coverage premium

$145/mo

Avg. full coverage premium

$1,741/yr

Customer satisfaction

809/1,000

State Farm

State Farm

4.3

Rating: 4.3 stars out of 5

Avg. full coverage premium

$207/mo

Avg. full coverage premium

$2,481/yr

Customer satisfaction

835/1,000

USAA

USAA

4.2

Rating: 4.2 stars out of 5

Avg. full coverage premium

$119/mo

Avg. full coverage premium

$1,429/yr

Customer satisfaction

879/1,000

Allstate

Allstate

3.9

Rating: 3.9 stars out of 5

Avg. full coverage premium

$263/mo

Avg. full coverage premium

$3,150/yr

Customer satisfaction

801/1,000

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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.

Taking insurance precautions against possible vehicle theft could be a concern to anyone living in New Mexico. In 2021 the National Insurance Crime Bureau (NCIB) found that the state ranked fourth highest in the U.S. in terms of reported vehicle thefts. Additionally, in 2022 Albuquerque, NM was the sixth-highest hotspot for vehicle theft across all metropolitan areas in the U.S.

Opting for comprehensive coverage in your insurance policy may provide you with support in the event of a car theft. To learn more, you may wish to contact your insurance provider and confirm that your car insurance in New Mexico is adequate for the risks you face.

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 $2,225 per year for full coverage and $540 for a minimum coverage policy. These premiums are lower than the national averages of $2,311 and $640 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 $2,941, with minimum coverage at $549. Arizona is a little less expensive than Colorado but still higher than New Mexico, with average yearly premiums of $2,557 and $770 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

Methodology

Bankrate utilizes Quadrant Information Services to analyze the latest rates in June 2024 for ZIP codes and carriers in all 50 states and Washington, D.C. Rates include the most recent approved rate changes filed by insurance companies that affect our profile. These revised rates are then weighted based on the population density in each geographic region so that policyholders can see the impact rates have in their areas. 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 2022 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
34.5K
ZIP codes examined
Dollar Coin
1.2M
quotes analyzed
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 II, Insurance