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According to the Insurance Information Institute, the average car insurance premium in New Mexico is $915 per year. Car insurance in New Mexico is cheap in comparison to the national average of $935 per year.
When calculating premiums, car insurance companies take into account your location, age, gender, and driving history. Credit score, marital status, vehicle type, past coverage, and kilometers driven are all factors that can affect the amount you pay for insurance.
Beyond the premium, or the amount you’ll pay for coverage, there are ways to save by shopping around and comparing coverage.
Contents
- 1 New Mexico’s minimum car liability insurance requirements
- 2 Based on your credit score, you may get the cheapest vehicle insurance in New Mexico.
- 3 New Mexico’s average premiums for seniors and teen drivers
- 4 City-by-city vehicle insurance rates in New Mexico
- 5 Based on market share, these are the most popular vehicle insurance firms in New Mexico.
- 6 In New Mexico, who has the best vehicle insurance?
New Mexico’s minimum car liability insurance requirements
The law necessitates the purchase of liability insurance. Liability insurance protects the harm you cause to the other car, its driver, and its passengers if you’re in an accident. Your lender will almost certainly require comprehensive and collision coverage if you loan or lease your vehicle.
Bodily injury and property damage are the two basic components of liability insurance, which are required in most states. Uninsured and underinsured motorist coverage is included in liability insurance to protect you in the event that an at-fault driver impacts you and has no or insufficient coverage.
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According to the Insurance Information Institute, New Mexico mandates bodily, property, uninsured, and underinsured coverage. New Mexico’s minimum liability requirements are 25/50/25, which implies that each person involved in an accident can receive up to $25,000 in injury compensation, $50,000 in injury compensation per event, and $25,000 in property damage compensation per incident.
| Types of liability coverage | Definition |
| Bodily injury (BI) | Injury you cause to others, includes medical expenses, lost wages, and funeral expenses |
| Property damage (PD) | Damage you cause to others’ vehicle or property |
| Uninsured motorist (UM) | Protects you when an at-fault driver hits you with no insurance |
| Underinsured motorist (UIM) | Protects you when an at-fault driver hits you with not enough coverage |
Based on your credit score, you may get the cheapest vehicle insurance in New Mexico.
Consumer Reports put together a list of all vehicle insurance pricing algorithms from every company in every state. It showed that three firms came out on top for three different credit levels, using an average single adult driver to obtain the cheapest cost in each state. Here are the top three companies and their average coverage costs:
| Excellent credit (FICO 800+) | Good credit (FICO 670-739) | Poor credit (300-579) |
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*USAA is reserved for service personnel, veterans, and their families.
The table below illustrates how much senior and teen drivers in New Mexico can expect to spend. Teen drivers have a high accident rate because they are new drivers with little driving experience and are more prone to accidents. Most insurance companies give teen drivers discounts if they get good grades or take driving safety courses.
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Senior drivers’ auto insurance premiums normally rise as they get older, although not as much as young or teen drivers’. There are strategies to negotiate lower vehicle insurance rates if you’re still driving in your 60s and 70s, such as pay-per-mile usage.
| Average annual premium for seniors | Average annual premium for teens |
| $1,382 per year | $3,169 per year |
Data provided by Goosehead Insurance
City-by-city vehicle insurance rates in New Mexico
Your premium is affected by where you live. People who live in cities pay more than those who live in rural areas. The average annual premium for vehicle insurance policies per household in New Mexico’s most populous cities is as follows:
| City/Town | Average annual premium |
| Albuquerque | $1,294 |
| Las Cruces | $1,215 |
| Rio Rancho | $1,358 |
| Santa Fe | $1,297 |
| Roswell | $1,161 |
| Farmington | $1,320 |
| Clovis | $1,196 |
| South Valley | $1,238 |
| Hobbs | $1,228 |
| Alamogordo | $1,269 |
| Carlsbad | $1,313 |
| Gallup | $1,242 |
| Los Lunas | $1,294 |
| Chaparral | $1,158 |
| Sunland Park | $1,156 |
| Deming | $1,114 |
| Los Alamos | $1,494 |
| Artesia | $1,310 |
| Las Vegas | $1,058 |
| Portales | $1,142 |
| Lovington | $1,242 |
| North Valley | $1,293 |
| Espanola | $1,133 |
| Anthony | $1,140 |
| Silver City | $1,203 |
| Corrales | $1,371 |
| Grants | $1,162 |
| Bernalillo | $1,234 |
| Socorro | $1,151 |
| Shiprock | $1,212 |
| Bloomfield | $1,317 |
| Kirtland | $1,357 |
| Ruidoso | $1,144 |
| Belen | $1,171 |
| Aztec | $1,249 |
| Eldorado at Santa Fe | $1,412 |
| North Hobbs | $1,329 |
| Zuni Pueblo | $1,185 |
| White Rock | $1,528 |
| Taos | $1,140 |
Data from S&P Global Market Intelligence
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Based on the percentage of insured New Mexicans that use them, the following are the most popular car insurance providers in New Mexico:
| Company | Market share (%) |
| State Farm | 19.40 |
| Progressive | 16.45 |
| GEICO | 13.51 |
| Farmers Insurance | 9.90 |
| USAA* | 9.88 |
| Allstate | 7.76 |
| Liberty Mutual | 4.35 |
| Sentry | 3.12 |
| Auto Club Exchange | 2.34 |
| Farm Bureau Financial Services | 2.15 |
| The Hartford | 2.06 |
| Loya Insurance | 1.56 |
| Travelers | 1.36 |
| Safeway Insurance | 0.90 |
| Root | 0.60 |
| American Family Insurance | 0.59 |
| American National | 0.58 |
| Nationwide | 0.55 |
| Hallmark | 0.53 |
| Amica | 0.32 |
| Central Insurance Companies | 0.30 |
| Producer’s National Corp. | 0.27 |
| Merfax Financial Group | 0.26 |
| California Casualty | 0.22 |
| Acuity A Mutual Insurance Co. | 0.20 |
*USAA is only for active military, veterans, and their families.
Data from S&P Global Market Intelligence
In New Mexico, who has the best vehicle insurance?
Those with the best credit will be the ones who acquire the best car insurance prices. Your age, gender, the sort of automobile you drive, and where you live in New Mexico are all factors that might influence how much an insurance company charges for your premium.
Another approach to save money is to shop around for insurance. Each insurance company sets its own rates, and no two policies are same. Depending on whether you buy liability, comprehensive, or collision coverage, the cost varies significantly.
Take into account the quantity and types of coverage specified on your quote. Keep in mind that you want the greatest coverage for your money. Don’t forget to check the deductible, which is the amount you’ll have to pay out of pocket if you have an accident.
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