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Cheap Car Insurance in New Mexico (2023)
Some of the cheapest car insurance providers in New Mexico are State Farm, GEICO, and American Family.
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Written by
Anna Baluch
Insurance Writer
Anna Baluch is a Cleveland-based personal finance and insurance expert. With an MBA from Roosevelt University, she enjoys writing educational content that helps people make smart financial decisions. Her work can be seen across the internet on many publications, including Freedom Debt Relief, Credit Karma, RateGenius, and the Balance. Connect with Anna on LinkedIn.
Edited by
Tanveen Vohra
Editorial Manager
Tanveen Vohra is an editorial manager at Insurify specializing in writing about property and casualty insurance. Through her work, Tanveen helps consumers better understand the components of their insurance policies so they can make smarter purchase decisions.Tanveen's work has been cited by CNBC , Fox Business, Business Insider, Fortune, and Market Watch, among others.
Reviewed by
Amber Benka
Licensed Insurance Agent
Amber Benka is a licensed insurance agent specializing in auto, home, commercial, life, and health insurance.
Data reviewed by
Konstantin Halachev
VP of Engineering
Konstantin has led data science and engineering projects across multiple domains: biology, travel and insurance. He loves finding data nuggets that help people.
Updated December 21, 2022
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New Mexico is the seventh-cheapest state for car insurance, with average monthly premiums of $146 per month, according to Insurify’s proprietary database. To land the best deal on an auto policy in the Land of Enchantment, it’s a good idea to shop around. You can compare quotes and find cheap car insurance within minutes by using an insurance comparison platform.
Quick Facts
The average cost of car insurance in New Mexico is $146/mo.
State Farm is the cheapest provider in New Mexico, with average rates of $41/mo.
The easiest way to cut car insurance costs is to compare quotes online.
Table of contents
- Best cheap car insurance in New Mexico: State Farm
- Minimum car insurance requirements in New Mexico
- Tips for getting cheap car insurance in New Mexico
- Liability-only vs. full-coverage insurance in New Mexico
- How your driving history affects New Mexico car insurance rates
- How credit scores affect New Mexico car insurance quotes
- How your city affects New Mexico insurance quotes
- How your age affects your New Mexico car insurance rates
- New Mexico car insurance FAQs
Best cheap car insurance in New Mexico: State Farm
1
State Farm
A number of car insurance companies in New Mexico offer affordable rates. State Farm, USAA, and GEICO are a few examples of top insurers with average monthly quotes of $41, $51, and $53, respectively. The table below, sourced through Insurify’s proprietary database of more than 70 million quotes, can give you an idea of the cheapest auto insurance options in the state.
| Car Insurance Company | Insurify Composite ScoreThe Insurify Composite Score is a proprietary rating calculated by a team of data scientists at Insurify, weighing multiple factors that reflect the quality, reliability, and health of an insurance company. Inputs to the score include financial strength ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews. | Average Monthly Quote |
|---|---|---|
| State Farm | 88 | $41 |
| USAA | 96 | $51 |
| GEICO | 88 | $53 |
| Allstate | 85 | $82 |
| American Family | 89 | $85 |
| Erie | 85 | $64 |
| Farmers | 85 | $101 |
| Travelers | 80 | $123 |
| Nationwide | 89 | $167 |
| Safeco | 86 | $173 |
| Liberty Mutual | 82 | $213 |
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer's unique driver profile.
The Insurify Composite Score (ICS) is a proprietary rating calculated by a team of data scientists at Insurify, weighing multiple factors that reflect the quality, reliability, and health of an insurance company.
Inputs to the score include financial strength ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews.
Learn More: Best Car Insurance Companies
Minimum car insurance requirements in New Mexico
The state of New Mexico requires all motor vehicles that are operated or parked on its roadways to be insured. Proof of insurance must be carried in your car at all times and must be available when:
Requested by law enforcement
Renewing vehicle registration
The vehicle is involved in a car accident
The minimum liability insurance requirements for private passenger vehicles in New Mexico are:1
$25,000 per person for bodily injury
$50,000 per accident for bodily injury
As a major part of your liability insurance, bodily injury coverage covers medical bills for people other than the policyholder who are injured during an accident. New Mexico is an at-fault state, meaning the driver who is responsible for the collision is also responsible for paying for any resulting expenses, either through their car insurance provider or out of their own pocket.
$10,000 per accident for property damage
If it’s determined that an insured driver is at fault for an accident, this coverage pays for repairs to the property of the other involved parties. Additionally, property damage coverage can cover legal costs if the insured driver is involved in a lawsuit following the accident.
New Mexico DMV information
Based in Santa Fe, the New Mexico Motor Vehicle Division (MVD) offers a number of services that you can use online. These include driver’s license and registration renewals, citation payments, placard renewals, and more. If you prefer in-person service, however, you’ll be pleased to learn that there are 32 field offices with 39 office locations across the state.
You can schedule an appointment at a time and location that’s most convenient for you. Once you arrive, you may stay in your vehicle and use the virtual check in feature. You’ll be notified when it’s time to come in.[2]
Public transportation in New Mexico
The largest transit agency in New Mexico is ABQ RIDE, which provides bus service to the Albuquerque area. Many other cities and counties have their own transit systems, such as the Rio Rancho Transit, Clovis Area Transit System (CATS), City of Carlsbad Municipal Transit System (CMTS), and Hobbs Express (City of Hobbs).
You can also get around with Greyhound buses, Amtrak, and New Mexico Park and Ride. If you do choose to get around via car in the Land of Enchantment, you’ll need to purchase at least the minimum amount of car insurance required by the state.
Tips for getting cheap car insurance in New Mexico
If you’re in the market for cheap car insurance in New Mexico, don’t overlook the importance of comparison shopping. Since rates in the state vary greatly by insurer, it’s important to explore your options and compare quotes. By doing so, you can find the most affordable auto insurance policy for your budget and ideal coverage level.
Liability-only vs. full-coverage insurance in New Mexico
If you live in New Mexico, you can opt to carry liability-only auto insurance, which pays for expenses related to injuries and damage to the other party’s car if you cause an accident. Each state sets its own minimums for how much liability insurance it requires drivers to carry. Liability-only insurance can make sense if:
You have a low-value vehicle.
You can afford to repair or replace your car out of your own pocket.
Getting the cheapest insurance possible is your top priority.
For a higher level of protection, you can choose full-coverage insurance, which includes basic liability plus collision and comprehensive coverage. Collision coverage pays for damages to your car, even if you’re at fault for an accident. Comprehensive coverage pays for damages caused by events out of your control, like vandalism, theft, weather, and damage caused by animals. Auto lenders and leasing companies typically require drivers to carry full coverage on a car they’ve financed.
You may also opt for full coverage if:
You have a high-value vehicle.
You wouldn’t be able to afford to repair or replace your car out of pocket.
Your car’s actual cash value (the payout you’d likely get if your car is totaled) exceeds your annual premium to carry full coverage.
Here’s a look at the average monthly quotes for the cheapest auto insurance in New Mexico by policy type.
| Car Insurance Company | Liability Only | Full Coverage |
|---|---|---|
| USAA | $32 | $51 |
| GEICO | $33 | $53 |
| Allstate | $51 | $82 |
| American Family | $53 | $85 |
| Erie | $40 | $64 |
| Progressive | $60 | $96 |
| Farmers | $63 | $101 |
| Midvale Home & Auto | $81 | $148 |
| Dairyland | $94 | $173 |
| Kemper Specialty | $95 | $178 |
| Travelers | $96 | $123 |
| Hallmark | $107 | $212 |
| Safeco | $111 | $173 |
| Kemper | $112 | $221 |
| Liberty Mutual | $121 | $213 |
| Foremost Signature | $125 | $184 |
| The General | $128 | $186 |
| Amica | $165 | $264 |
| Nationwide | $184 | $167 |
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer's unique driver profile.
How your driving history affects New Mexico car insurance rates
Every car insurance company has a unique risk assessment for determining rates for New Mexico drivers. But insurers usually consider drivers with infractions on their driving records — such as an at-fault accident, speeding ticket, or DUI — a higher risk than those with a clean record. The good news is affordable rates for drivers with mistakes on their records do exist.
Check out the table below for an idea of what high-risk drivers pay for car insurance in New Mexico. Quotes are sourced from Insurify’s proprietary database of more than 70 million car insurance quotes.
See More: High-Risk Car Insurance New Mexico
| Car Insurance Company | Average Monthly Quote | Average Monthly Quote | Average Monthly Quote | Average Monthly Quote |
|---|---|---|---|---|
| USAA | $47 | $33 | $37 | N/A |
| State Farm | $60 | $42 | $48 | N/A |
| Farmers | $73 | $51 | $58 | N/A |
| Allstate | $94 | $65 | $75 | N/A |
| American Family | $97 | $67 | $77 | N/A |
| Progressive | $110 | $76 | $87 | N/A |
| GEICO | $116 | $80 | $92 | N/A |
| Travelers | $120 | $126 | $170 | $130 |
| Midvale Home & Auto | $134 | $174 | $178 | $241 |
| Dairyland | $162 | $206 | $175 | $231 |
| Nationwide | $163 | $221 | $190 | |
| Safeco | $164 | $188 | $167 | $214 |
| Foremost Signature | $172 | $281 | $347 | |
| Kemper Specialty | $175 | $169 | $193 | $133 |
| The General | $179 | $189 | $251 | $249 |
| Hallmark | $199 | $230 | $253 | $283 |
| Liberty Mutual | $207 | $210 | $337 | $271 |
| Erie | $242 | $169 | $191 | N/A |
| Amica | $303 | $209 | $240 | N/A |
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer's unique driver profile.
SR-22 insurance in New Mexico
Some states require your insurer to file an SR-22 form on your behalf after a serious traffic violation, like a DUI or reckless driving. Put simply, an SR-22 proves that a driver has met the minimum auto insurance requirements. New Mexico is one of the few states that doesn’t have an SR-22 requirement. However, you’ll still need basic liability coverage to drive legally in the Land of Enchantment.
How credit scores affect New Mexico car insurance quotes
Your credit score can play a role in your car insurance costs. In general, a good or excellent credit score leads to lower rates, and those with average or poor credit often pay higher premiums. In New Mexico, drivers with excellent credit pay an average monthly premium of $130, while drivers with poor credit pay $146.
Check out the average car insurance quote for each credit tier in the table below, sourced from Insurify’s proprietary database.
| Credit Tier | Average Monthly Quote |
|---|---|
| Excellent | $130 |
| Good | $130 |
| Average | $145 |
| Poor | $146 |
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer's unique driver profile.
See More: Bad Credit Car Insurance New Mexico
How your city affects New Mexico insurance quotes
New Mexico’s auto insurance rates vary based on where you live in the state. If you’re a resident of a more populous area, like Albuquerque, you can expect higher premiums than someone who lives in a smaller city or rural town, such as Deming or Chaparral.
Here’s a look at average monthly car insurance quotes for drivers in various cities in New Mexico.
| City | Average Monthly Quote |
|---|---|
| Alamogordo | $159 |
| Albuquerque | $197 |
| Artesia | $159 |
| Carlsbad | $173 |
| Chaparral | $131 |
| Clovis | $162 |
| Deming | $123 |
| Farmington | $165 |
| Gallup | $176 |
| Hobbs | $203 |
| Las Cruces | $148 |
| Las Vegas | $133 |
| Los Alamos | $125 |
| Los Lunas | $188 |
| Lovington | $159 |
| Portales | $248 |
| Rio Rancho | $176 |
| Roswell | $181 |
| Santa Fe | $142 |
| Sunland Park | $184 |
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer's unique driver profile.
How your age affects your New Mexico car insurance rates
Your age will affect your car insurance rates. This is because the risk of getting into an accident is higher for younger drivers, and reduces as drivers grow older and gain more experience on the road.3 4
In New Mexico, teen drivers pay an average monthly premium of $319. Drivers in their 50s with decades of experience under their belt enjoy the best rates, with an average monthly premium of $102. Find the average quote for your age group in this table, sourced from Insurify’s proprietary database of more than 70 million quotes.
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer's unique driver profile.
Quotes for younger drivers
Drivers under the age of 25 in New Mexico can expect to pay the highest car insurance rates of any age group. Without a proven driving record, these drivers are riskier to insure than other age groups. If you add in an infraction like an accident or a DUI, you can expect car insurance quotes to be even more expensive.
Take a look at the table below to get an idea of how much young drivers in New Mexico pay for insurance. Quotes shown below are sourced from Insurify’s proprietary database of more than 70 million car insurance quotes.
| Car Insurance Company | Average Monthly Quote | Average Monthly Quote | Average Monthly Quote | Average Monthly Quote |
|---|---|---|---|---|
| Dairyland | $136 | $223 | $265 | $408 |
| Kemper Specialty | $150 | $241 | $235 | $486 |
| Hallmark | $161 | $301 | $346 | $555 |
| The General | $179 | $267 | $334 | $494 |
| Liberty Mutual | $202 | $329 | $338 | $655 |
| Travelers | N/A | $154 | $155 | $304 |
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer's unique driver profile.
Quotes for middle-aged drivers
Middle-aged drivers in New Mexico generally benefit from cheaper car insurance rates as they have a proven driving record and safer driving behaviors. Have a look at the cheapest car insurance quotes for middle-aged drivers in New Mexico below, complete with quotes for liability-only and full-coverage policies, as well as quotes for drivers with a DUI or accident on their record.
| Car Insurance Company | Average Monthly Quote | Average Monthly Quote | Average Monthly Quote | Average Monthly Quote |
|---|---|---|---|---|
| Liberty Mutual | $85 | $163 | $322 | $162 |
| Travelers | $98 | $113 | $221 | $162 |
| Nationwide | $177 | $151 | $299 | $217 |
| Kemper Specialty | $66 | $149 | $299 | $214 |
| Midvale Home & Auto | $73 | $126 | $243 | $181 |
| Dairyland | $76 | $147 | $286 | $152 |
| Hallmark | $79 | $172 | $332 | $191 |
| Kemper | $82 | $190 | $299 | $272 |
| Safeco | $96 | $164 | $320 | $178 |
| The General | $111 | $159 | $314 | $228 |
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer's unique driver profile.
Quotes for senior drivers
Senior drivers in New Mexico enjoy the cheapest rates of all age groups. This is because older drivers typically have safer driving behaviors than their younger counterparts, and as such, are less risky to insure.4 Check out the cheapest car insurance quotes for senior drivers in New Mexico below, courtesy of Insurify’s proprietary database.
| Car Insurance Company | Average Monthly Quote | Average Monthly Quote | Average Monthly Quote | Average Monthly Quote |
|---|---|---|---|---|
| Liberty Mutual | $73 | N/A | $281 | $157 |
| Travelers | $92 | $98 | $189 | $141 |
| Nationwide | $129 | $136 | $283 | $195 |
| Kemper Specialty | $63 | $120 | $219 | $172 |
| Dairyland | $66 | $146 | $257 | $194 |
| Midvale Home & Auto | $80 | $116 | $205 | $166 |
| Hallmark | $87 | $154 | $304 | $221 |
| The General | $101 | $147 | $285 | $211 |
| Safeco | $103 | $137 | $261 | $196 |
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer's unique driver profile.
New Mexico car insurance FAQs
Here are answers to some commonly asked questions about car insurance in New Mexico.
State Farm, USAA, and GEICO offer some of the cheapest car insurance rates for New Mexico drivers. The average monthly quotes for policies are $41, $51, and $53, respectively. For full-coverage car insurance, you can expect to pay an average of $51 per month with USAA, $53 per month with GEICO, and $82 per month with Allstate. Smaller auto insurers, such as Foremost Signature and Midvale Home & Auto, also offer affordable premiums.
When it comes to minimum-coverage insurance, State Farm, USAA, and GEICO offer the best deals for New Mexico residents, with average monthly premiums of $26, $32, and $33, respectively. Drivers with clean records, as well as those with an infraction like a DUI on their record, can score the lowest rates at USAA.
New Mexico is the 10th-safest state to drive in, according to Insurify’s proprietary data. Only around 14% of drivers have an incident on their driving record. The state also ranks 30th for the most accidents. Despite these figures, it’s 15th for the number of drivers with a DUI. Any type of infraction — like a DUI, speeding ticket, or at-fault accident — can increase your car insurance premiums.
More than 21% of New Mexico drivers don’t have car insurance, increasing rates for everyone. This is because car insurance companies consider the costs that come with uninsured motorists that might cause accidents and other incidents in your area. Rising auto repair and healthcare costs can raise the cost of auto policies as well.
New Mexico drivers pay $146 per month for car insurance on average, which is significantly lower than the national average of $233 per month. Drivers in the Land of Enchantment enjoy lower premiums than drivers in bordering states, like Colorado, Oklahoma, Texas, and Arizona.
Auto insurance costs can change in New Mexico often, so it’s smart to shop around and compare quotes on a regular basis. Insurify found that between July 2021 and July 2022, average car insurance rates in New Mexico decreased by 23%. As insurance companies continue to react to industry conditions and supply chain changes, some providers might modify their rates.
Top insurance companies offer affordable rates to drivers in New Mexico, including State Farm, USAA, GEICO, and Allstate, which all earned Insurify Composite Score ratings of 80 and above. Smaller insurers, like Midvale Home & Auto and Hallmark, also have reasonable premiums for New Mexico drivers.
Geico, State Farm, Travelers, and USAA are rated even stronger for financial stability as each of these companies hold A++ ratings from A.M. Best. This means they’re still likely to pay out claims even during an economic downturn or a time when claim demand is high.
Personal injury protection (PIP) is not required or available in New Mexico. But you can still add medical payments insurance to your policy. Also known as MedPay, this type of coverage usually covers medical bills, professional nursing services, funeral costs, and deductibles, copays, and co-insurance.
It’s less comprehensive than PIP and doesn’t pay for lost wages, property damage, or other drivers’ injuries. MedPay won’t help with child care and other non-medical-related expenses either.
Yes, auto insurance is mandatory in New Mexico. To drive legally in the state, you must have $25,000 in bodily injury per person, $50,000 in total bodily injury per accident, and $10,000 in property damage per accident. Remember that these are the minimum auto insurance requirements and might not cover you completely after a serious accident.
Just like in most states, car insurance in New Mexico follows the car, not the person who purchased the policy. This holds true for bodily injury liability, property damage liability, collision coverage, and comprehensive coverage. If you let someone else drive your vehicle, your insurance policy will kick in and remain on your record, potentially impacting future rates.
A full-coverage auto insurance policy in New Mexico includes both comprehensive and collision coverage, in addition to minimum liability coverage requirements. A comprehensive policy pays for damage to your vehicle that comes from natural disaster, theft, or vandalism. Collision coverage, on the other hand, covers your repair costs after an accident.
Depending on your situation, a full-coverage policy could be worth the extra money. For example, if you have an expensive vehicle or can’t afford high out-of-pocket costs, you might want to consider full-coverage car insurance.
Insurify Insights
How New Mexico Drivers Measure Up
While most drivers know that car insurance quotes are determined in part by your personal driving history, many may be unaware that rates are also impacted by the average risk of the drivers around you as well. Check out Insurify's latest analysis of driving records in New Mexico below:
Methodology
Drawing from an internal database of over 4 million car insurance applications, the research team at Insurify analyzes patterns in car ownership and driver behavior - including how New Mexico drivers measure up to their fellow motorists across the United States in areas including speeding, DUIs, and more.
Insurify Insights publishes data-driven articles, trend analyses, and national rankings each week on all factors related to cars and those who drive them.
Ford F-Series Pickup
Most Popular Car in New Mexico
#33
State with the Most Speeding Tickets Rank
#40
State with the Moving Violations Rank
#24
State with the Most DUIs Rank
#33
State with the most Suspended Licenses
While car accidents are a sadly unavoidable feature of time spent on the road, rates of accidents do vary from city to city and from state to state. New Mexico is the #45 state in the country for drivers with an at-fault accident on their driving record.
- Rank among states: #45
- Percent of drivers in New Mexico with an accident: 6.2%
While driving while intoxicated is never acceptable, it’s a more common offense than many assume. New Mexico is the #24 state in the country for drivers with a prior drunk driving conviction.
- Rank among states: #24
- Percent of drivers in New Mexico with a DUI: 1.4%
Reckless driving refers to a specific traffic violation: when drivers willfully act dangerously in spite of the risks they’re imposing on both themselves and others. New Mexico is the #45 state in the country for drivers with a reckless driving offense on record.
- Rank among states: #45
- Percent of drivers in New Mexico with a reckless driving offense: 0.8%
The Insurify team classifies rude drivers as those who commit one or more of the following driving offenses: failure to yield or failure to stop, improper backing, passing where prohibited, tailgating, street racing, or hit-and-run. New Mexico is the #44 state in the country for drivers with a rude driving violation on record.
- Rank among states: #44
- Percent of drivers in New Mexico with a rude driving violation: 1%
Exceeding the speed limit can endanger others and have a serious impact on your insurance costs. New Mexico is the #33 state in the country for drivers with a speeding ticket on record.
- Rank among states: #33
- Percent of drivers in New Mexico with a speeding ticket: 7.7%
Failing to yield the right of way isn’t just frustrating for other drivers; it’s dangerous, too. New Mexico is the #32 state in the country for drivers with a failure to yield violation on record.
- Rank among states: #32
- Percent of drivers in New Mexico with a failure to yield violation: 0.1%
Insurify Insights
Insurify's team of data scientists and content specialists presents Insurify Insights, a series of automotive, home, and health studies focusing on the topics that impact us all. through expert analysis of over 4 million car insurance applications and an array of top data sources, the Insurify Insights team produces new data-driven articles, trend analyses, regional superlatives, and national rankings every week. See Insurify Insights as featured in Forbes, Fox News, USA Today, NPR, and more.
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Data scientists at Insurify analyzed more than 40 million real-time auto insurance rates from our partner providers across the United States to compile the car insurance quotes, statistics, and data visualizations displayed on this page. The car insurance data includes coverage analysis and details on drivers' vehicles, driving records, and demographic information. Quotes for Allstate, Farmers, GEICO, State Farm, and USAA are estimates based on Quadrant Information Service's database of auto insurance rates. With these insights, Insurify is able to offer drivers insight into how companies price their car insurance premiums.
