Best Car Insurance Companies in New Mexico 2023 | Quotes, Discounts

New Mexico is known for its rich history and a culture unlike anything you’ll find anywhere else in the U.S. This beautiful, laid-back state is a favorite of people who love the scenic landscape and some of the oldest byways in the nation, including historic Route 66. And the cost of living is relatively low. However, New Mexico residents may find themselves paying in other ways - namely, the cost of car insurance.

The Land of Enchantment’s 142,940 miles of roads are home to one of the highest rates of uninsured motorists in the country. The national average of uninsured drivers is 13 percent; in New Mexico, almost 21 percent of motorists are uninsured. This is one factor contributing to the high cost of car insurance rates in the state. With all these uninsured and underinsured drivers on the streets, it’s more important than ever to be protected by good auto insurance coverage, preferably a policy that includes uninsured motorist coverage.

Whether you’re only looking for the legal minimum coverage or a full-coverage policy that provides comprehensive coverage, it’s important to shop around and compare car insurance quotes. That way, you can find the best combination of low insurance cost and good coverage. To help you find the best auto insurance policy for you, we’re ranking the top New Mexico car insurance providers.

Not sure how to find cheap car insurance? Check out Insurify, a simple tool that helps you compare auto insurance rates no matter what your situation is, whether you’re a good driver with a good credit score and a clean driving record or a high-risk driver who has had a DUI or at-fault accident in the past.

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Best Car Insurance Companies 2022

Insurify Composite Score Methodology

The 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.

Top Car Insurance Companies: Find the Right One for You

There are many New Mexico auto insurance companies on the market that can cover drivers in every phase of life, and all of them can meet the state minimum insurance requirements. Popular insurers in the state include Allstate, GEICO, State Farm, USAA and Progressive. But when our data scientists compared insurance companies, a select few emerged as especially good choices thanks to a combination of the best average rates and high ratings for financial strength, customer satisfaction, and other factors. Here are our picks for the top insurance providers in New Mexico.

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1

Nationwide

Nationwide sits at the top of many of our state rankings of insurance companies, and New Mexico is no exception. This top-rated insurance provider has fewer complaints than we expected for an insurer of its large size, and it also beats the national average for customer satisfaction in J.D. Power studies. Nationwide can provide everything you need, including meeting New Mexico’s standards for minimum liability coverage. And it has lots of additional coverage options to help you create the policy that best fits your life.

One of Nationwide’s most popular supplemental policies is its Vanishing Deductible. This policy lets you lower your deductible by up to $500 over a few years by driving safely and not getting in car accidents. Its insurance agents will also give you a free assessment every year to see if you qualify for discounts or need to change your policy.

Top discounts that the company offers include:

• Bundling multiple policies

• Installing anti-theft devices

• Using automatic payment for your bills

• Remaining accident-free

• Being a good student

• Taking a defensive driving course

Your car insurance premiums may be higher or lower depending on your age, driving history, and other factors. For instance, young drivers tend to pay more because they take more risks on the road and haven’t been driving for as long. Older policyholders with a history of safe driving will pay less than teen drivers.

2

Safeco

Safeco is known for fairly affordable rates, and the company is also a favorite of consumers, as it received fewer customer complaints than expected relative to its size. Its parent company is Liberty Mutual, the sixth-largest car insurance provider in the U.S.

Safeco can deliver policies ranging from the minimum allowable limits - including the minimum amount of bodily injury liability and property damage liability insurance - to a full-coverage policy that includes collision coverage. Collision insurance is not typically included in the cheapest auto insurance that only meets the minimum standards. You can also choose to supplement your policy with endorsements such as first-aid reimbursement, accident forgiveness, and diminishing deductible, where Safeco reduces your collision deductible by up to $500 if you don’t file claims.

Top discounts that the company offers include:

• Having multiple policies (bundling)

• Insuring multiple cars

• Being a safe driver

• Taking an accident prevention course

• Driving fewer miles annually

• Adding anti-theft devices or using anti-lock brakes

• Homeowners discount

Safeco’s best rates for you will vary depending on your individual risk profile, which includes your age, driving record, and more.

3

Liberty Mutual

Liberty Mutual is the sixth-largest auto insurer in the nation based on the number of premiums written. The company offers the minimum coverage limits needed to comply with New Mexico state law and also offers several add-ons that can be a great option, such as a deductible fund, where Liberty Mutual contributes $70 to lower your collision deductible every year, while you contribute $30.

Top discounts that the company offers include:

• Homeowners discount

• Being a member of the U.S. military

• Driving a hybrid or electric car

• Installing certain safety features

• Avoiding accidents and traffic violations

• Bundling multiple policies or insuring multiple cars

• Paying your full annual premium upfront

• Buying a policy online or receiving paperwork electronically

• Being a new customer

Your rates from Liberty Mutual will vary depending on your age, safety profile, and other risk factors.

4

Travelers

Travelers is a big name in car insurance - in fact, it’s one of the largest car insurance providers in the U.S. It has many discounts and coverage options so you can create a policy that fits your unique situation. It also has fewer complaints to state regulators than we expected for a company of its size.

One handy thing about Travelers is its robust website and mobile app that lets you pay bills, file claims, and call for assistance from your phone or computer.

Top discounts that the company offers include:

• Buying multiple policies

• Owning a home

• Being a safe driver

• Not having gaps in coverage

• Owning or leasing a hybrid car

• Buying a new car

• Paying electronically, upfront, or on time

• Getting a quote before your policy expires

• Maintaining at least a B average while in high school or college

• Taking driver training

You may be quoted a different premium depending on how old you are and your driving history.

Average Monthly Cost of Car Insurance in New Mexico

The average cost of car insurance will vary significantly depending on where you live. For example, people in Albuquerque pay an average of $186 per month, while people in Las Cruces only pay an average of $139.

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How to Determine the Best Car Insurance Company for Yourself

Looking for the best car insurance in New Mexico? Start by getting quotes from several insurance companies. You need to be able to ask questions and compare policies.

Tools like Insurify make this task easier than ever. Just answer a few questions about yourself, your car, and your driving record, and get quotes from top insurers.

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Frequently Asked Questions