Cheapest Car Insurance Quotes in New Mexico (2024)
State Farm has the best cheap car insurance in New Mexico, at $108 per month for full coverage.
Find Cheap Auto Insurance Quotes in New Mexico
Best cheap car insurance companies in New Mexico
To help drivers find the best cheap auto insurance in New Mexico, ValuePenguin gathered quotes from top car insurance companies across each ZIP code in the state. Quotes for minimum coverage meet NM state minimum requirements of $25,000 in bodily injury liability coverage per person and $50,000 per accident, plus $10,000 in property damage coverage. Full coverage quotes include higher liability limits than state minimums along with comprehensive and collision protection.
Our experts also rated the best NM auto insurance companies based on convenience, coverage availability, cost and customer service ratings.
Cheapest car insurance in New Mexico: State Farm
State Farm has the cheapest quotes for full coverage in New Mexico.
A full coverage policy from State Farm costs just $108 per month. That's $55 per month cheaper than the New Mexico average.
The average cost of car insurance in New Mexico is $163 per month for full coverage.
Find Cheap Auto Insurance Quotes in New Mexico
New Mexico drivers with military ties can find even cheaper rates at USAA. Full coverage insurance from USAA costs $80 per month, which is only half as expensive as the state average.
However, only military members, veterans and some of their family members can get insurance from USAA.
Cheap full coverage auto insurance in NM
Company | Monthly rate | |
|---|---|---|
| State Farm | $108 |
| Progressive | $130 |
| Geico | $172 |
| Allstate | $200 |
| Farm Bureau | $217 |
*USAA is only available to current and former military members and their families.
Cheapest liability insurance quotes in New Mexico: State Farm
State Farm is the cheapest company in New Mexico for minimum liability car insurance.
A minimum coverage policy from State Farm costs $33 per month, on average. That's 38% less than the state average, which is $53 per month.
The absolute cheapest rate is from USAA, at $20 per month. However, USAA is only available to people who have served in the military and their families.
Best cheap New Mexico liability insurance
Company | Monthly rate |
|---|---|
| State Farm | $33 |
| Farm Bureau | $36 |
| Progressive | $47 |
| Geico | $68 |
| Farmers | $72 |
*USAA is only available to current and former military members and their families.
Find Cheap Auto Insurance Quotes in New Mexico
Cheapest quotes for New Mexico teens: State Farm
State Farm has the best rates for young drivers in New Mexico.
Minimum coverage from State Farm costs $113 per month for an 18-year-old driver in New Mexico. That's $56 per month cheaper than the state average, which is $169 per month.
State Farm also has the cheapest full coverage quotes for New Mexico teens. At $310 per month, full coverage from State Farm is $148 per month less than the New Mexico average.
Young drivers who are enlisted or part of a military family should compare quotes from USAA. Coverage from USAA costs around half as much as a policy from State Farm.
Best auto insurance in New Mexico for teens
Company | Liability only | Full coverage |
|---|---|---|
| State Farm | $113 | $310 |
| Farm Bureau | $120 | $340 |
| Progressive | $124 | $420 |
| Geico | $175 | $441 |
| Allstate | $273 | $629 |
Full coverage car insurance for young drivers in New Mexico is three times more expensive than coverage for older drivers. That's because teen drivers lack experience behind the wheel, which means they're more prone to accidents.
The best way for young drivers in New Mexico to find cheap insurance is by sharing a policy with their parents. A family policy can be around 62% cheaper than buying two separate car insurance policies.
Cheap insurance in NM after a speeding ticket: State Farm
State Farm has the best quotes in New Mexico for drivers with a speeding ticket. Full coverage from State Farm costs around $116 per month after one speeding ticket. That's 42% cheaper than the New Mexico average.
Company | Monthly rate |
|---|---|
| State Farm | $116 |
| Progressive | $186 |
| Geico | $214 |
| Allstate | $223 |
| Farm Bureau | $243 |
New Mexico drivers can expect their rates to increase by around 23% after one speeding ticket. That's a difference of around $37 per month for a full coverage policy.
Cheapest quotes after an accident in New Mexico: State Farm
State Farm has the cheapest car insurance for New Mexico drivers with an accident on their record, at $124 per month. That's about half the average price a New Mexico driver pays after causing a crash.
Company | Monthly rate |
|---|---|
| State Farm | $124 |
| Progressive | $187 |
| Farm Bureau | $294 |
| Allstate | $304 |
| Geico | $305 |
Causing an accident in New Mexico will raise your car insurance rates by 45%, on average.
However, insurance companies increase rates by different amounts after a crash. State Farm only raises full coverage rates by 15% after an at-fault accident. But Geico raises them by 77% after a single crash.
That's why it's so important to shop around if your driving record changes. But don't rush to buy a new policy. Your current company typically won't raise your rates until your policy renews. So you should wait until it's about to expire before switching.
Best for teens with a speeding ticket or accident: State Farm
State Farm has the cheapest quotes for young New Mexico drivers with a speeding ticket or accident on their record.
An 18-year-old driver with a speeding ticket pays an average of $124 per month for minimum coverage from State Farm. That's $75 per month less than the New Mexico average, which is $199 per month.
Teens with an at-fault accident pay $136 per month for minimum coverage from State Farm, which is $99 per month cheaper than the state average overall.
Cheapest quotes in NM for teens with a speeding ticket or accident
Company | Ticket | Accident |
|---|---|---|
| State Farm | $124 | $136 |
| Farm Bureau | $147 | $199 |
| Progressive | $150 | $136 |
| Geico | $192 | $250 |
| Allstate | $312 | $439 |
Progressive also offers minimum coverage for $136 per month after an accident. But State Farm has much better customer service reviews, which means it's a better choice for most New Mexico drivers.
Cheap auto insurance in NM after a DUI: Progressive
Progressive has the cheapest quotes for New Mexico drivers with a DUI on their record. Full coverage from Progressive costs $154 per month after a DUI. That's $114 per month cheaper than the New Mexico average. It's also $97 per month cheaper than the second-best option, State Farm.
Company | Monthly rate |
|---|---|
| Progressive | $154 |
| State Farm | $251 |
| Allstate | $274 |
| Farmers | $310 |
| Geico | $351 |
New Mexico drivers can expect their car insurance rates to go up by around 65% after a DUI. That's an average of $106 per month more for a full coverage policy.
Insurance companies see a DUI as a sign of risky driving behavior. That makes them believe you're more likely to cause an accident in the future, which will cause your rates to go up.
Cheapest quotes for NM drivers with poor credit: Progressive
Progressive has the most affordable car insurance in New Mexico for drivers with bad credit. At $194 per month, full coverage from Progressive is 31% cheaper than the state average.
Company | Monthly rate |
|---|---|
| Progressive | $194 |
| Geico | $254 |
| Allstate | $286 |
| Farm Bureau | $315 |
| Farmers | $364 |
In New Mexico, full coverage rates for drivers with poor credit are 73% higher than rates for drivers with good credit.
Your credit score has nothing to do with your ability to drive safely. But insurance companies believe that drivers with poor credit are more likely to make claims in the future. That makes them more expensive to insure, which is why they pay more for coverage.
Best car insurance in New Mexico
USAA is the best car insurance company in New Mexico when it comes to customer satisfaction, cost and coverage options.
It regularly earns the highest score on J.D. Power's claims satisfaction survey. That means customers are typically happy with their experience with USAA after an accident. However, USAA is only available to people in the military, veterans and certain family members.
State Farm is the best company for drivers who can't get insurance from USAA. It has reliable customer service and very affordable rates for most New Mexico drivers.
Best insurance companies in New Mexico
Company |
Editor's rating
|
J.D. Power
|
AM Best
|
|---|---|---|---|
| USAA | 881 | A++ | |
| State Farm | 842 | A++ | |
| Farm Bureau | NR | A | |
| Geico | 835 | A++ | |
| Farmers | 815 | A |
Choosing a New Mexico car insurance company with great customer service is just as important as finding the cheapest rates.
Customer service is important because good service can make your life a lot easier after a crash. A company with good service is more likely to pay your claim quickly so you can fix your car and get back on the road.
But a company with poor service could take longer to send you a check, and might even pay you less for repairs.
Average car insurance cost in New Mexico by city
The cheapest car insurance in New Mexico is in Hurley, a small town in the Southwest, where a full coverage policy costs $139 per month.
South Valley, a suburb of Albuquerque, has the most expensive rate, at $201 per month.
Full coverage NM car insurance quotes by city
City | Monthly rate | % from average |
|---|---|---|
| Abiquiu | $171 | 5% |
| Adelino | $185 | 14% |
| Agua Fria | $166 | 2% |
| Alamo | $156 | -4% |
| Alamogordo | $140 | -14% |
Where you live within New Mexico can impact your auto insurance rates by up to $62 per month.
Car insurance is typically more expensive if you live in a city rather than a rural area. In New Mexico, the six most expensive cities for car insurance are all in and around Albuquerque. That's because accidents and auto theft happen more often in urban areas.
New Mexico auto insurance requirements
New Mexico requires drivers to have a minimum amount of bodily injury and property damage liability. These limits are often written as 25/50/10.
- Bodily injury liability: $25,000 per person and $50,000 per accident
- Property damage liability: $10,000 per accident
Minimum liability coverage policies are the most affordable. But New Mexico's minimum limits may not be high enough to pay for all of the damage if you cause a serious crash.
What's the best car insurance coverage for NM drivers?
A minimum coverage policy is the least expensive way to meet New Mexico's auto insurance requirements. However, these policies may not have enough coverage to pay for damage in a serious accident.
In addition, minimum coverage won't pay for any damage to your car. Most New Mexico drivers should consider a full coverage policy. This is especially true if your car is worth more than $5,000 or is newer than 8 years old.
In New Mexico, full coverage car insurance is three times as expensive as minimum coverage. But it's the best way to protect your car against damage.
Full coverage includes collision and comprehensive coverage, which pays to fix your car no matter who or what causes the damage. Lenders usually require comprehensive and collision coverage if you have a car lease or loan.
Full coverage insurance can also include higher liability limits than the state minimum. That's especially important in New Mexico, which only requires $10,000 of property damage liability.
If you cause a major accident and total the other car, it's unlikely that $10,000 will be enough to replace it. That means you could have to pay a lot of money if you cause a serious crash.
Most drivers should choose higher liability limits, as well as collision and comprehensive coverage. You'll pay more up front, but it could save you thousands of dollars if you cause an accident.
Frequently asked questions
Who has the cheapest car insurance in New Mexico?
State Farm has the cheapest car insurance quotes in New Mexico. Full coverage from State Farm costs $108 per month, and minimum coverage costs $33 per month.
How much is car insurance in New Mexico?
Full coverage car insurance costs $163 per month in New Mexico, on average. Minimum coverage costs an average of $53 per month.
What is the minimum car insurance coverage in New Mexico?
Drivers in New Mexico are required to buy a car insurance policy with a minimum of $25,000 of bodily injury liability per person and $50,000 per accident, along with $10,000 of property damage liability per accident.
How much is car insurance in Las Cruces, NM?
Full coverage car insurance in Las Cruces costs $152 per month, on average. That's 7% cheaper than the New Mexico state average. In comparison, drivers in Albuquerque pay $193 per month for the same coverage.
Methodology
ValuePenguin collected thousands of rates from ZIP codes across New Mexico for the largest insurance companies in the state. Rates are for a 30-year-old man with good credit who drives a 2015 Honda Civic EX.
Quotes for full coverage include higher liability limits than the state requirement along with collision and comprehensive coverage.
- Bodily injury liability: $50,000 per person and $100,000 per accident
- Property damage liability: $25,000 per accident
- Uninsured and underinsured motorist bodily injury: $50,000 per person and $100,000 per accident
- Comprehensive and collision: $500 deductible
ValuePenguin's analysis used insurance rate data from Quadrant Information Services. These rates were publicly sourced from insurer filings and should be used for comparative purposes only. Your own quotes may be different.
Editorial Note: The content of this article is based on the author's opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.