Best Car Insurance Rates in New Mexico

Find the Cheapest Auto Insurance Quotes in Your Area

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ValuePenguin surveyed rates from top insurers across the state and found that State Farm offers the cheapest auto insurance in New Mexico. Rates from this company averaged $1,295 per year, which is 41% less than the state average of $2,194. Furthermore, State Farm’s car insurance premiums for our single, 30-year-old male benchmark driver were one-third the cost of premiums from Farmers the most expensive insurer we surveyed.

Cheapest auto insurance companies in New Mexico

The three cheapest auto insurance companies in New Mexico are State Farm, Progressive and Farm Bureau Financial Services. Full coverage policy premiums from these companies for our 30-year-old male, benchmark driver averaged $1,762 per year, which is 20% less than the New Mexico average.

This graph shows the five most affordable car insurance companies in New Mexico.

Find the Cheapest Auto Insurance Quotes in Your Area

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USAA also provided very affordable rates, however since they only offer coverage to former and current military members and their family members we excluded them from our overall rankings.

Cheapest for full coverage: State Farm

The best choice for full coverage insurance coverage in New Mexico is State Farm, which provided the cheapest car insurance quotes for our benchmark driver. State Farm's rates average $108 per month, which is $75 less than the statewide average monthly premium of $183.

  • State Farm: $1,295 per year or $108 per month
  • Progressive: $1,925 per year or $160 per month
  • Farm Bureau Financial Services: $2,066 per year or $172 per month

Car insurance policies that include comprehensive and collision insurance in addition to the state required coverages are known as having full coverage. These policies are much more expensive — 214% greater — than those that have just what is required by the state, however they are also the best way to ensure you and your vehicle are protected.

Cheapest for minimum liability: State Farm

The cheapest company in New Mexico for minimum liability car insurance is State Farm — which provided quotes for our benchmark driver that were 36% less than the New Mexico annual average of $699 for minimum coverage. Additionally, Progressive and Farm Bureau Financial Services also provided rates below the state average.

  • State Farm: $1,295 per year or $108 per month
  • Progressive: $1,925 per year or $160 per month
  • Farm Bureau Financial Services: $2,066 per year or $172 per month

Only getting the minimum required limits of liability insurance is the least expensive to get the mandated auto coverage in New Mexico. However, these policies may not have high enough limits to protect all of your at-risk assets. Make sure you understand what your insurance needs are before choosing a policy with such minimal coverage.

Cheapest for drivers with an accident: State Farm

New Mexico drivers who have recently been in an accident can find the cheapest car insurance with State Farm. According to our survey of rates, picking this company could result in a savings of 55% in your auto insurance bill compared to the average rate in the state for drivers with an accident on their record.

  • State Farm: $1,295 per year or $108 per month
  • Progressive: $1,925 per year or $160 per month
  • Farm Bureau Financial Services: $2,066 per year or $172 per month

If you've been in a recent accident, getting cheap insurance coverage can be challenging, as most insurers will consider you to be risky to insure. Based on our research, we found that rates increase by 43% after an at-fault accident — with the average cost of coverage for drivers in New Mexico with an accident on their record being $3,138 per year.

Best auto insurance companies in New Mexico

USAA is the best insurer in New Mexico, when accounting for both claim satisfaction and overall customer service ratings. Respondents from a recent survey of current customers gave USAA very high ratings for customer service, with 62% of respondents saying their experience with USAA is excellent. This is 16 percentage points higher than the next highest rated insurance company for customer service, State Farm.

Overall rank*Group% of respondents overall extremely satisfied with most recent claim% of respondents who rated customer service as "excellent"
1USAA78%62%
2State Farm73%46%
3Allstate72%47%
4Farmers Insurance71%38%
5Progressive74%34%
6GEICO64%42%
NAFarm Bureau Financial ServicesNANA
* Overall rank takes both claim satisfaction and customer service rankings into account.

Minimum requirements for auto insurance coverage in New Mexico

New Mexico requires both bodily injury and property damage liability coverage, for all drivers, with the following minimum limits:

  • Bodily injury liability: $25,000 per person and $50,000 per accident
  • Property damage liability: $10,000 per accident

Additionally, car insurance companies in New Mexico must include uninsured and underinsured motorist liability insurance with the policies that they offer. However, these coverages are not mandatory as they can be rejected.

Cheapest Car Insurance in New Mexico: by City

The companies that will be able to offer you the cheapest car insurance rates will vary depending on where you live in New Mexico. Below, we've provided the three cheapest insurers for each of the 50 cities we included in our study.

CityInsurance companyAnnual insurance cost
AlbuquerqueState Farm$1,679
Progressive$2,352
Allstate$2,416
Las CrucesState Farm$1,235
Progressive$1,618
Farm Bureau Financial Services$1,916
Rio RanchoState Farm$1,498
Progressive$2,144
Farm Bureau Financial Services$2,258
Santa FeState Farm$1,408
Progressive$1,963
Farm Bureau Financial Services$2,033
RoswellState Farm$1,344
Progressive$1,901
Farm Bureau Financial Services$2,235
FarmingtonState Farm$1,224
Progressive$1,676
Farm Bureau Financial Services$1,812
HobbsState Farm$1,320
Progressive$1,988
Farm Bureau Financial Services$2,338
AlamogordoState Farm$1,093
Progressive$1,542
Farm Bureau Financial Services$1,728
CarlsbadState Farm$1,402
Progressive$1,835
Allstate$2,396
GallupState Farm$1,161
Progressive$1,680
Farm Bureau Financial Services$1,920
Sunland ParkState Farm$1,348
Progressive$1,866
Farm Bureau Financial Services$2,058
DemingState Farm$978
Farm Bureau Financial Services$1,622
Progressive$1,655
Las VegasState Farm$1,171
Progressive$2,055
Farm Bureau Financial Services$2,087
ArtesiaState Farm$1,228
Progressive$1,725
Farm Bureau Financial Services$2,223
PortalesState Farm$1,319
Progressive$1,572
Farm Bureau Financial Services$1,973
LovingtonState Farm$1,253
Progressive$2,036
Allstate$2,376
BernalilloState Farm$1,355
Progressive$2,073
Farm Bureau Financial Services$2,255
Silver CityState Farm$1,061
Farm Bureau Financial Services$1,598
Progressive$1,670
AnthonyState Farm$1,312
Progressive$1,792
Farm Bureau Financial Services$1,936
GrantsState Farm$1,161
Progressive$1,652
Farm Bureau Financial Services$1,825
CorralesState Farm$1,486
Progressive$2,246
Farm Bureau Financial Services$2,310
SocorroState Farm$1,056
Progressive$1,928
Farm Bureau Financial Services$2,017
RuidosoState Farm$1,259
Progressive$1,855
Farm Bureau Financial Services$1,991
BloomfieldState Farm$1,246
Progressive$1,765
Farm Bureau Financial Services$1,806
BelenState Farm$1,451
Progressive$2,308
Allstate$2,411
AztecState Farm$1,247
Progressive$1,733
Farm Bureau Financial Services$1,839
RatonState Farm$1,287
Progressive$1,823
Farm Bureau Financial Services$2,163
TucumcariState Farm$1,324
Progressive$1,790
Farm Bureau Financial Services$2,122
Bosque FarmsState Farm$1,457
Progressive$1,994
Farm Bureau Financial Services$2,198
MilanState Farm$1,161
Progressive$1,736
Farm Bureau Financial Services$1,834
PeraltaState Farm$1,463
Farm Bureau Financial Services$2,204
Progressive$2,245
EuniceState Farm$1,332
Progressive$1,790
Farm Bureau Financial Services$2,287
TularosaState Farm$1,106
Progressive$1,637
Farm Bureau Financial Services$1,723
ClaytonState Farm$1,331
Progressive$1,808
Farm Bureau Financial Services$2,097
Santa RosaState Farm$1,250
Progressive$1,849
Farm Bureau Financial Services$2,055
Ruidoso DownsState Farm$1,244
Progressive$2,004
Farm Bureau Financial Services$2,040
LordsburgState Farm$1,047
Farm Bureau Financial Services$1,621
Progressive$1,669
BayardState Farm$1,070
Farm Bureau Financial Services$1,606
Progressive$1,657
JalState Farm$1,243
Progressive$1,778
Farm Bureau Financial Services$2,353
MoriartyState Farm$1,342
Progressive$1,967
Farm Bureau Financial Services$2,140
Santa ClaraState Farm$1,067
Progressive$1,591
Farm Bureau Financial Services$1,592
QuestaState Farm$1,432
Progressive$2,113
Farm Bureau Financial Services$2,135
ColumbusState Farm$1,059
Farm Bureau Financial Services$1,638
Progressive$1,855
HatchState Farm$1,191
Progressive$1,572
Farm Bureau Financial Services$1,827
EstanciaState Farm$1,365
Progressive$2,031
Farm Bureau Financial Services$2,077
CapitanState Farm$1,261
Progressive$1,782
Farm Bureau Financial Services$2,106
LovingState Farm$1,364
Progressive$1,890
Allstate$2,396
Elephant ButteState Farm$1,045
Farm Bureau Financial Services$1,603
Progressive$1,841
PecosState Farm$1,341
Progressive$2,055
Farm Bureau Financial Services$2,108
DexterState Farm$1,321
Progressive$2,016
Allstate$2,396

Albuquerque, N.M.

A full coverage auto insurance policy in Albuquerque — the largest city in New Mexico — averages $2,584 per year, according to our survey of quotes from top insurers. This is significantly more expensive than the New Mexico average of $2,194 per year.

To get the cheapest auto coverage in Albuquerque, we recommend that you consider State Farm, Progressive or Allstate. Quotes from these companies for our 30-year-old male benchmark driver living in this city were 17% less than the citywide average.

Las Cruces, N.M.

Las Cruces drivers can expect to pay less than the state average for car insurance. Our research of rates for our benchmark driver found that quotes averaged $2,027 per year for car insurance — which is 8% less than the statewide average.

Drivers in this city can save, on average, $438 per year on auto insurance if they choose one of the three cheapest insurers in the city: State Farm, Progressive and Farm Bureau Financial Services. Full coverage insurance policies from these companies ranged from $1,235 to $1,916 per year.

Rio Rancho, N.M.

Car insurance costs in Rio Rancho averaged $2,396 per year for our 30-year-old benchmark driver — which is 9% greater than the New Mexico average of $2,194. However, drivers that get car insurance through one of the three cheapest insurance companies — State Farm, Progressive and Farm Bureau Financial Services — could save as much as $898 per year.

Santa Fe, N.M.

Judging from the rates we gathered from seven of the top insurance companies in New Mexico, car insurance costs in Santa Fe average $2,228 per year for a full coverage policy. Compared to the state average, these costs are just 2% greater.

Cheap rates for car insurance in Santa Fe can be found with State Farm, Progressive and Farm Bureau Financial Services. These companies offered our benchmark driver rates that averaged $1,801 per year, which is 19% less than the statecity-wide average.

Roswell, N.M.

We found that auto insurance rates averaged $2,238 per year in Roswell, which is only slightly greater than the New Mexico average. However, for low-cost auto coverage in Roswell drivers should consider State Farm, Progressive and Farm Bureau Financial Services. Rates from these three insurers were $1,827 per year on average — $411 less than the Roswell average.

Cost of car insurance by city

There were a number of other New Mexico cities included in our analysis in addition to the ones highlighted above. Here is the full list of the 50 cities in the Land of Enchantment that we included in our study, ranked from those with the cheapest local rates for our sample driver to the most expensive.

RankCityAverage annual premium
1Deming$1,890
2Alamogordo$1,895
3Santa Clara$1,911
4Silver City$1,917
5Bayard$1,923
6Elephant Butte$1,932
7Columbus$1,933
8Lordsburg$1,939
9Tularosa$1,951
10Farmington$1,988
11Bloomfield$2,003
12Aztec$2,004
13Hatch$2,008
14Grants$2,012
15Las Cruces$2,027
16Milan$2,045
17Portales$2,068
18Anthony$2,070
19Gallup$2,070
20Ruidoso$2,084
21Capitan$2,091
22Sunland Park$2,095
23Ruidoso Downs$2,110
24Tucumcari$2,134
25Santa Rosa$2,134
26Raton$2,181
27Socorro$2,184
28Las Vegas$2,194
29Clayton$2,226
30Santa Fe$2,228
31Pecos$2,229
32Roswell$2,238
33Artesia$2,245
34Moriarty$2,251
35Estancia$2,264
36Dexter$2,277
37Questa$2,298
38Jal$2,304
39Eunice$2,309
40Hobbs$2,345
41Loving$2,349
42Carlsbad$2,358
43Lovington$2,366
44Rio Rancho$2,396
45Bernalillo$2,429
46Corrales$2,461
47Bosque Farms$2,475
48Peralta$2,497
49Belen$2,537
50Albuquerque$2,584

How we conducted the survey

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. The quotes we obtained were for a 2015 Honda Civic EX owned by our benchmark driver, who drives 12,000 miles a year.

Comments and Questions

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