Who Has the Cheapest Car Insurance Quotes in New Mexico?

Two factors play a large role in the auto insurance quotes New Mexico drivers get: where they reside, and what company they insure with. We pulled quotes for one driver as a benchmark to compare how rates varied across the Land of Enchantment. The average cost for our sample motorist was relatively low, around $1,316 annually, but the most expensive provider cost $880 more, or 2x the cheapest car insurer in New Mexico - one year could pay for two years' worth of insurance elsewhere. That's why NM drivers should shop around at a minimum of three companies to get some basis of comparison. Type your zip into the box above to see a list of carriers and begin searching for affordable quotes.

• Cheapest Car Insurance Companies in NM
• Best Auto Insurance Rates: by City 
• Average Cost of Auto Insurance in NM: by City
• Best Car Insurance in New Mexico

Cheapest Auto Insurance in New Mexico

Who has the cheapest car insurance quotes in New Mexico? To answer that question, we compared quotes from 9 providers for one driver living in 54 cities and towns in the Land of Enchantment. Their results show that,GEICO, Allied, the New Mexico Farm Bureau, and Farmers, and Progressive had the lowest auto insurance rates in New Mexico. The five carriers averaged an annual rate of $1,101 for 50/100/25 liability protection, compared to $1,316 across all 9 companies. That comes out to a 16% or $215 reduction versus the statewide average.

The third cheapest auto insurance, the New Mexico Farm Bureau, requires an annual membership fee of $60 before they extend auto insurance coverage to drivers in the state. 

Most Expensive Auto Insurance Companies in New Mexico

The three most expensive insurers in New Mexico for our profiled driver were Encompass, Allstate, and MetLife. At these companies, our sample driver paid roughly $379 more than the state average, which equated to a 29% higher cost. Allstate is a company that has both an online presence as well as agents stationed locally in New Mexico.

Full LIst of Companies in New Mexico

This next table ranks providers from the cheapest to the most expensive using our sample drivers. However, these annual rates will be different for every driver based on factors such as past driving history and what car drivers own.

Cheapest Car Insurance in New Mexico: by City

For the table below, we broke down rates across 9 companies to see which one had the best car insurance quotes in NM's 10 largest cities for our two sample motorists. Depending on where a driver lives, the top three carriers with the cheapest rates can differ, so be sure to get a couple of quotes before making a decision.

Also, note that USAA only insures people with military affiliation, so check rates at USAA if applicable. The New Mexico Farm Bureau requires membership, which costs $60 a year across the state's counties.

Cities with the Cheapest Car Insurance in New Mexico

The five cheapest cities are all spread around the northern portion of the state. They are mostly smaller cities with populations of 6,000 or less. For our male driver, the mean for the five cheapest cities is around $1,187, 10% lower than the state average.

Placitas, NM

Home to 5,000 residents, Placitas in Sandoval County is a census designated place that is part of the Albuquerque metropolitan area. Although it is only 30 square miles in land mass, Placitas takes the top spot for the most affordable auto insurance in the state. Drivers might see average rates of $1,167. That’s 11% lower than the state mean and over $100 in savings for our 30 year old single male driver.  

Mesilla Park, NM

Mesilla Park is located on the south side of Las Cruces and next to University Park, home to New Mexico State University. Founded in 1887, Mesilla Park was formed by its residents through a land company. Our sample driver found rates of $1,177, 11% more favorable than the state average. For cheap car insurance companies, try getting quotes at GEICO, Allied and Farm Bureau (requires membership fee).  

Tucumcari, NM

Tucumcari takes third place with an average annual cost of $1,190 –10% lower than the state mean. Founded in 1901, Tucumcari was named after the mountain nearby. Before the town of 6,000 was called Tucumcari, it had many names such as Ragtown, Six Shooter Siding, and Douglas. This place is also a famous stop on U.S. Route 66 with many businesses in the area trying to attract adventurous motorists.. 

Taos, NM

Taos was named after the nearby Native American tribe, Taos, meaning “place of red willows”. This city of over 5,700 has many vibrant fiestas, beautiful trails and historical sites celebrating the art of the place. Our driver saw costs that were 9% lower than the state mean. Motorists can see insurance premiums on average of $1,195 annually in this five mile town Motorists can see insurance premiums on average of $909 annually. 

Bosque Farms, NM

Bosque Farms is the smallest place in terms of area and population on our most affordable list. Almost four miles long and home to 4,000 residents. Bosque Farms became a resettlement area for those affected by the Dust Bowl. However, the soil was not suitable for planting and farmers who stayed became involved in dairy farming. Our profile driver had an average rate of $1,208, costs of 8% less when compared to the state average. 

Cities with the Most Expensive Car Insurance in New Mexico

All of our most expensive cities are located in the northern half of the state with the exception of Artesia. These cities were more populated than the more affordable cities in New Mexico. The average annual cost for the five most expensive cities is $1,453, approximately 10% higher than the state mean. 

Corrales, NM

Corrales is a village that is trying to maintain its rural roots while being surrounded by its expanding neighbors, Albuquerque and Rio Rancho. This town is home to over 8,000 residents across 11 square miles. Our sample driver saw the most expensive average annual rates here – $1,522. A 16% increase compared to the state average.  

Bernalillo, NM

Also located in the Albuquerque metropolitan area, Bernalillo takes the second spot in our roundup with an average cost that, $1,451, is 10% higher than the state mean. The city is home to the Coronado State Monument, which is devoted to Francisco Vasquez de Coronado, an explorer who was searching for the fabled Seven Cities of Gold. It is also home to the New Mexico Wine Festival.  

Albuquerque, NM

Albuquerque is the most populated city in New Mexico and the third most expensive city on our list. The 32nd largest city in America was named after Francisco, Duke of Alburquerque. Now, it is home to the University of New Mexico and the International Balloon Festival, the largest international gathering of hot air balloons. For our driver, it costs an average $1,446 to insure a vehicle with basic liability protection in Albuquerque. That’s 10% less favorable than the state average. ;

Artesia, NM

Artesia, which got its name from the artesian aquifer in the town, is home to over 11,000 of New Mexico’s residents. The aquifer helped agriculture grow, and currently the economy is dependent on oil, gas, agriculture and dairy. Abo Elementary School was also located in this city – the only underground school in America.The average annual cost of auto insurance in Artesia is $1,423 – 8% higher than the state average.  

Las Vegas, NM

Las Vegas takes the final spot on our list. Basic liability protection costs $1,422 on average – 8% higher than the state mean. Las Vegas used to be two separate municipalities. Currently, the city is split by Gallinas River into East Las Vegas and West Las Vegas. Both parts of the city have separate charms and maintain a school rivalry. This city is also known for being the home of many Old West outlaws including Billy the Kid and Jesse James.  

Average Cost of Auto 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 50+ cities in the Land of Enchantment, ranked from those with the cheapest rates for our sample driver to the most expensive.

Best Car Insurance Companies in New Mexico

To find the best carriers for motorists in New Mexico, we computed the complaint ratio for the top 10 largest insurers in the state. By dividing an insurer’s complaints with its premiums per million we were able to compare how these companies fared per dollar of business they underwrote. We found that the best auto insurance companies in New Mexico, based on 2013 data, were Liberty Mutual, Allstate, and GEICO. The lower the ratio, the better companies were satisfying their drivers and the happier motorists were with their service. Here is a list of the 10 insurers in the order of low to high complaint ratios:

Rank	Auto Insurer	Written Premiums	Complaint Count	Complaint Ratio
1	Liberty Mutual	$56,335,000	0	0.000
2	Allstate	96,312,000	2	0.021
3	GEICO	126,092,000	3	0.024
4	Hartford	41,509,000	1	0.024
5	Sentry	40,866,000	1	0.024
6	Progressive	109,873,000	3	0.027
7	Farmers	161,604,000	5	0.031
8	State Farm	223,332,000	7	0.031
9	Loya	25,517,000	1	0.039
10	USAA	92,738,000	5	0.054

How We Conducted the Study

We looked at rates for one sample driver in more than 50 cities within New Mexico: a single 30 year old male. He owns his vehicles and drives a 2011 Toyota Camry back and forth from work, which amounts to about 12,000 miles a year. He also has a good credit history and a great driving record with no accidents or traffic violations in the past five years.

Costs are based on basic liability protection for the 2011 Toyota Camry, and provides about twice the minimum liability required in New Mexico. New Mexico requires minimum auto insurance liability of $25,000 per person for bodily injury protection and up to $50,000 per accident, and $10,000 for property damage per accident.

Insurance Coverage	New Mexico Minimum Coverage	Study Coverage
Bodily Injury (BI) (per person / per accident)	$25,000 / $50,000	$50,000 / $100,000
Property Damage (PD)	10,000	25,000
Uninsured Motorist BI (per person / per accident)*	25,000 / 50,000*	50,000 / 100,000
Uninsured Motorist PD*	10,000*	25,000

* These coverages usually get bundled together in New Mexico, and can be rejected in writing

Our analysis consisted of 54 cities, ranging from Alamagordo to Tucumari. Here is the full list of cities in alphabetical order with their average annual rates displayed.

Sources:

New Mexico Minimum Auto Insurance Requirements: http://www.mvd.newmexico.gov/vehicle-insurance.aspx
New Mexico Census Data: http://quickfacts.census.gov/qfd/states/35000.html
Photo Courtesy of dianasch / Flickr: https://flic.kr/p/py8WzC