Best Car Insurance Quotes in New Mexico (2023)
Best Car Insurance Quotes in New Mexico (2023)
State Farm has the best cheap car insurance in New Mexico at $299 per year or $25 per month for minimum liability coverage.
Best cheap car insurance companies in New Mexico
To help drivers find the best cheap auto insurance in New Mexico, our editorial team 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 in addition to comprehensive and collision protection.
We also rated New Mexico's best auto insurance companies based on convenience, coverage availability, the cost of coverage for different drivers and customer service ratings.
Cheapest auto insurance in New Mexico: State Farm
State Farm is the cheapest company in New Mexico for minimum liability car insurance. Its average quote is $25 per month — 45% less than the New Mexico annual average of $539 for minimum coverage.
Find Cheap Auto Insurance Quotes in New Mexico
Farm Bureau also has cheaper quotes than the state average, averaging $393 annually, or $33 monthly. The absolute cheapest rate is from USAA, at $20 per month. However, USAA isn't available to the general public — only people who have served in the military and their families are eligible.
Cheapest NM car insurance companies
Company | Monthly rate | |
|---|---|---|
| State Farm | $25 |
| Farm Bureau | $33 |
| Geico | $39 |
| Allstate | $57 |
| Farmers | $68 |
*USAA is only available to current and former military members and their families.
Getting a minimum coverage policy is the least expensive way to meet New Mexico's auto insurance requirements. However, these policies may not provide enough coverage to pay for damage you might cause.
Make sure you understand what insurance you need before choosing minimum coverage. You don't want to pay for damages or for another driver's injuries after an expensive accident.
Cheapest company in New Mexico for full coverage quotes: State Farm
State Farm provides the most affordable quotes for full coverage in New Mexico — just $901 per year, or $75 monthly, which is around 46% cheaper than the state average.
The average cost of full-coverage auto insurance in New Mexico is $1,665 per year, or $139 per month.
Company | Monthly rate |
|---|---|
| State Farm | $75 |
| Geico | $131 |
| Allstate | $149 |
| Progressive | $169 |
| Farm Bureau | $171 |
*USAA is only available to current and former military members and their families.
Car insurance policies that include comprehensive and collision insurance, as well as more liability protection than state-required coverages are known as full coverage policies.
In New Mexico, these policies are more than three times as expensive as minimum coverage. They are also the best way to ensure that your car is protected, no matter who or what causes the damage. It's also typically required by lenders if you have a car lease or loan.
Cheapest car insurance quotes for drivers with prior incidents in New Mexico
State Farm offers the best quotes for most New Mexico drivers after an incident, like a DUI, a ticket or an accident.
Insurance companies view marks on your driving record as a sign that you're riskier to insure, and they raise your rates accordingly. Incidents like an at-fault accident, a speeding ticket or a DUI citation increase the average cost of car insurance.
Find Cheap Auto Insurance Quotes in New Mexico
Cheapest car insurance for NM drivers with a speeding ticket: State Farm
State Farm provides the best quotes to drivers with a speeding ticket in New Mexico, charging $81 monthly — 52% less than the state average. This is the same rate it charges drivers with an at-fault accident on their records. If you're caught speeding in New Mexico, your rates increase by 22%, on average.
Company | Monthly rate |
|---|---|
| State Farm | $81 |
| Allstate | $165 |
| Geico | $165 |
| Farm Bureau | $190 |
| Progressive | $218 |
Cheapest quotes for drivers after an accident in New Mexico: State Farm
State Farm delivers the cheapest car insurance for New Mexico drivers who have recently been in an accident, at a typical price of $81 per month. This rate could result in a savings of 60% compared to the average rate in the state for drivers with an accident.
Company | Monthly rate |
|---|---|
| State Farm | $81 |
| Allstate | $223 |
| Farm Bureau | $226 |
| Progressive | $254 |
| Geico | $258 |
Getting into an at-fault accident in New Mexico could raise your car insurance rates by 47%.
Insurance companies increase rates by different degrees — State Farm only raised rates by 8% after an at-fault accident, but Geico raised them by 92%. That's not a small difference, and it shows why it's so important to shop around if your driving record changes.
Cheapest DUI insurance quotes: State Farm
State Farm is the top company for drivers in New Mexico who are seeking insurance after a DUI citation. The average monthly rate for a driver from New Mexico with a DUI is $245, making State Farm's rates 67% cheaper per year.
Company | Monthly rate |
|---|---|
| State Farm | $81 |
| Allstate | $201 |
| Progressive | $207 |
| Farmers | $260 |
| Farm Bureau | $288 |
Cheapest NM car insurance for drivers with poor credit: State Farm
State Farm offers the best quotes for New Mexico drivers with bad credit, as an average annual policy costs $1,794 per year — 28% per year less than the state average of $2,485. In New Mexico, insurance rates for drivers with poor credit are 49% higher than they are for drivers with good credit.
Company | Monthly rate |
|---|---|
| State Farm | $149 |
| Geico | $183 |
| Allstate | $194 |
| Progressive | $239 |
| Farm Bureau | $241 |
Cheapest car insurance quotes for New Mexico young drivers: State Farm
State Farm has the best rates for young drivers looking for affordable auto insurance quotes in New Mexico. With an average premium of $86 per month for minimum coverage, State Farm's rates are 63% cheaper than the state average.
Car insurance for young drivers in New Mexico is more than double the price for older drivers. Our analysis found that 18-year-old drivers pay $1,788 on average for minimum coverage, whereas 30-year-old drivers pay only $539.
Statistics show that teen drivers are more prone to accidents than older drivers, which makes them more expensive to insure. However, young drivers that maintain a clean record will have cheaper rates yearly.
Cheapest NM car insurance companies for teens
Company | Liability only | Full coverage |
|---|---|---|
| State Farm | $86 | $208 |
| Farm Bureau | $109 | $273 |
| Allstate | $156 | $453 |
| Geico | $161 | $449 |
| Progressive | $175 | $539 |
Cheapest for young drivers with a speeding ticket: State Farm
State Farm has the cheapest rates to young New Mexico drivers who have been caught speeding, with a rate of $95 per month. This is around 46% cheaper than the state average of $176 per month.
Company | Monthly rate |
|---|---|
| State Farm | $95 |
| Farm Bureau | $133 |
| Allstate | $177 |
| Geico | $188 |
| Progressive | $192 |
Cheapest for NM teen drivers after an accident: State Farm
State Farm offers the cheapest rates for young drivers in New Mexico who have been in an at-fault accident. At just $95 per month, the company's rates are 55% cheaper than average.
Eighteen-year-old drivers in New Mexico with an at-fault accident on their records pay 41% more than young drivers with clean records.
Company | Monthly rate |
|---|---|
| State Farm | $95 |
| Farm Bureau | $180 |
| Progressive | $210 |
| Allstate | $245 |
| Geico | $282 |
Cheapest car insurance for married drivers: State Farm
Companies often offer married drivers slightly cheaper quotes than single drivers, as married drivers are viewed as less likely to file a claim. In New Mexico, we found rates for married drivers are about 7% lower than for unmarried single drivers.
State Farm offers the best quotes to married drivers in New Mexico, averaging $901 per year, which is 42% less expensive than the average rate.
Company | Monthly rate per car |
|---|---|
| State Farm | $75 |
| Progressive | $132 |
| Geico | $134 |
| Allstate | $142 |
| Farm Bureau | $168 |
Best auto insurance companies in New Mexico
Farm Bureau is the best car insurance company in New Mexico when it comes to claim satisfaction, cost and coverage options.
USAA also has excellent customer service; however, USAA is only available to people affiliated with the military. That is why we also recommend Farm Bureau and State Farm for their top-notch service. These companies have more in-person locations than USAA, which is almost exclusively online.
Best NM car insurance companies
Company |
Editor's rating
|
J.D. Power
|
AM Best
|
|---|---|---|---|
| Farm Bureau | NR | A | |
| USAA | 881 | A++ | |
| State Farm | 842 | A++ | |
| Geico | 835 | A++ | |
| Farmers | 815 | A |
Average car insurance quotes in New Mexico by city
We found the highest quotes in New Mexico in South Valley, at an average annual price of $177 per month. Elephant Butte is the cheapest city in New Mexico for car insurance at just $116 per month.
Your location within New Mexico can impact your auto insurance rates by more than $51 per month. As a general rule, you'll see higher quotes if you live in a city than if you live in a rural area, as accidents and auto theft happen more often in urban areas.
City | Average monthly cost | Percentage from average |
|---|---|---|
| Abiquiu | $151 | 9% |
| Adelino | $158 | 14% |
| Agua Fría | $148 | 6% |
| Alamo | $127 | -9% |
| Alamogordo | $117 | -16% |
Minimum auto insurance requirements in New Mexico
New Mexico requires both bodily injury and property damage liability coverage for all drivers, with minimum limits that are often written as 25/50/10.
Liability coverage | Minimum limits |
|---|---|
| $25,000 per person / $50,000 per accident | |
| $10,000 per accident |
While minimum liability coverage policies are the most affordable, we generally recommend that you purchase higher liability limits, as well as collision and comprehensive coverage. You'll pay more up front, but it could ultimately save you tens of thousands of dollars if you get into a costly accident.
Recap of the cheapest auto insurance quotes in New Mexico
- Minimum coverage: State Farm
- Full coverage: State Farm
- After a speeding ticket: State Farm
- After an at-fault accident: State Farm
- After a DUI: State Farm
- Poor credit history: State Farm
- Young drivers: State Farm
- Young drivers after a ticket: State Farm
- Young drivers after an accident: State Farm
- Married drivers: State Farm
Frequently asked questions
Who has the cheapest car insurance in New Mexico?
State Farm has the cheapest rates for car insurance in New Mexico, with minimum liability coverage at $25 per month and full coverage rates at $75 per month.
How much is car insurance in Albuquerque, New Mexico?
Full-coverage car insurance costs $166 per month in Albuquerque, on average — 20% more than the statewide average. In comparison, drivers in Silver City can expect to pay $1,440 per year (14% below average), while those in Santa Fe pay $1,740 per year (4% above average).
Who has the best car insurance in New Mexico?
State Farm has the best car insurance in New Mexico. It offers the best rates for both minimum and full coverage policies, and it is one of the highest-ranking insurance companies for customer service.
What are the auto insurance requirements in New Mexico?
Drivers in New Mexico are required to purchase 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.
Methodology
We collected thousands of rates from ZIP codes across New Mexico for the largest insurance companies in the state. We used a sample driver of a 30-year-old male who drives a 2015 Honda Civic EX with good credit.
The standard policy, unless otherwise noted, is a full coverage policy.
Coverage type | Limits |
|---|---|
| Bodily injury liability | $50,000 per person/$100,000 per accident |
| Personal injury protection | $10,000 |
| Property damage liability | $25,000 per accident |
| Uninsured/underinsured motorist bodily injury | $50,000 per person/$100,000 per accident |
| Comprehensive and collision | $500 deductible |
For minimum coverage and all rates for 18-year-olds, we quoted policies with the minimum required limits in New Mexico.
For other rates analyzed (credit score, incident history and marital status), the base policy listed above was changed to reflect the new driver.
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.