Who Has the Cheapest Motorcycle Insurance in New Mexico?
Dairyland has the cheapest motorcycle insurance in New Mexico, at $20 per month.
Find Cheap Motorcycle Insurance Quotes in New Mexico
Best cheap motorcycle insurance in NM
How we chose the top companies
Cheapest motorcycle insurance in New Mexico
Dairyland has the best rates for motorcycle insurance in New Mexico.
A full coverage policy from Dairyland costs just $20 per month. That's 38% cheaper than the statewide average.
Find Cheap Motorcycle Insurance Quotes in New Mexico
The average cost of motorcycle insurance in New Mexico is $32 per month — that’s about the same as the national average, which is also $32 per month.
Cheap motorcycle insurance quotes in New Mexico
Company | Monthly rate | ||
|---|---|---|---|
| Dairyland | $20 | |
| Allstate | $27 | |
| Harley-Davidson | $27 | |
| Progressive | $31 | |
| Geico | $35 | |
| Nationwide | $52 | |
Best motorcycle insurance rates: Dairyland
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Editor rating
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Cost: $20/month
Overview
Pros/Cons
Dairyland's average price is the cheapest in NM.
Overview
Dairyland's average price is the cheapest in NM.
Pros/Cons
Pros:
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Cheapest quotes in New Mexico
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Useful coverage add-ons
Cons:
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Unreliable customer service
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Can't bundle with home insurance
Dairyland's average price is the cheapest in NM.
Pros:
-
Cheapest quotes in New Mexico
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Useful coverage add-ons
Cons:
-
Unreliable customer service
-
Can't bundle with home insurance
Dairyland's average rate is $12 per month cheaper than the statewide average. It's also $7 per month less than the second-cheapest companies, Allstate and Harley-Davidson.
Dairyland is an excellent choice if you have a new motorcycle. It offers replacement cost coverage for motorcycles less than 3 years old. With this coverage, Dairyland will replace your bike with a brand new model if it's totaled in an accident. This is uncommon, as most other companies only offer replacement cost coverage for bikes under 1 year old.
However, Dairyland may take longer to pay for repairs after an accident. The company gets almost twice as many complaints as other insurance companies of a similar size. This means that customers aren't always happy with the service they get from Dairyland.
In addition, Dairyland doesn't sell homeowners or renters insurance, so there are better choices available for riders who prefer having all their policies with one company, especially if you want to qualify for a bundle discount.
Best overall: Allstate
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Editor's rating
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Cost: $27/month
Overview
Pros/Cons
Allstate is the best motorcycle insurer overall in NM.
Overview
Allstate is the best motorcycle insurer overall in NM.
Pros/Cons
Pros:
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Can bundle with auto, home or renters insurance
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Lots of discounts
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Reliable customer service
Cons:
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Not the cheapest choice
Allstate is the best motorcycle insurer overall in NM.
Pros:
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Can bundle with auto, home or renters insurance
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Lots of discounts
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Reliable customer service
Cons:
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Not the cheapest choice
Allstate is the best choice for New Mexico riders who want the convenience and savings of having their insurance policies under one company.
Allstate offers a bundle discount for keeping your motorcycle, auto and home insurance.
Having multiple policies with a single company also simplifies the process of filing a claim. If, for example, your motorcycle and home are damaged in the same incident, you'll only have to file one claim.
Allstate has some of the most affordable motorcycle insurance rates in New Mexico. At $27 per month, full coverage from Allstate costs $5 per month less than the state average.
Allstate also offers several discounts to lower your insurance rates. Along with a discount for bundling your policies, you can save by:
- Insuring multiple motorcycles with Allstate
- Making automatic payments or paying your bill in full
- Taking a motorcycle safety course
- Switching your motorcycle policy to Allstate from another company
- Signing up for your new policy seven days or more before your old one expires
- Going five years without an at-fault accident or major ticket
Riders are typically happy with the customer service at Allstate. According to the NAIC, it gets 30% fewer complaints than other major insurance companies — that means you can trust Allstate to get you back on the road quickly after a crash.
Best for veterans: USAA
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Editor rating
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Cost: $29/month
Overview
Pros/Cons
If you've served in the armed forces, you should get a quote from USAA
Overview
If you've served in the armed forces, you should get a quote from USAA
Pros/Cons
Pros:
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Standard policy includes extra perks
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Excellent customer service
Cons:
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Only available to riders with military ties
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No bundle discount
If you've served in the armed forces, you should get a quote from USAA
Pros:
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Standard policy includes extra perks
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Excellent customer service
Cons:
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Only available to riders with military ties
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No bundle discount
USAA works with Progressive to sell motorcycle insurance to the military community. In turn, Progressive offers a 5% discount to USAA members.
USAA members can expect to pay an average of $29 per month for full coverage motorcycle insurance from Progressive. This is $9 per month more than the cheapest option, Dairyland. However, a standard policy from Progressive includes coverage that other companies typically charge extra for. It includes:
- Full replacement cost coverage, which repairs your bike with brand new parts after an accident, regardless of any wear and tear beforehand.
- Original equipment manufacturer (OEM) coverage, which guarantees Progressive will fix your bike using original manufacturer parts instead of aftermarket parts.
- Custom parts coverage of up to $3,000 to replace any upgrades or custom parts damaged in an accident, like a custom saddle or stereo system.
In addition, USAA has an excellent reputation for customer service. As such, you can expect a fast and simple claims process after an accident.
New Mexico motorcycle insurance cost by city
Alamogordo, near White Sands National Park, has the cheapest motorcycle insurance quotes among New Mexico's larger cities.
The average cost of motorcycle insurance in Alamogordo is $29 per month for full coverage.
Belen and Los Lunas, both in Valencia County, have the most expensive rates, averaging $37 per month. This could be because both cities have fairly high property crime rates.
Higher crime rates mean you're more likely to have your bike stolen or vandalized. Insurance companies increase rates to account for that risk.
Full coverage motorcycle quotes in New Mexico by city
Average motorcycle insurance cost in NM by city
City | Monthly cost | % from average |
|---|---|---|
| Alamogordo | $29 | -8% |
| Albuquerque | $35 | 11% |
| Anthony | $33 | 2% |
| Artesia | $31 | -2% |
| Belen | $37 | 16% |
New Mexico motorcycle insurance laws
New Mexico riders are required to show proof of financial responsibility by getting motorcycle insurance, or by providing a surety bond or cash deposit of $60,000 to the State Treasurer's office.
Buying motorcycle insurance is the most common and easiest of these options.
If you choose to get a motorcycle insurance policy, you’ll need to have a minimum amount of liability coverage. An insurance company may write this requirement as 25/50/10.
- Bodily injury liability insurance: $25,000 per person and $50,000 per accident
- Property damage liability insurance: $10,000 per accident
The minimum insurance required in New Mexico doesn't protect your motorcycle. So if you’d have a hard time replacing your bike after an accident, you should consider adding collision and comprehensive insurance.
Frequently asked questions
How much is motorcycle insurance in New Mexico?
The average cost of full coverage motorcycle insurance in New Mexico is $32 per month. However, riders can find much cheaper rates at Dairyland, as full coverage from that company costs just $20 per month, on average.
Does NM require motorcycle insurance?
To legally ride a motorcycle in New Mexico, you’ll have to show proof of financial responsibility. The most common way to do this is by getting motorcycle insurance. The state requires you to have a minimum of $25,000 of bodily injury coverage per person and $50,000 per accident and $10,000 of property damage liability.
What company has the cheapest motorcycle insurance in New Mexico?
Dairyland has the cheapest motorcycle insurance quotes in New Mexico, averaging $20 per month for a full coverage policy. That's $12 per month cheaper than the statewide average.
Methodology
ValuePenguin collected quotes across 33 cities across New Mexico from six top motorcycle insurance companies in the state. Quotes are for a 45-year-old single man who owns a 2018 Honda CMX500 Rebel.
Rates are for a full coverage policy. It includes higher liability limits than the state requirement, collision coverage 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
- Uninsured and underinsured motorist property damage: $25,000 per accident
- Medical payments: $5,000
- Comprehensive and collision deductible: $500
The ValuePenguin team has a combined total of more than 50 years of experience in the property and casualty insurance industry.
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.