Who Has the Cheapest Motorcycle Insurance in New Mexico?

Who Has the Cheapest Motorcycle Insurance in New Mexico?

Riders in New Mexico can pay just $513 per year if they take out a policy with Progressive. That's 21% cheaper than the state average, which is $650 per year.

Compare Motorcycle Quotes in New Mexico

Currently insured?

Motorcycle insurance helps offset the high cost of repairs and medical bills if you're involved in an accident. To help you identify the best insurer for your needs, we collected more than 100 quotes from cities around the state.

Best motorcycle insurance for most people: Progressive

Solid customer service, an impressive selection of coverages and cheap rates make Progressive the best New Mexico motorcycle insurer.
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Most New Mexico riders will find that Progressive is the best choice for motorcycle insurance. In addition to offering the cheapest rates in the state, the company stands out for its strong list of add-on coverages. Riders can enhance their insurance with the following endorsements:

  • Total loss coverage. Pays for a replacement motorcycle if your own is totaled, provided your current motorcycle is less than 2 years old.
  • Roadside assistance and trip interruption. Tows your bike to the nearest repair shop and pays for the costs of a hotel room, food and alternative transportation if an accident strands you away from home.
  • Carried contents. Pays for any belongings on your bike that get damaged, lost or stolen.
  • Disappearing deductible. Lowers the cost of your deductible by 25% for every policy term you avoid an accident.
  • Enhanced injury protection. Pays you $250 every week for two years if an accident prevents you from working, and pays your beneficiaries $25,000 if you die in an accident.

Progressive has the cheapest rates out of all the New Mexico insurers we looked at.

Full coverage from Progressive averages at $513 per year, making it 21% cheaper than the statewide average.

Plus, Progressive policyholders can whittle down their rates even more with the many discount opportunities the company offers. You can get a motorcycle insurance discount from Progressive for:

  • Getting a quote in advance
  • Taking out multiple insurance policies
  • Association membership
  • Getting a motorcycle endorsement on your driver's license
  • Completing a safety course
  • Switching from another company
  • Avoiding accidents and violations for three years
  • Paying your entire policy up front
  • Paying on time
  • Signing up for autopay

Best for daily riders: Allstate

Allstate offers rental reimbursement coverage and affordable rates, making it a great pick for those who use their motorcycle for their daily commute.
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We like Allstate for daily riders because it offers rental reimbursement coverage. Rental reimbursement pays for the cost of a rental motorcycle or car while your own bike receives repairs. If you use your motorcycle on a daily basis, this makes Allstate an excellent choice.

Allstate also tops our list of the best-rated New Mexico motorcycle insurers. It had the lowest complaint index score from the National Association of Insurance Commissioners (NAIC), which means it received fewer complaints relative to its size than any of the other insurers we considered.

Allstate stands out for its affordable rates as well. It's the second-cheapest insurer in our study, charging New Mexico riders an average rate of $601 per year. That's $49 less than the state average and $88 more than Progressive.

Best for military families: USAA

USAA offers great deals and reliable service for members of the military and their families.
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If you or a family member has served in the armed forces, we recommend getting a quote from USAA. The company works with Progressive to sell motorcycle insurance to the military community, offering a 5% discount to USAA members.

It also has a great customer service reputation for motorcycle and car insurance, receiving fewer complaints than average for its size.

Best-rated New Mexico motorcycle insurers

Out of the New Mexico insurers featured in our study, Allstate has the strongest customer service reputation. It had fewer complaints relative to its size than the other insurers in our study, and fewer complaints than would usually be expected for an insurer of its size.

Insurer
NAIC complaint index
AM Best rating
Allstate0.63A+
Geico0.67A++
Progressive0.82A+
USAA0.85A++
Dairyland2.69A+

Allstate earned a score of 0.63 on the National Association of Insurance Commissioners (NAIC) complaint index, which means that it received about one-third fewer complaints than would usually be expected for an insurer of its size. The NAIC awards a score of 1.0 to insurers with an average number of auto and motorcycle insurance complaints for their size. A score above that indicates more complaints than average; a score below it reflects fewer complaints than average.

Another great way to gauge whether you can rely on your insurer is the AM Best financial strength rating. AM Best rates insurance companies on the strength of their ability to pay out their claims. All the insurers we considered are doing well in this regard, earning at least an A+ or a "superior" ranking.

Cheapest motorcycle insurance companies in New Mexico

Our analysis found that Progressive has the best rates for motorcycle insurance in New Mexico. Insurance costs $650 on average in New Mexico, but riders can save $137 by going with Progressive, which charges just $513 per year.

A graph of the lowest motorcycle insurance rates in New Mexico

Compare Motorcycle Insurance Quotes in New Mexico

Currently insured?
Insurer
Average annual cost
Progressive$513
Allstate$601
Average$650
Dairyland$684
Geico$803

New Mexico motorcycle insurance cost by city

Different cities pose different risks to drivers. Higher crime rates and denser traffic mean you're more likely to be involved in an accident or to make a claim, and insurers increase rates to account for that risk.

Of the New Mexico cities we looked at, Bloomfield, Farmington, Grants, Hobbs and Lovington have the cheapest rates, with riders paying $602 per year on average. By contrast, Belen and Los Lunas have the most expensive rates: Full coverage costs $780 per year on average.

City
Annual cost
Difference from statewide average
Alamogordo$614-5.6%
Albuquerque$76617.8%
Anthony$6520.3%
Artesia$624-4.1%
Belen$78019.9%
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New Mexico motorcycle insurance requirements

New Mexico riders are not obligated to purchase motorcycle insurance if they do not wish to. However, it is generally the most affordable option. If you decide against purchasing insurance, you are legally obligated to offer the state treasurer a surety bond or cash deposit worth $60,000 instead.

If you decide to purchase insurance, your policy must meet or exceed the following coverage limits:

Coverage
Limits
Bodily injury liability insurance$25,000 per person, $50,000 per accident
Property damage liability insurance$10,000 per accident

Methodology

ValuePenguin collected quotes from four top motorcycle insurance companies that operate in New Mexico: Progressive, Geico, Dairyland and Allstate. We selected a sample rider who is 45 years old and rides a 2021 Harley-Davidson Street Glide that he owns. He protects his motorcycle with a policy that has the following coverage limits:

  • Bodily injury liability: $100,000 per person/$300,000 per accident
  • Property damage liability: $50,000
  • Collision: Included/$500 deductible
  • Comprehensive: Included/$500 deductible
  • All other coverages: Not included unless legally required

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.