Cheapest Car Insurance In New Mexico (2024) (original) (raw)
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, Writer
10/18/2024 08:00 AM
Since car insurance costs are increasing, it’s recommended that drivers in New Mexico compare different policies to find the cheapest coverage. Our reviews team has researched the best car insurance companies nationwide. We carefully examined the reputation, customer satisfaction, coverage options, and average premiums of each provider.
In this review, we will describe the most effective methods to reduce costs for insurance and show you where you can find the most affordable car insurance in New Mexico based on your driving history.
Key Points
- USAA is the cheapest car insurance company in New Mexico overall, with an average rate of $24 per month for minimum coverage and $118 per month for full coverage.
- Central Insurance and Farm Bureau also offer affordable car insurance rates for many driver profiles.
- If you’re under 25 or have traffic violations, your car insurance rates will be higher than average.
- You can save on car insurance by opting for minimum coverage, looking for discounts, increasing your deductible, and bundling your auto insurance with other policies.
Cheap Car Insurance New Mexico
Car insurance companies have different ways of looking at driver profiles, so the cheapest provider for one person might not be the cheapest for another person. For instance, here is a glimpse of the cheapest auto insurance providers in New Mexico and what they charge for different types of drivers.
| Cheapest Car Insurance Company | Average Monthly Cost | Average Annual Cost | |
|---|---|---|---|
| Minimum coverage | USAA | 24∣24 | 24∣293 |
| Full coverage | USAA | 118∣118 | 118∣1,414 |
| 16-year-olds | USAA | 95∣95 | 95∣1,140 |
| 45-year-olds | USAA | 21∣21 | 21∣249 |
| High-risk drivers | USAA | 39∣39 | 39∣467 |
| After a speeding ticket | USAA | 31∣31 | 31∣372 |
| After an accident | USAA | 36∣36 | 36∣437 |
| After a DUI | State Farm | 48∣48 | 48∣570 |
| Poor credit drivers | USAA | 24∣24 | 24∣293 |
*Unless stated otherwise, average costs are minimum-coverage rates for single male drivers between the ages of 25 and 35 with a clean driving history.
What Is The Cheapest Car Insurance Company In New Mexico?
In general, we discovered that USAA has the most affordable car insurance in New Mexico for various types of drivers. The following sections will cover the average monthly costs of both minimum- and full-coverage car insurance from the cheapest companies in New Mexico.
These rates apply to drivers in New Mexico with various ages, locations, and driving experiences. The cheapest companies are organized by minimum coverage costs.
Cheapest Minimum Coverage In New Mexico: USAA
Drivers looking for the most affordable coverage that just meets New Mexico state minimum requirements may find it at USAA for about $24 per month or $293 per year on average.
| Cheapest Car Insurance in New Mexico | Average Monthly Cost | Average Annual Cost |
|---|---|---|
| USAA | 24∣24 | 24∣293 |
| Central Insurance | 29∣29 | 29∣343 |
| Farm Bureau | 37∣37 | 37∣449 |
| State Farm | 43∣43 | 43∣519 |
| Kemper | 44∣44 | 44∣526 |
| GEICO | 44∣44 | 44∣532 |
| Progressive | 45∣45 | 45∣544 |
| Nationwide | 66∣66 | 66∣789 |
| Farmers | 72∣72 | 72∣870 |
| Allstate | 81∣81 | 81∣966 |
Cheapest Full Coverage In New Mexico: USAA
USAA is the best option if you want extensive coverage at the most affordable price. The provider offers full-coverage insurance for an average of $118 per month.
Full-coverage insurance policies in New Mexico generally include liability insurance, uninsured/underinsured motorist coverage, collision coverage, and comprehensive insurance.
| Cheapest Car Insurance in New Mexico | Average Monthly Cost | Average Annual Cost |
|---|---|---|
| USAA | 118∣118 | 118∣1,414 |
| GEICO | 134∣134 | 134∣1,610 |
| Central Insurance | 155∣155 | 155∣1,856 |
| Progressive | 161∣161 | 161∣1,928 |
| Nationwide | 188∣188 | 188∣2,259 |
| Farm Bureau | 188∣188 | 188∣2,260 |
| State Farm | 200∣200 | 200∣2,398 |
| Kemper | 208∣208 | 208∣2,499 |
| Farmers | 263∣263 | 263∣3,158 |
| Allstate | 264∣264 | 264∣3,166 |
Cheapest Car Insurance In New Mexico: Age
Below, you’ll find average insurance costs for New Mexico drivers ages 16 to 55 as well as the top five cheapest car insurance companies for each age group. Drivers who are aged between 30 and 55 generally receive the most affordable auto insurance rates. This is because they have greater road experience and are less likely to be involved in car accidents compared to younger drivers, as supported by statistics.
Average Car Insurance Rates By Age
| Age | Minimum-Coverage Average Monthly Cost | Full-Coverage Average Monthly Cost |
|---|---|---|
| 16 | 232∣232 | 232∣735 |
| 25 | 52∣52 | 52∣201 |
| 35 | 45∣45 | 45∣174 |
| 45 | 44∣44 | 44∣167 |
| 55 | 42∣42 | 42∣160 |
Cheapest New Mexico Car Insurance: Young Drivers
As mentioned, drivers in their teens and early 20s typically pay the most expensive car insurance rates. That’s mostly because these drivers don’t have much experience driving and are more likely to break traffic rules and have accidents.
In fact, the fatal crash rate per mile driven for teen drivers was nearly three times the rate for drivers 20 years old and older in 2021, according to the Insurance Institute for Highway Safety.
Cheapest New Mexico Car Insurance For 16-Year-Olds: USAA
If you’re a teen driver or the parent of one, USAA may be your best bet for finding the most affordable car insurance in New Mexico.
The company’s cheapest average rates for 16-year-old drivers are $95 per month or $1,140 per year, which is relatively affordable compared to other states. If you’re looking for full coverage, the average is $339 per month or $4,073 per year from Central Insurance.
| Cheapest Car Insurance in New Mexico | Minimum-Coverage Average Monthly Cost | Full-Coverage Average Monthly Cost |
|---|---|---|
| USAA | 95∣95 | 95∣419 |
| Central Insurance | 108∣108 | 108∣339 |
| GEICO | 134∣134 | 134∣435 |
| State Farm | 182∣182 | 182∣669 |
| Farm Bureau | 203∣203 | 203∣443 |
| Progressive | 219∣219 | 219∣901 |
| Nationwide | 260∣260 | 260∣617 |
| Kemper | 262∣262 | 262∣939 |
| Allstate | 357∣357 | 357∣1,016 |
| Farmers | 496∣496 | 496∣1,578 |
Cheapest New Mexico Car Insurance For 25-Year-Olds: USAA
Car insurance prices decrease a lot for young drivers in their 20s compared to what teenagers pay. However, the rates for this age group can still be high depending on which company you pick.
USAA provides the cheapest car insurance costs on average at $27 per month or $322 per year for minimum coverage. USAA costs $128 per month or $1,533 per year for full coverage.
| Cheapest Car Insurance in New Mexico | Minimum-Coverage Average Monthly Cost | Full-Coverage Average Monthly Cost |
|---|---|---|
| USAA | 27∣27 | 27∣128 |
| Central Insurance | 32∣32 | 32∣166 |
| Farm Bureau | 42∣42 | 42∣195 |
| GEICO | 44∣44 | 44∣150 |
| Kemper | 45∣45 | 45∣216 |
| State Farm | 48∣48 | 48∣225 |
| Progressive | 48∣48 | 48∣173 |
| Nationwide | 74∣74 | 74∣205 |
| Farmers | 78∣78 | 78∣278 |
| Allstate | 81∣81 | 81∣279 |
Cheapest New Mexico Car Insurance: Adult Drivers
People who are in their forties usually pay the least amount of money for car insurance. You can compare typical car insurance expenses of drivers in their 30s, 40s, and 50s from the top five cheapest companies for each age group below.
Cheapest New Mexico Car Insurance For 35-Year-Olds: USAA
Drivers in their mid-30s may insure their cars at the cheapest cost by getting a minimum coverage car insurance policy from USAA. The company offers average minimum-coverage costs of $22 per month or $264 per year. For full coverage, USAA’s rates average $108 monthly or $1,294 annually.
| Cheapest Car Insurance in New Mexico | Minimum-Coverage Average Monthly Cost | Full-Coverage Average Monthly Cost |
|---|---|---|
| USAA | 22∣22 | 22∣108 |
| Central Insurance | 25∣25 | 25∣143 |
| Farm Bureau | 33∣33 | 33∣182 |
| State Farm | 39∣39 | 39∣175 |
| Kemper | 43∣43 | 43∣201 |
| Progressive | 43∣43 | 43∣149 |
| GEICO | 45∣45 | 45∣119 |
| Nationwide | 58∣58 | 58∣171 |
| Farmers | 67∣67 | 67∣248 |
| Allstate | 80∣80 | 80∣249 |
Cheapest New Mexico Car Insurance For 45-Year-Olds: USAA
Forty-five-year-old drivers may find the most affordable minimum coverage from USAA, with average rates of $21 per month or $249 per year. The cheapest full coverage comes from USAA at $102 per month or $1,221 per year.
| Cheapest Car Insurance in New Mexico | Minimum-Coverage Average Monthly Cost | Full-Coverage Average Monthly Cost |
|---|---|---|
| USAA | 21∣21 | 21∣102 |
| Central Insurance | 24∣24 | 24∣135 |
| Farm Bureau | 30∣30 | 30∣175 |
| State Farm | 40∣40 | 40∣172 |
| Kemper | 41∣41 | 41∣189 |
| Progressive | 42∣42 | 42∣140 |
| GEICO | 45∣45 | 45∣116 |
| Nationwide | 56∣56 | 56∣161 |
| Farmers | 61∣61 | 61∣231 |
| Allstate | 80∣80 | 80∣249 |
Cheapest New Mexico Car Insurance For 55-Year-Olds: USAA
USAA usually offers the most affordable car insurance rates in New Mexico for drivers who are in their 50s. The insurer’s average premiums are $21 monthly or $255 annually for minimum coverage. The cheapest full coverage option is from USAA, costing $102 monthly or $1,221 annually
| Cheapest Car Insurance in New Mexico | Minimum-Coverage Average Monthly Cost | Full-Coverage Average Monthly Cost |
|---|---|---|
| USAA | 21∣21 | 21∣99 |
| Central Insurance | 24∣24 | 24∣135 |
| Farm Bureau | 27∣27 | 27∣167 |
| GEICO | 38∣38 | 38∣117 |
| State Farm | 38∣38 | 38∣163 |
| Progressive | 41∣41 | 41∣129 |
| Kemper | 41∣41 | 41∣186 |
| Nationwide | 54∣54 | 54∣153 |
| Farmers | 56∣56 | 56∣215 |
| Allstate | 83∣83 | 83∣240 |
Cheapest Car Insurance In New Mexico: High-Risk Drivers
Your driving habits, along with the type of coverage and age, greatly affect how much you’ll have to pay for car insurance. Auto insurers typically determine if you’re a high-risk driver by looking at how many infractions are on your driving record, including speeding citations, at-fault accidents, and DUI convictions.
Average Car Insurance Rates For High-Risk Drivers
Drivers who have a lot of violations on their records pay more for car insurance than the average person. On average, New Mexico motorists who are deemed high-risk may find the most affordable rates from USAA for minimum coverage or USAA for full coverage.
| Cheapest Car Insurance in New Mexico | Minimum-Coverage Average Monthly Cost | Full-Coverage Average Monthly Cost |
|---|---|---|
| USAA | 39∣39 | 39∣184 |
| State Farm | 49∣49 | 49∣220 |
| Central Insurance | 50∣50 | 50∣222 |
| Kemper | 52∣52 | 52∣248 |
| Progressive | 54∣54 | 54∣210 |
| Farm Bureau | 66∣66 | 66∣254 |
| GEICO | 72∣72 | 72∣222 |
| Farmers | 99∣99 | 99∣350 |
| Allstate | 103∣103 | 103∣350 |
| Nationwide | 113∣113 | 113∣332 |
Cheapest New Mexico Car Insurance For Drivers With A Speeding Ticket: USAA
Drivers with a speeding citation on their record can generally find the most affordable coverage from USAA, with average rates of $31 per month or $372 per year for minimum coverage and $148 per month or $1,778 per year for full coverage.
| Cheapest Car Insurance in New Mexico | Minimum-Coverage Average Monthly Cost | Full-Coverage Average Monthly Cost |
|---|---|---|
| USAA | 31∣31 | 31∣148 |
| Central Insurance | 39∣39 | 39∣186 |
| Farm Bureau | 46∣46 | 46∣208 |
| State Farm | 48∣48 | 48∣215 |
| Kemper | 51∣51 | 51∣241 |
| Progressive | 53∣53 | 53∣207 |
| GEICO | 55∣55 | 55∣168 |
| Nationwide | 89∣89 | 89∣263 |
| Allstate | 89∣89 | 89∣293 |
| Farmers | 93∣93 | 93∣337 |
Cheapest New Mexico Car Insurance For Drivers With An At-Fault Accident: USAA
Getting into a car accident in New Mexico can make your car insurance rates go up. USAA tends to offer the most affordable rates on average at about $36 per month or $437 per year for minimum coverage and $171 per month or $171 per year for full coverage.
| Cheapest Car Insurance in New Mexico | Minimum-Coverage Average Monthly Cost | Full-Coverage Average Monthly Cost |
|---|---|---|
| USAA | 36∣36 | 36∣171 |
| Central Insurance | 46∣46 | 46∣209 |
| State Farm | 52∣52 | 52∣231 |
| Kemper | 54∣54 | 54∣253 |
| Progressive | 58∣58 | 58∣231 |
| Farm Bureau | 62∣62 | 62∣245 |
| GEICO | 71∣71 | 71∣221 |
| Farmers | 104∣104 | 104∣364 |
| Nationwide | 110∣110 | 110∣317 |
| Allstate | 115∣115 | 115∣400 |
Cheapest New Mexico Car Insurance For Drivers With A DUI: State Farm
If you’re a motorist with a drunk driving conviction, you may find the cheapest minimum car insurance in New Mexico from State Farm for $48 per month or $570 per year on average. They also have rates of $215 monthly or $2,579 annually for full coverage.
| Cheapest Car Insurance in New Mexico | Minimum-Coverage Average Monthly Cost | Full-Coverage Average Monthly Cost |
|---|---|---|
| State Farm | 48∣48 | 48∣215 |
| USAA | 49∣49 | 49∣231 |
| Progressive | 51∣51 | 51∣191 |
| Kemper | 52∣52 | 52∣249 |
| Central Insurance | 65∣65 | 65∣271 |
| Farm Bureau | 89∣89 | 89∣310 |
| GEICO | 90∣90 | 90∣276 |
| Farmers | 99∣99 | 99∣350 |
| Allstate | 107∣107 | 107∣358 |
| Nationwide | 140∣140 | 140∣416 |
Cheapest New Mexico Car Insurance For Drivers With Poor Credit: USAA
People who have bad credit must pay more money for their car insurance. Those who don’t have the best credit history may want to check out USAA, which has an average minimum-coverage rate of $39 per month or $468 per year and an average full-coverage rate of $213 per month or $2,558 per year.
| Cheapest Car Insurance in New Mexico | Minimum-Coverage Average Monthly Cost | Full-Coverage Average Monthly Cost |
|---|---|---|
| USAA | 39∣39 | 39∣213 |
| Central Insurance | 50∣50 | 50∣281 |
| GEICO | 58∣58 | 58∣202 |
| Progressive | 61∣61 | 61∣256 |
| Kemper | 62∣62 | 62∣249 |
| Farm Bureau | 76∣76 | 76∣263 |
| Nationwide | 95∣95 | 95∣294 |
| Allstate | 105∣105 | 105∣384 |
| Farmers | 105∣105 | 105∣404 |
| State Farm | 182∣182 | 182∣802 |
Average Cost Of Car Insurance In 10 New Mexico Cities
Your location in New Mexico also affects how much you have to pay for car insurance. Auto insurance companies consider drivers riskier to cover in areas with:
- Larger groups of people
- There is a higher number of cars on the road.
- More frequent car accidents
- More incidents of traffic rule-breaking.
- More incidents of car theft and car vandalism
- Extreme weather conditions
Certain factors that increase the chance of risk tend to impact people who own cars in big cities more, which is why drivers in busy cities need to pay the highest average amount for car insurance that provides minimum coverage. On the other hand, drivers in rural areas, where there is less crime and a smaller population, are likely to have lower rates.
| City | Minimum-Coverage Average Monthly Cost | Full-Coverage Average Monthly Cost |
|---|---|---|
| Albuquerque | 57∣57 | 57∣196 |
| Las Cruces | 44∣44 | 44∣152 |
| Farmington | 39∣39 | 39∣146 |
| Santa Fe | 49∣49 | 49∣169 |
| Roswell | 42∣42 | 42∣171 |
| Gallup | 41∣41 | 41∣156 |
| Los Lunas | 51∣51 | 51∣189 |
| Las Vegas | 42∣42 | 42∣176 |
| Silver City | 38∣38 | 38∣145 |
| Socorro | 40∣40 | 40∣159 |
Top 5 Car Insurance Companies In New Mexico
We looked at more than 40 insurance companies to find the top five for people in New Mexico. We considered the cost, coverage, service, and reliability of each company. Based on our research, we found USAA to be the best provider for most drivers in New Mexico. Here are our general ratings for the options we suggest.
| Overall Rating | Cost | Coverage | Reliability | Service | |
|---|---|---|---|---|---|
| #1 State Farm | 4.7 | 4.3 | 4.6 | 5.0 | 4.5 |
| #2 GEICO | 4.5 | 4.2 | 4.2 | 4.9 | 4.3 |
| #3 Progressive | 4.5 | 4.0 | 4.8 | 4.8 | 4.1 |
| #4 USAA | 4.5 | 4.7 | 4.8 | 4.5 | 4.3 |
| #5 Allstate | 4.4 | 3.8 | 4.6 | 4.8 | 4.2 |
*The overall and category ratings above are based on nationwide factors.
How To Get The Cheapest Car Insurance In New Mexico
In New Mexico, there are a few different ways you can reduce how much you pay for car insurance. These include:
- Opting for minimum coverage: If you just get the smallest amount of coverage your state says you need, you’ll pay the least amount for car insurance.
- Seeking out discounts: Most insurance companies have multiple discounts that can help cut down on premium costs, from military and good student discounts to discounts for drivers that remain accident free for five years.
- Raising your deductible: A higher deductible will lower your premium costs, but you’ll have to pay more out of pocket if you file a claim.
- Bundling your auto insurance: You can often bundle your auto insurance with a homeowners insurance policy or other type of coverage to earn a discount.
- Comparing quotes: Getting price estimates from several different companies can give you a better idea of which provider will give you the best offer.
Many insurance companies offer usage-based insurance programs as a way to save money. These programs use telematics to monitor your driving habits–from your speed and braking to the time of day you drive. If you are a driver who follows the rules and drives safely, you may be eligible for a significant reduction in your insurance costs. However, there are certain programs that may increase your rates if you display unsafe driving habits.
Some companies also offer diminishing deductibles and accident forgiveness. A diminishing deductible option decreases your deductible amount each time you renew your policy. Accident forgiveness ensures that your rates won’t increase after your first accident with the company.
What Does New Mexico Require For Car Insurance?
Drivers in New Mexico must meet minimum insurance requirements as outlined by state law, which include basic liability insurance and uninsured/underinsured motorist (UM/UIM) coverage:
- $50,000 bodily injury liability per accident
- $25,000 bodily injury liability per person
- $10,000 property damage liability per accident
Liability coverage only takes care of other parties’ injuries and property damages in an accident that you cause. UM/UIM covers your injuries and property damages, but only in the case that the at-fault driver has little to no auto insurance.
Getting comprehensive insurance will ensure that your car is covered if stolen, vandalized, or damaged by floods, fire, animals, or other natural disasters. Collision insurance covers your car repairs after an accident.
Our Take: Best Cheap Car Insurance in New Mexico
When it comes to both minimum and full coverage, USAA is the best and most affordable car insurance company for most drivers in New Mexico. While the above costs can give you an idea of what you’d pay for car insurance in New Mexico, requesting a customized quote will help give you a more accurate picture of what you’ll pay.
Many companies provide quick and no-cost tools on their websites that allow you to get a price estimate for insurance. Alternatively, you can contact an insurance agent or representative from the company directly. Once you gather quotes from three or more insurance providers, compare them to find the best option for you.
Best Cheap Car Insurance In New Mexico: FAQ
Here are some frequently asked questions about car insurance in New Mexico:
How much is car insurance per month in New Mexico?
The average cost of minimum-coverage car insurance in New Mexico is $49 per month or $583 per year. For full coverage, the average is $188 per month or $2,255 per year.
Is New Mexico Car Insurance Cheaper?
New Mexico auto insurance is typically cheaper than the national average. Nationwide, the average cost of minimum-coverage insurance is 670peryear,whiletheaverageinNewMexicois∗∗670 per year, while the average in New Mexico is 670peryear,whiletheaverageinNewMexicois∗∗583 per year. For full coverage, residents of New Mexico pay about $2,255 per year on average, which is more than the national average of $2,216 per year.
How We Rate Insurers
Our review process aims to deliver consistent and unbiased assessments of car insurance providers. While there are multiple qualities that make a car insurance company successful, our review team focuses on those we believe are the most important for consumers:
- Cost: Cost can be difficult to compare between insurers because so many factors impact annual premiums. The cheapest insurer for one driver may not be the cheapest for another. To determine our cost score, we look at insurance rate estimates generated by Quadrant Information Services, discount opportunities, and consumer reports.
- Coverage: To determine our coverage score, we look at the number of coverage options available as well as coverage limits and deductible options. Our ratings also take into account additional services and benefits like roadside assistance.
- Reliability: It’s important that an auto insurer is able to meet its claims obligations. Companies with a strong financial strength rating from AM Best score best in this category. Established insurers with a long history of reliable service also receive positive marks.
- Service: We comb through customer reviews on sites like the Better Business Bureau (BBB) to learn about customer experiences. Insurers with a low volume of complaints score well in this area. We also consider the claims process, giving higher ratings to car insurance providers that offer easy-to-use claims apps.
*Data accurate at time of publication.