Cheap Car Insurance in New Mexico (2022)

Car Insurance in New Mexico

While auto insurance rates in New Mexico are less expensive than the national average, they can still strain your budget. But since every insurance company will weigh the information in your driving profile differently, you may be able to get cheaper premiums from some insurers than others. Find the cheapest car insurance by comparing customized quotes with Insurify.

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Cheapest Car Insurance in New Mexico

Some New Mexico auto insurance companies provide cheaper premiums than others. Quotes vary based on individual information in your driver profile, so a customized quote from Insurify is going to be the most accurate. But if you’re curious about the cheapest companies on average, below are the insurers charging the lowest premiums in New Mexico.

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Cheapest Liability Auto Insurance in New Mexico

In New Mexico, all drivers are legally required to carry bodily injury liability coverage and property damage liability coverage at the state minimum coverage levels. Minimum liability insurance may not be enough to protect you from a lawsuit and also leaves coverage gaps that could put you in a financially vulnerable position if you cause a car accident.

However, purchasing only liability coverage is the cheapest way to stay legal on the road. Below are the car insurance providers offering the cheapest premiums for liability insurance to New Mexico drivers, along with their average rates.

Cheapest Full-Coverage Auto Insurance in New Mexico

A full-coverage car insurance policy typically includes comprehensive coverage and collision coverage in addition to liability coverage. It may also include underinsured or uninsured motorist coverage. Some drivers also like to add additional coverages to their insurance policy, like roadside assistance.

With a full-coverage insurance policy, you’ll have a deductible, which is your share of the financial responsibility. Full-coverage insurance can also double your rates, but in most cases, it’s worth it for the financial protection. Here’s what drivers pay each month, on average, for the cheapest full-coverage car insurance in New Mexico.

Best Car Insurance in New Mexico

Cost isn’t the only important factor when selecting an insurance provider. You’ll want to make sure you choose a company that can provide reliable customer service and has the financial strength to pay claims. That’s why we’ve reviewed a variety of data to generate the Insurify Composite Score for the top insurance providers in New Mexico.

A high score indicates positive findings in customer satisfaction and several other important variables. Once you receive your customized quotes, you can check the Insurify Composite Score for the companies with the cheapest premiums before making your decision.

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Insurify Composite Score

The Insurify Composite Score is a proprietary rating calculated by a team of data scientists at Insurify, weighing multiple factors that reflect the quality, reliability, and health of an insurance company.

Inputs to the score include financial strength ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews.

New Mexico Car Insurance Rates by Driving and Accident History

The cost of your auto insurance policy will depend on several individual factors, including your driving record. High-risk drivers will pay higher premiums than drivers with a clean driving record. Even a simple speeding ticket can raise your rates significantly. Here’s what drivers pay in New Mexico, on average, with each type of infraction.

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Cheap Car Insurance for Good Drivers in New Mexico

Safe driving has its advantages when it comes to cost as well as safety. Good drivers in New Mexico pay lower insurance premiums on average than people with infractions on their records. Below are the cheapest auto insurance companies offering the best rates to drivers with a clean record in the Land of Enchantment.

Cheap Car Insurance for Drivers with DUI in New Mexico

A DUI is a serious offense that typically results in a driver’s license suspension, a fine, and sometimes jail time. And once you’re legally allowed back on the road, you’ll pay more for a car insurance policy. Here are the average rates you can expect from the cheapest car insurance providers for people with DUIs.

SR-22 Insurance in New Mexico

New Mexico is one of the few states that does not require an SR-22 to be filed for driver’s license reinstatement after certain infractions. In many states, if your license is suspended due to a DUI or other offense, your insurance company must file an SR-22 with the DMV on your behalf before you can drive a motor vehicle again.

Typically, insurance companies charge higher premiums to drivers who require an SR-22. But in New Mexico, an SR-22 isn’t required. You just need to have a liability insurance policy that meets the state minimum requirements to drive legally after your license is reinstated.

Cheap Car Insurance for Drivers with an At-Fault Accident in New Mexico

At-fault accidents affect car insurance premiums more than any other infraction in New Mexico. That’s because an accident on your record indicates to your insurance company that you’re at a greater risk for a crash. Here’s what drivers pay on average for insurance coverage after an at-fault accident in New Mexico.

Cheap Car Insurance for Drivers with Speeding Tickets in New Mexico

A speeding ticket shows your insurance company that you’re not always taking precautions on the road. As a result, you’ll be charged higher rates for car insurance if you have a speeding ticket on your record. Here’s what drivers pay, on average, for car insurance coverage after a speeding ticket.

New Mexico Car Insurance Rates by Credit Tier

Your credit score is used to calculate your car insurance rates in New Mexico. According to insurers, credit score is an indicator of risk, with historical data showing a correlation between worse credit scores and a higher tendency to file claims. As such, New Mexico drivers with better credit scores tend to pay less for car insurance. Check out how much each credit tier pays for car insurance on average.

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New Mexico Car Insurance Rates by Driver Age

Young drivers are considered a higher risk to insure because they have less experience on the road. In fact, teen drivers are at a greater risk of a crash than any other age group. That’s why car insurance rates generally decrease with age in New Mexico, though elderly drivers may pay slightly more than drivers in their 60s. Here’s what you can expect based on your age.

Car Insurance Rates in New Mexico Cities

Your address of residence is another factor that impacts your car insurance premiums. That’s because the risk of an accident or theft is higher in some areas than in others. For example, busy cities with lots of traffic create more opportunities for collisions. Here are the average rates drivers pay each month in some of New Mexico’s major cities.

New Mexico Driving Facts

Every state has minimum insurance requirements, and New Mexico is no exception. Additionally, all drivers in New Mexico will have to visit their local DMV and may at some point need to rely on public transportation. The following sections break down minimum insurance requirements, DMV services, and public transit options in New Mexico.

Minimum Car Insurance Requirements in New Mexico

All motor vehicles operated or parked on New Mexico roadways are required to be insured. Proof of insurance must be carried in your car at all times and must be available when:

• Requested by law enforcement

• Renewing vehicle registration

• The vehicle is involved in a car accident

The minimum liability insurance requirements for private passenger vehicles in New Mexico^[1] are:

• $25,000 per person for bodily injury

• $50,000 per accident for bodily injury

As a major part of your liability insurance, bodily injury coverage covers medical bills for people other than the policyholder who are injured during an accident. New Mexico is an at-fault state, meaning the driver who is responsible for the collision is also responsible for paying for any resulting expenses, either through their car insurance provider or out of pocket.

• $10,000 per accident for property damage

If it’s determined that an insured driver is at fault for an accident, this coverage pays for repairs to the property of the other involved parties. Additionally, property damage coverage can cover legal costs if the insured driver is involved in a lawsuit following the accident.

New Mexico DMV Information

The New Mexico Motor Vehicle Division (MVD) offers many services that can be completed online, including driver’s license and registration renewals, citation payments, placard renewals, and more. Based in Santa Fe, the MVD operates 32 field offices and 39 local offices across the state, so you can get in-person services near where you live.

Public Transportation in New Mexico

The largest transit agency in the state is ABQ RIDE, which provides bus service to the Albuquerque area. Many other cities and counties have their own transit systems, but some areas aren’t served by public transportation at all. Just over 1 percent of New Mexico residents rely on public transportation to get to work—most people get around by car.

How to Get the Cheapest Car Insurance in New Mexico

The easiest way to get the cheapest car insurance in New Mexico is to compare customized insurance quotes with Insurify. You won’t need to make a spreadsheet with individual quotes or get help from a broker. You’ll just need to answer a few questions about your vehicle and driving history, and Insurify will show you multiple quotes for easy comparison.

You can toggle between coverage limits and adjust your deductible amount to see how your rates are impacted, allowing you to compare policies apples-to-apples. We’ll even factor in certain discounts you may be eligible for. And when you’re ready to sign up for a policy, you can do so in a few minutes from the comfort of your couch.

Frequently Asked Questions: Cheap Car Insurance in New Mexico