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Cheap Car Insurance in New Mexico (With Quotes, May 2022)

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Lindsay Frankel

By: Lindsay Frankel

Edited by Tanveen Vohra | Reviewed by licensed insurance agent, Amber Benka

Last Updated May 10, 2022

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Quick Facts

  • The average cost of car insurance in New Mexico is $182 per month, or $2,184 annually.
  • Progressive is the cheapest provider we found in New Mexico, with average premiums of $99 per month.
  • Your rates are determined by factors outside of your location, such as your age and driving record – but by comparing car insurance quotes, you can ensure you find the best rate for your circumstances.

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.

See More: Cheap Car Insurance

See More: Cheap Car Insurance No Deposit

Cheapest Car Insurance in New Mexico

How much is car insurance in New Mexico?

The average cost of car insurance in New Mexico is $182 per month. However, keep in mind that what you pay for car insurance will depend on your age, gender, driving record, credit score, and other factors in your unique driving profile.

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.

Car Insurance CompanyAverage Monthly Quote
Progressive$99
Kemper Specialty$131
Travelers$133
GAINSCO$133
Midvale Home & Auto$139
Dairyland$149
Kemper$160
Acuity$167
Safeco$169
Hallmark$172
Disclaimer: actual quotes may vary based on the policyholder's unique driver profile.

See More: Car Insurance Quotes

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.

Car Insurance CompanyAverage Monthly Quote
Progressive$70
Kemper Specialty$74
GAINSCO$78
Midvale Home & Auto$85
Travelers$89
Dairyland$91
Acuity$93
Kemper$95
Safeco$96
Hallmark$97
Disclaimer: actual quotes may vary based on the policyholder's unique driver profile.

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.

Car Insurance CompanyAverage Monthly Quote
Progressive$116
Travelers$149
Midvale Home & Auto$159
Acuity$176
GAINSCO$180
Kemper Specialty$187
Safeco$195
Dairyland$202
Nationwide$213
The General$217
Disclaimer: actual quotes may vary based on the policyholder's unique driver profile.

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.

Car Insurance CompanyICSAverage Monthly Quote
Nationwide89$206
Safeco86$169
Liberty Mutual82$193
Travelers80$133
Disclaimer: actual quotes may vary based on the policyholder's unique driver profile.

See More: Best Car Insurance Companies

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.

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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.

InfractionAverage Monthly Cost
Clean Record$146
DUI$173
At-Fault Accident$205
Speeding Ticket$194
Disclaimer: actual quotes may vary based on the policyholder's unique driver profile.

See More: High-Risk Car Insurance New Mexico

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.

Car Insurance CompanyAverage Monthly Quote
Progressive$95
Midvale Home & Auto$120
Kemper Specialty$121
GAINSCO$125
Travelers$126
Dairyland$138
The General$156
Safeco$156
Hallmark$156
Bristol West$161
Disclaimer: actual quotes may vary based on the policyholder's unique driver profile.

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.

Car Insurance CompanyAverage Monthly Quote
Progressive$119
Kemper Specialty$127
Dairyland$143
GAINSCO$146
Travelers$151
Kemper$157
Liberty Mutual$157
Safeco$165
Midvale Home & Auto$168
Bristol West$177
Disclaimer: actual quotes may vary based on the policyholder's unique driver profile.

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.

Car Insurance CompanyAverage Monthly Quote
Progressive$116
Acuity$142
Travelers$146
Kemper Specialty$176
GAINSCO$180
Dairyland$205
Kemper$206
Safeco$211
Midvale Home & Auto$228
Bristol West$235
Disclaimer: actual quotes may vary based on the policyholder's unique driver profile.

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.

Car Insurance CompanyAverage Monthly Quote
Progressive$109
GAINSCO$148
Travelers$161
Kemper Specialty$161
Dairyland$184
Midvale Home & Auto$186
Kemper$190
Safeco$203
Bristol West$204
Hallmark$216
Disclaimer: actual quotes may vary based on the policyholder's unique driver profile.

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.

Credit TierAverage Monthly Quote
Excellent$256
Good$273
Average$318
Poor$396
Disclaimer: actual quotes may vary based on the policyholder's unique driver profile.

See More: Bad Credit Car Insurance New Mexico

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.

CityAverage Monthly Quote
Albuquerque$185
Las Cruces$138
Santa Fe$142
Rio Rancho$184
Roswell$137
Hobbs$163
Los Lunas$162
Clovis$153
Carlsbad$149
Farmington$121
Alamogordo$104
Deming$91
Las Vegas$147
Disclaimer: actual quotes may vary based on the policyholder's unique driver profile.

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.

Age GroupAverage Monthly Rate
Teenagers$339
Under 25$269
20s$197
30s$144
40s$148
50s$132
60s$126
70s$139
80+$150
Disclaimer: actual quotes may vary based on the policyholder's unique driver profile.

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

The minimum bodily injury liability insurance requirements in New Mexico are:

  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident

Bodily injury liability coverage protects you by paying for the injuries of anyone you harm in an accident. The minimum limits New Mexico state law requires are $25,000 for the injury or death of a single person involved in a car accident and $50,000 for the injury or death of multiple persons. Insurance providers list this coverage at 25/50, stating the limitations of each minimum. In an accident, liability coverage protects you up to the policy limit. Damages above the policy limit of $50,000 are your responsibility.

The minimum property damage liability insurance requirements in New Mexico are:

  • $10,000 property damage liability per accident

Property damage liability coverage pays for any property that you damage in an accident. The state of New Mexico requires $10,000 for the minimum. You’ll see the collective state minimum listed at 25/50/10. The 10 refers to the property damage liability. Once again, any damages above the $10,000 are your responsibility.

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

  • Yes. New Mexico drivers are required to carry the state minimum levels of bodily injury liability coverage and property damage liability coverage. If you’re caught driving uninsured, your driver’s license will be suspended, and you could be fined $300 or spend up to 90 days in jail.

  • The best way to find cheap car insurance in New Mexico is to compare rates across providers since some companies may offer lower premiums than others. Insurify makes it easy to compare multiple quotes in just a few minutes, so you won’t have to spend hours doing research or hire a broker.

  • The average cost of car insurance in New Mexico is $182 per month, but your individual rate will vary based on factors such as your age, driving record, address, and more. That’s why it’s important to compare premiums across multiple car insurance providers.

  • Car insurance rates are highest for young drivers and those with at-fault accidents in New Mexico. Other infractions can also drive up car insurance rates.

  • No. Personal injury protection (PIP) is not required or available in New Mexico. However, you may opt to add medical payments coverage to your policy, which helps cover your medical bills after an accident you cause.

Insurify Insights

How New Mexico Drivers Measure Up

While most drivers know that car insurance quotes are determined in part by your personal driving history, many may be unaware that rates are also impacted by the average risk of the drivers around you as well. Check out Insurify's latest analysis of driving records in New Mexico below:

Methodology

Drawing from an internal database of over 4 million car insurance applications, the research team at Insurify analyzes patterns in car ownership and driver behavior - including how New Mexico drivers measure up to their fellow motorists across the United States in areas including speeding, DUIs, and more.
Insurify Insights publishes data-driven articles, trend analyses, and national rankings each week on all factors related to cars and those who drive them.

ford

Ford F-Series Pickup

Most Popular Car in New Mexico

#30

State with the Most Speeding Tickets Rank

#36

State with the Moving Violations Rank

#18

State with the Most DUIs Rank

#39

State with the most Suspended Licenses

  • While car accidents are a sadly unavoidable feature of time spent on the road, rates of accidents do vary from city to city and from state to state. New Mexico is the #49 state in the country for drivers with an at-fault accident on their driving record.

    • Rank among states: #49
    • Percent of drivers in New Mexico with an accident: 7.46%
    • Percent of all U.S. drivers with an at-fault accident: 10.18%
    • Drivers in NM who have a current at-fault accident on their driving record pay 42.86% more on average than drivers with a clean record.
  • Exceeding the speed limit can endanger others and have a serious impact on your insurance costs. New Mexico is the #30 state in the country for drivers with a speeding ticket on record.

    • Rank among states: #30
    • Percent of drivers in New Mexico with a speeding ticket: 9.68%
    • Percent of all U.S. drivers with a speeding ticket: 9.18%
    • Drivers in NM with a speeding ticket in their driving history pay on average 29.29% more than drivers with a clean record.
  • While driving while intoxicated is never acceptable, it’s a more common offense than many assume. New Mexico is the #18 state in the country for drivers with a prior drunk driving conviction.

    • Rank among states: #18
    • Percent of drivers in New Mexico with a DUI: 2.3%
    • Percent of all U.S. drivers with a DUI: 1.65%
    • Drivers in NM with a DUI in their driving history pay on average 9.29% more than drivers with a clean record.
  • The Insurify team classifies rude drivers as those who commit one or more of the following driving offenses: failure to yield or failure to stop, improper backing, passing where prohibited, tailgating, street racing, or hit-and-run. New Mexico is the #15 state in the country for drivers with a rude driving violation on record.

    • Rank among states: #15
    • Percent of drivers in New Mexico with a rude driving violation: 1.47%
    • Percent of all U.S. drivers with a rude driving violation: 1.68%
    • Drivers in NM with a rude driving violation in their driving history pay on average 26.43% more than drivers with a clean record.
  • Reckless driving refers to a specific traffic violation: when drivers willfully act dangerously in spite of the risks they’re imposing on both themselves and others. New Mexico is the #41 state in the country for drivers with a reckless driving offense on record.

    • Rank among states: #41
    • Percent of drivers in New Mexico with a reckless driving offense: 0.06%
    • Percent of all U.S. drivers with a reckless driving offense: 0.0949%
  • Failing to yield the right of way isn’t just frustrating for other drivers; it’s dangerous, too. New Mexico is the #38 state in the country for drivers with a failure to yield violation on record.

    • Rank among states: #38
    • Percent of drivers in New Mexico with a failure to yield violation: 0.28%
    • Percent of all U.S. drivers with a failure to yield violation: 0.36%
    • Drivers in NM with a failure to yield violation in their driving history pay on average 35.71% more than drivers with a clean record
  • Having a squeaky-clean driving record is an impressive accomplishment. Some states have consistently safer drivers than others; New Mexico is the #15 state in the country for drivers with a clean record.

    • Rank among states: #15
    • Percent of drivers in New Mexico with a clean record: 82.41%
    • Percent of all U.S. drivers with a clean record: 82.17%
  • As auto manufacturers increasingly turn towards producing greener car models, more and more motorists are embracing hybrids and EV’s. New Mexico drivers rank #35 in hybrid and electric vehicle ownership across all fifty states.

    • Rank among states: #35
    • Percent of drivers in New Mexico with a hybrid/electric vehicle: 0.67%
    • Percent of all U.S. drivers with a hybrid/electric vehicle: 2.4%
Insurify Insights

Insurify's team of data scientists and content specialists presents Insurify Insights, a series of automotive, home, and health studies focusing on the topics that impact us all. through expert analysis of over 4 million car insurance applications and an array of top data sources, the Insurify Insights team produces new data-driven articles, trend analyses, regional superlatives, and national rankings every week. See Insurify Insights as featured in Forbes, Fox News, USA Today, NPR, and more.

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Methodology

The car insurance quotes displayed are based on an analysis of Insurify’s database of over 40 million quotes from 500 ZIP codes nationwide. To obtain representative rates, Insurify’s data science team performs frequent comprehensive analyses of the factors car insurance providers weigh to calculate rates including driver demographics, driving record, credit score, desired coverage level, and more.

Insurify’s analysis also incorporates the Insurify Composite Score (ICS) assigned to each insurance provider. The ICS is a proprietary rating that weighs multiple factors reflecting the quality, reliability, and health of an insurance company. Ratings used to calculate the ICS 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. 

With the above insights and ranking methods, Insurify is able to offer car insurance shoppers insight into how various insurance providers compare to one another in terms of both cost and quality. Note, actual quotes will vary based on unique attributes including the policyholder’s driver history and their garaging address.

Lindsay Frankel
Lindsay Frankel

Content Writer at Insurify

Lindsay Frankel is a full-time freelance writer specializing in personal finance and insurance topics. Her work has been featured in publications such as LendingTree, The Balance, Coverage.com, Bankrate, NextAdvisor, and FinanceBuzz. For the past year, she has written about car insurance for Insurify.

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