Average Cost of Car Insurance Rates in New Mexico (2021)

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How Much Does Car Insurance Cost In New Mexico?

On average, car insurance rates for drivers in New Mexico are $182 per month, and $2185 per year. The average rates make New Mexico the 32nd most expensive state in the country for car insurance rates and 22% less expensive then the national average.

Keep in mind that average auto insurance costs are determined by factors other than location. Based on your driving history, credit score, age and marital status you should be able to find insurance quotes and discounts so that your monthly payment is less than the averages cited here. Click the button below to get personalized insurance quotes from top providers like Progressive, Allstate and Nationwide.

0.1%2.3%15.9%50%84.1%97.7%99.9%Average cost: $18250%

Insurify's comparison tool will help you make sure you're getting the best possible quote based on your needs and location. You can have peace of mind you're not paying any more than the average price in your state, and customers save $48 per month on average.

Best New Mexico Auto Insurance Rates

Insurify analyzed car insurance rates in the twenty most populous cities in New Mexico and has selected the following providers and quotes as the best rates for drivers in New Mexico.

Cheapest Companies
progressive

Progressive

$21/mo
state-farm
$39/mo
allstate
$80/mo
geico
$82/mo
travelers
$87/mo

New Mexico Car Insurance Rates by City

For drivers in New Mexico, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Based on internal Insurify data, here are the average cost of car insurance rates for drivers in the top 10 cities in New Mexico.
City
Albuquerque$184
Carlsbad$147
Clovis$158
Farmington$120
Hobbs$166
Las Cruces$137
Los Lunas$162
Rio Rancho$182
Roswell$136
Santa Fe$142

What Is the Average Cost of Car Insurance in New Mexico by Age?

Teenagers pay a high price to drive in New Mexico: $371 on average. This is sure to put a dent in a young person’s wallet. Once drivers hit their 20s, rates hover closer to the state average at a more reasonable $215 per month.

Prices will continue to go down for the older age groups, with rates hitting their lowest for drivers in their 70s. Then, prices tick back up for drivers over 80, who pay $173 per month for their car insurance.

Age
Teens$371
20s$215
30s$150
40s$162
50s$149
60s$136
70s$135
>80s$173

What Is the Average Cost of Car Insurance in New Mexico by Gender?

Men are charged about $17 more for insurance than women. At $174 per month, the women of New Mexico pay $8 less than the state average for car insurance.

Gender
Male$191
Female$174

Does Marital Status Influence the Average Cost of Car Insurance in New Mexico?

When you get married in New Mexico, you can expect some nice savings on car insurance. On average, married drivers pay $173 per month, compared to $186 per month for single drivers. Given that New Mexico’s monthly premiums are already low, saving another few dollars on car insurance is certainly cause for celebration.

Marital Status
Married$173
Single$186

What Are the Minimum Car Insurance Requirements in New Mexico?

New Mexico requires a fairly standard amount of car insurance, with $25,000 in bodily injury liability per person and $50,000 per accident. So if you harm anyone in an accident, your insurance will cover the costs associated with these injuries up to that limit. Additionally, drivers must have $10,000 of property damage liability per accident, which covers the costs associated with any property damage from an accident. Accidents can cause quite a bit of damage, and $10,000 is a lower minimum than most states require. Consider purchasing even more property damage liability insurance.

new-mexico

How Does Credit History Affect New Mexico Car Insurance Rates?

New Mexico allows car insurance companies to consider your credit score when determining your car insurance rates. Despite this, drivers with an excellent credit history actually pay the same amount, on average, as those with a poor credit history ($169 per month). Drivers with an average or good credit history pay even more for car insurance, at $173 per month and $171 per month, respectively.

Credit History
Poor$169
Average$173
Good$171
Excellent$169

What Is the Average Cost of Car Insurance in New Mexico for High-Risk Drivers?

"Safety first" is not just a mantra that saves lives. It also saves money. Common sense tells us that the safest drivers will pay the least, and safe drivers qualify for "good driver" and "accident-free" discounts. But what if your record is less than perfect?

Drivers with a speeding ticket in New Mexico will pay $36 more per month on average—plus fines. Drivers with an at-fault accident on their insurance record should expect to see monthly rates increase by around $36. Accidents happen, but driving safely and keeping a clean record are the best ways to avoid rate hikes. Remember, violations and accidents will stay on your insurance history for years to come. Still, you can still take a defensive driver course to reduce your monthly payment.

Driving History
No Violation$175
At-Fault Accident$211
Speeding$212

Tips for Researching New Mexico Car Insurance Rates

When it comes to car insurance rates, you never quite know what you’re going to get. Prices fluctuate wildly between companies, based on a whole host of factors. With many trusted carriers offering their services in New Mexico, drivers in this unique Southwestern state will want to make sure they’re comparing rates so that they can find the right policy for their budget.

Insurify is all about making it easy to compare quotes so that drivers can find cheap car insurance rates. With Insurify, dozens of free car insurance quotes are just a few clicks away, setting you up to find the right policy at the right price.

Top Auto Insurance Companies

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Insurify’s network includes over 200 insurance companies throughout the U.S. who can work with you to get you the right auto insurance policy at the cheapest price.

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FAQs - New Mexico Car Insurance

Why is car insurance so expensive in New Mexico?

There are many different factors that go into the how expensive your car insurance is. That said, some of the reasons why you could be paying so much for your insurance include: living in a state with high minimum insurance requirements, being a young or new driver, committing past traffic offenses like at-fault accidents or DUIs, and having a low credit score.

Do car insurance rates vary by county in New Mexico?

Auto insurance costs will vary between locations and insurance carriers, depending on the county New Mexico. Insurify analyzed the latest data for the five most populous cities in New Mexico to find you the cheapest quotes in each of these metropolitan areas.

Which providers have the best auto insurance ratings in New Mexico?

'The way to find the carrier with the best auto insurance ratings in New Mexico and save on your insurance premiums is to compare quotes from all companies in your area. Use a car insurance quotes comparison site like Insurify to compare up to 10+ real quotes for your specific driver profile and unlock savings and discounts. Rates can fluctuate greatly based on whether you''re a safe driver or a high risk one, but you should never overpay. Insurify provides the cheapest car insurance quotes and companies in your area in just a few seconds.'

How much do annual auto insurance rates increase in New Mexico?

During the past three years in the United States, national premium costs have risen an average of 4.5 percent annually. In states where quotes have risen, this figure has been 7.8 percent; and in those where rates have fallen, prices have decreased by approximately 6.0 percent. Individual rates by state will of course vary depending on the driver’s history and a multitude of factors.

Insurify Rate Comparison Methodology

The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced.