New Mexico Average Cost of Car Insurance Rates (2023)

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 than 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.

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.

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.

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.

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.

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.

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.

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.

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.

Compare Top Auto Insurance Companies

Use Insurify for all of your car insurance comparison needs! Compare and connect directly with the top insurance companies to find the best rates as well as the most personalized discounts and coverage options. 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. See All Auto Insurance Companies