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New Mexico Car Insurance for Bad Credit Drivers
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Edited by John Leach | Reviewed by licensed insurance agent, Amber Benka
Last Updated March 9, 2022
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Cheapest Companies for Drivers With Bad Credit in New Mexico (2022)
For drivers with bad credit in New Mexico, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for drivers with bad credit.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in New Mexico. The following are the best insurance rates from carriers that offer car insurance for drivers with bad credit in New Mexico.
| Carrier | Avg. Monthly Cost |
|---|---|
| GAINSCO | $116 |
| Dairyland Insurance | $129 |
| Travelers | $134 |
| American Family Insurance | $137 |
| Kemper | $146 |
| Midvale Home & Auto | $152 |
| The General | $156 |
| Safeco Insurance | $168 |
| Bristol West | $168 |
| Hallmark Insurance Company | $183 |
Bad Credit Car Insurance in New Mexico
Historically, auto insurance rates in New Mexico tend to be much lower than in other areas of the country. However, having bad credit can cause rates to rise significantly. In some areas of the state, it can mean an increase of $30 to $40 a month.
The good news is that there are several factors in your control that play into the rates you pay per month. One factor is location. While some places charge drivers with bad credit higher rates, other communities have no noticeable difference in pricing. Shopping around for a carrier is another way to lower your rates overall.
New Mexico Car Insurance Rates for Bad Credit Drivers
Excellent$166
Good$166
Average$169
Poor$193
Insurify's comparison tool will help you make sure you're getting the best possible quote even with a bad credit rating. You can have peace of mind you're not paying any more than need to, and customers save $48 per month on average.
How Much Does Bad Credit Impact Car Insurance Rates in New Mexico?
Having a bad credit rating can play a significant part in determining how much you pay in monthly premiums for auto insurance. For drivers with lower credit scores, the average monthly cost for coverage is $192. That is 14 percent higher than what drivers with good credit pay.
One way that drivers with bad credit can get lower car insurance rates in New Mexico is by shopping around. There are multiple providers willing to be more lenient with credit scores and offer rates that are cheaper than the average.
Avg. Monthly Cost - for Drivers with Good Credit$168
Avg. Monthly Cost - for Drivers with Bad Credit$192
$24 ▴
14.29% ▴
Monthly Impact of Bad Credit on Rates
Percent Bad Credit Impact Rates
Can I Get Car Insurance With No Credit Check in New Mexico?
Since many insurance providers in New Mexico use a credit check as a risk-determining factor, it can be difficult to get auto insurance without one. The companies that do offer coverage without a credit check often charge a higher premium.
One alternative to purchasing car insurance without a credit check is to shop around for better rates. Several insurance carriers will offer competitive rates that can be cheaper than what a no-credit-check provider can offer to drivers who have bad credit.
New Mexico Car Insurance Rates by Credit Tier
One interesting thing to note about credit tiers in New Mexico is that drivers who have an excellent, good, or average credit all spend about the same amount, between $166 and $169 per month for coverage. Drivers who are in the poor credit tier, however, pay an average of $193 in monthly premiums.
| Credit Tier | Avg. Monthly Cost |
|---|---|
| Excellent | $166 |
| Good | $166 |
| Average | $169 |
| Poor | $193 |
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Car Insurance Rates With Bad Credit in New Mexico Cities
The city that you live in can have a significant impact on how much bad credit affects your car insurance rates. Drivers in cities such as Las Cruces and Farmington often experience very little penalty for having poor credit. However, those in Rio Rancho can pay as much as $218 a month for coverage with bad credit.
| City | Credit Tier | Avg. Monthly Cost |
|---|---|---|
| Albuquerque | Poor | $185 |
| Las Cruces | Poor | $123 |
| Roswell | Poor | $151 |
| Rio Rancho | Poor | $218 |
| Los Lunas | Poor | $138 |
| Farmington | Poor | $114 |
Tips for Researching Bad Credit New Mexico Car Insurance Rates
Insurance prices and policies can vary significantly between companies, and a state like New Mexico draws a wide variety of choices when factoring insurance rates for drivers with bad credit.
Insurify's rate 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 you need to, and customers save $585 per year on average.
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
FAQs - New Mexico Car Insurance
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.
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.
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.
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.
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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.
Content Writer at Insurify
Doug Shaffer works as a content writer. He has had the opportunity to write for several national insurance carriers in the past and brings with him over six years of experience working with both business and consumer products. He enjoys being able to break down complex insurance jargon to allow consumers to fully understand their policies.