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Best Car Insurance Companies in New Mexico 2022: Quotes, Discounts

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Jennifer Pendell

By: Jennifer Pendell

Edited by Jackie Cohen | Reviewed by licensed insurance agent, Amber Benka

Last Updated April 5, 2022

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Quick Facts

  • Insurify’s best-rated insurance provider in New Mexico is Nationwide.
  • Travelers is the cheapest insurer on average in New Mexico, with average rates of $121 per month.
  • The best-rated car insurance provider might not be the best for every unique driver profile, so it’s important for drivers to compare quotes from multiple insurers before buying a policy.

New Mexico is known for its rich history and a culture unlike anything you’ll find anywhere else in the U.S. This beautiful, laid-back state is a favorite of people who love the scenic landscape and some of the oldest byways in the nation, including historic Route 66. And the cost of living is relatively low. However, New Mexico residents may find themselves paying in other ways - namely, the cost of car insurance.

The Land of Enchantment’s 142,940 miles of roads are home to one of the highest rates of uninsured motorists in the country. The national average of uninsured drivers is 13 percent; in New Mexico, almost 21 percent of motorists are uninsured. This is one factor contributing to the high cost of car insurance rates in the state. With all these uninsured and underinsured drivers on the streets, it’s more important than ever to be protected by good auto insurance coverage, preferably a policy that includes uninsured motorist coverage.

Whether you’re only looking for the legal minimum coverage or a full-coverage policy that provides comprehensive coverage, it’s important to shop around and compare car insurance quotes. That way, you can find the best combination of low insurance cost and good coverage. To help you find the best auto insurance policy for you, we’re ranking the top New Mexico car insurance providers.

Not sure how to find cheap car insurance? Check out Insurify, a simple tool that helps you compare auto insurance rates no matter what your situation is, whether you’re a good driver with a good credit score and a clean driving record or a high-risk driver who has had a DUI or at-fault accident in the past.

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See More: Best and Worst Sites to Compare Car Insurance

Best Car Insurance Companies 2022

RankCompany NameAverage Cost Per Month in New MexicoInsurify Composite Score
1Nationwide$17989
2Safeco$15286
3Liberty Mutual$18882
4Travelers$12180
Disclaimer: actual quotes may vary based on the policyholder's unique driver profile.

Insurify Composite Score Methodology

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.

Top Car Insurance Companies: Find the Right One for You

What is the best car insurance company in New Mexico?

In New Mexico, Nationwide, Safeco, Liberty Mutual, and Travelers all reliably pay claims, have high customer ratings, and offer good rates to drivers. 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.

There are many New Mexico auto insurance companies on the market that can cover drivers in every phase of life, and all of them can meet the state minimum insurance requirements. Popular insurers in the state include Allstate, GEICO, State Farm, USAA and Progressive. But when our data scientists compared insurance companies, a select few emerged as especially good choices thanks to a combination of the best average rates and high ratings for financial strength, customer satisfaction, and other factors. Here are our picks for the top insurance providers in New Mexico.

See More: Full-Coverage Car Insurance

See More: Bundle Home & Auto Insurance

1
Nationwide logo

Nationwide

Average monthly cost:
$179
Insurify Composite Score:
89

Nationwide sits at the top of many of our state rankings of insurance companies, and New Mexico is no exception. This top-rated insurance provider has fewer complaints than we expected for an insurer of its large size, and it also beats the national average for customer satisfaction in J.D. Power studies. Nationwide can provide everything you need, including meeting New Mexico’s standards for minimum liability coverage. And it has lots of additional coverage options to help you create the policy that best fits your life.

One of Nationwide’s most popular supplemental policies is its Vanishing Deductible. This policy lets you lower your deductible by up to $500 over a few years by driving safely and not getting in car accidents. Its insurance agents will also give you a free assessment every year to see if you qualify for discounts or need to change your policy.

Top discounts that the company offers include:

  • Bundling multiple policies
  • Installing anti-theft devices
  • Using automatic payment for your bills
  • Remaining accident-free
  • Being a good student
  • Taking a defensive driving course

Your car insurance premiums may be higher or lower depending on your age, driving history, and other factors. For instance, young drivers tend to pay more because they take more risks on the road and haven’t been driving for as long. Older policyholders with a history of safe driving will pay less than teen drivers.

Driver CategoryAverage Monthly Cost
Drivers Under 25$291
Drivers Over 60$143
Safe Drivers (No Prior Violations)$171
Drivers With a Prior Accident$263
Drivers With a Prior Speeding Ticket$263
Drivers With Average Credit$198
Disclaimer: actual quotes may vary based on the policyholder's unique driver profile.
2
Safeco logo

Safeco

Average monthly cost:
$152
Insurify Composite Score:
86

Safeco is known for fairly affordable rates, and the company is also a favorite of consumers, as it received fewer customer complaints than expected relative to its size. Its parent company is Liberty Mutual, the sixth-largest car insurance provider in the U.S.

Safeco can deliver policies ranging from the minimum allowable limits - including the minimum amount of bodily injury liability and property damage liability insurance - to a full-coverage policy that includes collision coverage. Collision insurance is not typically included in the cheapest auto insurance that only meets the minimum standards. You can also choose to supplement your policy with endorsements such as first-aid reimbursement, accident forgiveness, and diminishing deductible, where Safeco reduces your collision deductible by up to $500 if you don’t file claims.

Top discounts that the company offers include:

  • Having multiple policies (bundling)
  • Insuring multiple cars
  • Being a safe driver
  • Taking an accident prevention course
  • Driving fewer miles annually
  • Adding anti-theft devices or using anti-lock brakes
  • Homeowners discount

Safeco’s best rates for you will vary depending on your individual risk profile, which includes your age, driving record, and more.

Driver CategoryAverage Monthly Cost
Drivers Under 25$247
Drivers Over 60$124
Safe Drivers (No Prior Violations)$142
Drivers With a Prior Accident$210
Drivers With a Prior Speeding Ticket$199
Drivers With Average Credit$154
Disclaimer: actual quotes may vary based on the policyholder's unique driver profile.

Liberty Mutual is the sixth-largest auto insurer in the nation based on the number of premiums written. The company offers the minimum coverage limits needed to comply with New Mexico state law and also offers several add-ons that can be a great option, such as a deductible fund, where Liberty Mutual contributes $70 to lower your collision deductible every year, while you contribute $30.

Top discounts that the company offers include:

  • Homeowners discount
  • Being a member of the U.S. military
  • Driving a hybrid or electric car
  • Installing certain safety features
  • Avoiding accidents and traffic violations
  • Bundling multiple policies or insuring multiple cars
  • Paying your full annual premium upfront
  • Buying a policy online or receiving paperwork electronically
  • Being a new customer

Your rates from Liberty Mutual will vary depending on your age, safety profile, and other risk factors.

Driver CategoryAverage Monthly Cost
Drivers Under 25$329
Drivers Over 60$115
Safe Drivers (No Prior Violations)$177
Drivers With a Prior Accident$256
Drivers With a Prior Speeding Ticket$225
Drivers With Average Credit$196
Disclaimer: actual quotes may vary based on the policyholder's unique driver profile.
4
Travelers logo

Travelers

Average monthly cost:
$121
Insurify Composite Score:
80

Travelers is a big name in car insurance - in fact, it’s one of the largest car insurance providers in the U.S. It has many discounts and coverage options so you can create a policy that fits your unique situation. It also has fewer complaints to state regulators than we expected for a company of its size.

One handy thing about Travelers is its robust website and mobile app that lets you pay bills, file claims, and call for assistance from your phone or computer.

Top discounts that the company offers include:

  • Buying multiple policies
  • Owning a home
  • Being a safe driver
  • Not having gaps in coverage
  • Owning or leasing a hybrid car
  • Buying a new car
  • Paying electronically, upfront, or on time
  • Getting a quote before your policy expires
  • Maintaining at least a B average while in high school or college
  • Taking driver training

You may be quoted a different premium depending on how old you are and your driving history.

Driver CategoryAverage Monthly Cost
Drivers Under 25$166
Drivers Over 60$102
Safe Drivers (No Prior Violations)$115
Drivers With a Prior Accident$146
Drivers With a Prior Speeding Ticket$160
Drivers With Average Credit$128
Disclaimer: actual quotes may vary based on the policyholder's unique driver profile.

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Average Monthly Cost of Car Insurance in New Mexico

The average cost of car insurance will vary significantly depending on where you live. For example, people in Albuquerque pay an average of $186 per month, while people in Las Cruces only pay an average of $139.

CityAverage Monthly Cost
Albuquerque$186
Deming$103
Farmington$121
Las Cruces$139
Roswell$146
Santa Fe$146
Taos$127
Disclaimer: actual quotes may vary based on the policyholder's unique driver profile.

How to Determine the Best Car Insurance Company for Yourself

Looking for the best car insurance in New Mexico? Start by getting quotes from several insurance companies. You need to be able to ask questions and compare policies.

Tools like Insurify make this task easier than ever. Just answer a few questions about yourself, your car, and your driving record, and get quotes from top insurers.

See More: Car Insurance for Bad Driving Records

Frequently Asked Questions

  • The best car insurance is about more than low rates. You need a company that has high customer satisfaction ratings and an easy route to file claims, as well as tools that help you manage your account.

  • There are lots of factors that go into determining car insurance premiums, including your location, your driving record, and your age. That’s why getting lots of quotes from different companies is one of the best things you can do to find low rates. Your cheapest rate may be from a different provider than someone else’s if you qualify for certain discounts.

  • You need a car insurance company that meets your needs and charges a reasonable price. That means you need to buy at least the state minimum requirements for car insurance. If you took out a loan to buy your car, the lender may require you to buy a full-coverage policy, so check with your lender to see if they have any stipulations on coverage.

  • Find the best car insurance at the lowest price by comparing insurance companies with Insurify. This way, you can get accurate quotes from all the top insurers to help you make your decision.

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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.

Jennifer Pendell
Jennifer Pendell

Content Writer at Insurify

Jennifer Pendell is a personal finance writer from the Midwest. Her passion is breaking down tough subjects to make them easier to understand. When she’s not writing, she loves reading, camping and spending time with friends and family.

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