Cheap Auto Insurance in New Mexico (2024)

Car insurance costs have been rising in New Mexico, and now average $168 per month for full coverage and $68 for minimum coverage. Still, rates in the Land of Enchantment are well below the national averages of $202 for full coverage and $105 for minimum coverage.

Car insurance rates rose more than 38% in New Mexico during 2023, likely a result of a surge in the state's accident frequency and severity, a high number of uninsured drivers, and the escalating costs of repairs.  

With more rate increases likely on the way, it’s more important than ever to compare car insurance rates to ensure you’re securing an affordable rate. Plenty of car insurance companies across New Mexico offer a variety of discounts, telematics tools, and bundling options that can lower your rates — even if you have at-fault accidents, speeding tickets, and DWI convictions on your driving record.

3 of the cheapest car insurance companies in New Mexico

Finding the cheapest car insurance companies in New Mexico is a good start, but you must also compare their rates with features like coverage options, discounts, and customer service. You may discover that the best insurer for you is the one that caters to your individual situation and needs, even if it doesn’t have the overall cheapest rate.

Best insurer for drivers with a speeding ticket: Progressive

Drivers with a speeding ticket

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JD Power J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.	819
IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.	8.4 /10
Liability Only Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages.	$68/mo
Full Coverage Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible.	$133/mo

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Driver Reviews

How drivers feel about Progressive

Drivers appreciate the professional service and accident forgiveness but dislike the high prices and frequent rate increases.

AI-generated from the text of verified reviews collected by Insurify

Best For

Competitive rates

Easy buying process

Telematics program

How drivers feel about Progressive

Drivers appreciate the professional service and accident forgiveness but dislike the high prices and frequent rate increases.

AI-generated from the text of verified reviews collected by Insurify

Best For

Competitive rates

Easy buying process

Telematics program

Reviews (5,896)

Robert

December 19, 2024

Verified Review

Average

They did not call me back as they promised they would.

Vincent

December 19, 2024

Verified Review

Poor

Too expensive.

Lester

December 19, 2024

Verified Review

Beware!

Beware of the inaccurate snapshot readings that Progressive uses to increase quotes.

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JD Power

J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.

819

NAIC Index

Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.

0.82

A.M. Best

A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).

A+

Why we picked this company

Founded in 1937, Progressive is one of the largest car insurance companies in the country. Policyholders can save with multiple bundling discounts for auto, home, renters, motorcycles, and other insurance. Additional Progressive savings include multi-car, good student, and paperless statement discounts.

Progressive offers affordable rates for divers with a speeding ticket on record. Progressive’s Snapshot Road Test program could also help drivers lower their rates by tracking driving habits and rewarding safe behavior with discounts. AM Best rated Progressive A+ (superior) for financial stability. However, 92% of Progressive's ratings on Trustpilot are 1-star ratings, and customers have made numerous negative comments on the ratings website.

Pros

• Competitive rates for drivers with speeding tickets, at-fault accidents, or DUIs on record

• Numerous discounts, from bundling to safe driver savings

Cons

• Rates may go up after using Snapshot Road Test depending on driving patterns

• Below-average J.D. Power customer satisfaction rating in the Southwest region

Best insurer for families: Allstate

families

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User Reviews	4.0 3,131 reviews
IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.	8.9 /10
Liability Only Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages.	$63/mo
Full Coverage Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible.	$124/mo

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Driver Reviews

4.0

Best choiceBased on 5,747 verified guest reviews and ratings

How drivers feel about Allstate

Drivers appreciate the initial pricing and overall service but dislike the frequent rate increases and misleading pricing tactics.

AI-generated from the text of verified reviews collected by Insurify

Best For

Accident forgiveness

Wide availability

Cheap rates

How drivers feel about Allstate

Drivers appreciate the initial pricing and overall service but dislike the frequent rate increases and misleading pricing tactics.

AI-generated from the text of verified reviews collected by Insurify

Best For

Accident forgiveness

Wide availability

Cheap rates

Reviews (3,131)

Edward

December 19, 2024

Verified Review

A Company with Many Years of Experience

Allstate has been good for me for many years with mediocre pricing.

Barbara

December 18, 2024

Verified Review

Allstate? Ugh!

Clearly, it's not good, or else why would I be shopping for a new policy.

Steven

December 18, 2024

Verified Review

Overpriced

Expensive.

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JD Power

J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.

833

NAIC Index

Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.

0.94

A.M. Best

A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).

A-

Why we picked this company

Allstate, founded in 1931 by Chicago retail giant Sears, Roebuck and Co., offers numerous insurance products, including auto, home, condo, pet, travel, and term life coverage. The insurer offers multiple discounts, including savings for bundling, good students, multiple policies, safe driving, and new vehicles.

Affordable rates for teen drivers, coverage in all 50 states plus Washington, D.C., and the option to bundle various types of insurance make Allstate one of the cheapest car insurers for families. The company has a superior rating from AM Best for financial strength but has a higher-than-average number of customer complaints on consumer review sites.

Pros

• Financially stable with superior credit rating from AM Best

• Numerous bundling options with discounts on the coverages families need 

Cons

• Slow claims resolution, according to customer reviews on Trustpilot

• High number of customer complaints on the National Association of Insurance Commissioners (NAIC) Consumer Complaint Index

Best insurer for teenagers and students: Midvale Home & Auto

Teenagers and Students

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A.M. Best A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).	A
IQ Score The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.	3.2 /10
Liability Only Liability-only insurance, sometimes called minimum-coverage insurance, pays for bodily injury and property damage to others in an accident the policyholder causes. It does not pay for the insured’s own damages.	$58/mo
Full Coverage Full-coverage car insurance generally includes liability, collision, and comprehensive coverage, and may include other optional coverages such as uninsured motorist coverage. Collision covers a policyholder’s repair or replacement costs in case of an accident. Comprehensive covers damages caused by non-accident events. The average quote displayed here reflects policies with the following coverage limits: $50,000 bodily injury liability per person; $100,000 bodily injury liability per accident; $50,00 property damage liability per accident; $1,000 collision deductible; and a $1,000 comprehensive deductible.	$116/mo

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Our Advice

JD Power

J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.

NR

NAIC Index

Average amount of customer complaints relative to competitors on a 0-5 scale. A lower score represents fewer complaints.

NR

A.M. Best

A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).

A

Why we picked this company

Backed by the financial strength of American Family Insurance, Midvale Home & Auto offers auto, home, renters, and condo insurance in addition to liability, comprehensive, and collision insurance. Additional coverages include gap insurance, emergency roadside assistance, and rental reimbursement.

Midvale Home & Auto earned an Excellent (A) rating from AM Best for financial strength. However, the company has a slightly above-average number of customer complaints with the National Association of Insurance Commissioners complaint index.

Pros

• Away at School discount for young drivers attending school without a car 100 miles or more away from home

• Students are eligible for a discount for earning good grades

Cons

• Unable to request a quote online and must speak with an agent

• Bare-bones website and no mobile app

How to get the cheapest car insurance in New Mexico

Comparing quotes is the best way to get the cheap car insurance rates in New Mexico. A highly saturated industry means constant competition. You might have the cheapest rate one year then discover that new rates, discounts, or incentives from another insurer may benefit you more.

Here are other ways you can lower your rate as soon as your next premium is due:

• Reconsider coverage. If your vehicle is worth less than 10 times your annual premium, you can remove some add-ons, like full-coverage auto insurance.

• Increase your deductible. You’ll have to pay more when filing a claim, but a higher deductible for collision and comprehensive leads to lower premiums.

• Look for car insurance discounts. Auto insurance companies offer discounts for driving accident-free for a certain period, being a student and earning good grades, having vehicle safety features, and taking an approved defensive driving course.

• Bundle policies. If you need another insurance product, like home insurance or renters insurance, you can buy multiple policies with one insurer for a discount.

• Compare quotes. One of the best ways to get lower rates is to request quotes from different companies and compare them. Then, you can choose the insurer with the best option for you.

Cheapest liability-only car insurance in New Mexico: State Farm

When you see the cheapest car insurance policies available in New Mexico, many of them will likely be liability-only policies. Liability-only car insurance provides the bare-minimum coverage state law requires. A liability-only policy covers bodily and property damage liability in most states, including New Mexico.

In New Mexico, liability-only insurance costs an average of $68 per month. Here are the cheapest car insurance companies for liability insurance in New Mexico.

Cheapest full-coverage car insurance in New Mexico: State Farm

Whereas liability-only insurance provides a low level of coverage, full-coverage car insurance policies can provide coverage beyond property and bodily liability. The biggest difference: Liability coverage pays for damages you cause others, while full coverage covers damages you incur.

The best car insurance companies throughout New Mexico may define full coverage differently. Many may offer full-coverage policies that combine liability insurance with collision and comprehensive insurance. Others may add onto this by also providing personal injury protection (PIP) or uninsured/underinsured motorist coverage.

New Mexico drivers pay, on average, $168 per month for full coverage. The table below shows the cheapest full-coverage auto insurance companies in New Mexico.

Car insurance requirements in New Mexico

New Mexico is an at-fault state, which means that the driver most at fault is responsible for paying the other parties’ damages. The New Mexico Tort Claims Act is also in effect, which specifies when a driver can seek payment for damages from government employees who are at fault in an accident.

State law only requires drivers to have bodily injury and property damage liability coverages. This state minimum coverage for New Mexico residents will be met with a liability-only policy from any New Mexico insurer.

New Mexico requires the following coverages and limits for drivers:^[2]

New Mexico requires liability insurance, but it’s not the only type of insurance available. No matter if you live in Las Cruces or Albuquerque, It’s a good idea to consider optional, additional coverages that protect against other types of bodily and property damage, including:

• 

  Collision insurance

  This pays for damages when you collide with another vehicle, or an object like a tree or light pole, even if you’re at fault. Collision also covers rollover accidents.

• 

  Comprehensive insurance

  This pays for non-collision damages, like when your car is damaged in a flood, fire, theft, falling objects, severe weather, or through vandalism.

• 

  Personal injury protection

  This covers injuries and medical bills for you and your passengers.

• 

  Uninsured or underinsured motorist coverage

  When an at-fault driver has no insurance or not enough insurance to pay for your damages and medical expenses, this insurance can help cover costs.

Cheapest car insurance for drivers with an incident

Speeding tickets, at-fault accidents, and driving while intoxicated (DWI) convictions may be quite different in scope and severity, but they’re all incidents that could raise your insurance rates. If you have a spotty driving record, it’s crucial to find affordable, cheap car insurance while you work on driving safely and waiting for some of those violations to fall off your record, if they ever do.

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Rates start at $40 for drivers with moving violations on their records

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Cheapest car insurance for drivers with a speeding ticket: State Farm

Compared to many other states, New Mexico’s roadways have higher speed limits on average, especially around major cities like Albuquerque and Santa Fe.^[3] Even though you can get a speeding ticket even if you don’t cause an accident, speed is still a factor in many fatal car accidents.^[4] Insurers view speeding as irresponsible driving, which is why they raise rates when drivers receive speeding tickets.

On average, speeding tickets boost New Mexico insurance rates to $42 for liability coverage. By contrast, drivers with a clean record pay an average of $68 per month. Here are cheap liability-only car insurance quotes for New Mexico drivers with a speeding ticket to start your search, according to Insurify data.

Cheapest car insurance for drivers with an at-fault accident: State Farm

New Mexico has had a higher motor vehicle traffic crash death rate than the United States average since at least 1999.^[5] Even though not all accidents result in death or even injury, many insurers will raise a policyholder’s rate after a single car accident. Many drivers are responsible and make minimal mistakes, which is why some insurers offer accident forgiveness programs.

The average cost of car insurance in New Mexico with an at-fault accident is $68 per month. The following table shows examples of what top insurers charge for minimum-coverage car insurance following an at-fault accident in New Mexico.

Cheapest car insurance for drivers with a DWI: State Farm

With alcohol being involved in approximately 40% of fatal crashes, drinking and driving is an extremely dangerous behavior, which is why insurers penalize drivers with DWI convictions. In New Mexico, a DWI will stay on your record for 55 years, which will almost certainly continue to affect your car insurance rates no matter how clean you keep your record otherwise.^[1]

New Mexico drivers with DUI convictions face an average monthly rate of $117 for liability-only car insurance. Keep in mind, it may be difficult to find insurers willing to extend coverage to you following a DUI conviction. Here are average monthly liability quotes for the lowest rates drivers may get after a DWI conviction in New Mexico.

Cheapest car insurance for seniors: State Farm

Many drivers see rates decrease around age 35, but car insurance rates tend to increase around age 70. Companies raise rates for seniors because they may experience changes in response time, cognition, vision, and confidence as they age. And older drivers get into accidents more frequently than drivers aged 30 to 60.^[6]

On average, liability-only coverage costs $50 per month for senior drivers in New Mexico. The average for full coverage is $123. These insurers offer the lowest average monthly rates for senior drivers in New Mexico.

Cheapest car insurance for teens: State Farm

Although New Mexico generally reported a lower percentage of annual teenage driver deaths compared to many other states in 2020, U.S. teen driving deaths are still disproportionately high compared to other age groups.^[7]

Teens and young adults lack driving experience, often distract one another while driving, and can overestimate their driving abilities, which increases accident risks. That’s why teen drivers often pay more for car insurance.

Michael DeLong, research and advocacy associate at Consumer Federation of America, suggests that young drivers consider taking defensive driving courses to get the cheapest car insurance rates.

“For high school and college-aged teens looking for cheaper auto insurance, shop around and get quotes from a bunch of different insurers,” he says. “That will also help you get a better deal.”

Full-coverage car insurance costs a monthly average of $336 for New Mexico teens. These are the cheapest auto insurance companies for teen drivers in New Mexico.

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New Mexico car insurance quotes by credit tier

Your credit history isn’t the only factor influencing your rates, though many insurers generally offer cheaper rates to those with excellent or good credit scores and more expensive rates to those with bad credit.

By New Mexico law, auto insurers can consider your credit history when determining your rates. But they must send you a letter detailing what negative factors they found in your credit history caused them to decline, cancel, restrict, or quote your policy at a higher rate.^[8]

New Mexico car insurance FAQs