Liberty Mutual Looking to Cut Car Insurance Rates by 10% in New Mexico

Insurer confirms plan but hasn’t yet asked the state for permission to change its rates.

Evelyn Pimplaskar
Evelyn PimplaskarEditor-in-Chief, Director of Content
  • 10+ years in insurance and personal finance content

  • 30+ years in media, PR, and content creation

Evelyn leads Insurify’s content team. She’s passionate about creating empowering content to help people transform their financial lives and make sound insurance-buying decisions.

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Chris Schafer
Edited byChris Schafer
Chris Schafer
Chris SchaferSenior Editor
  • 15+ years in content creation

  • 7+ years in business and financial services content

Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.

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John Leach
Reviewed byJohn Leach
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John LeachSenior Insurance Copy Editor
  • Licensed property and casualty insurance agent

  • 8+ years editing experience

John leads Insurify’s copy desk, helping ensure the accuracy and readability of Insurify’s content. He’s a licensed agent specializing in home and car insurance topics.

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Published May 15, 2024 at 5:00 AM PDT | Reading time: 1 minutes

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New Mexico drivers have seen rapidly increasing car insurance premiums in recent years, but relief may be on the way for at least some motorists in the Land of Enchantment. Liberty Mutual, the sixth-largest U.S. auto insurer by market share, plans to lower its car insurance rates by 10% in New Mexico, P&C Specialist reported.

Liberty Mutual’s average prices for car insurance in New Mexico are $224 per month for full coverage and $112 per month for liability-only insurance, according to Insurify data. If implemented, the rate reductions would lower New Mexico’s averages to $202 and $101 per month, respectively.

The insurer pointed to improving profitability as the reason for the rate decrease.

More good news for New Mexico drivers

Citing an internal memo, P&C Specialist also said Liberty Mutual will relax its underwriting requirements in late May. Rate cuts will be effective for new policies starting May 9.

Steep underwriting losses in states across the country have prompted Liberty Mutual and other auto insurers to dramatically increase rates over the past few years. Car insurance rates rose 24% nationally in 2023, Insurify data shows, and data analysts predict an additional 7% increase in 2024.

But in early 2024, multiple insurers, including Liberty Mutual, have reported a return to profitability for auto insurance.

What’s next?

P&C Specialist reported a Liberty Mutual spokesperson confirmed the anticipated rate increases but said the insurer hadn’t yet filed an application with the New Mexico Superintendent of Insurance’s office for permission to change its rates. New Mexico insurance laws require companies to get state approval before making any changes to their rates, forms, policies, or procedures.

Rate filing requests can take months to move through a state insurance department, so it’s impossible to predict exactly when the state may approve the request once it receives it.


Evelyn Pimplaskar
Evelyn PimplaskarEditor-in-Chief, Director of Content

Evelyn Pimplaskar is Insurify’s director of content. With 30-plus years in content creation – including 10 years specializing in personal finance – Evelyn’s done everything from covering volatile local elections as a beat reporter to building fintech content libraries from the ground up.

Before joining Insurify, she was editor-in-chief at Credible, where she launched and developed the lending marketplace’s media partnership’s content initiative and managed the restructuring of the editorial team to enhance content production efficiency. Formerly, as tax editor for Credit Karma, Evelyn built a library of more than 300 educational articles on federal and state taxes, achieving triple-digit year-over-year growth in e-files from organic search.

Her early career included work as a content marketer, vice president and managing officer of a boutique public relations agency, chief copy editor for 14 weekly Forbes publications, reporting for large and mid-sized daily newspapers, and freelancing for the Associated Press.

Evelyn is passionate about creating personal finance content that distills complex topics into relatable, easy-to-understand stories. She believes great content helps empower readers with the information they need to make important personal finance decisions.

Chris Schafer
Edited byChris SchaferSenior Editor
Chris Schafer
Chris SchaferSenior Editor
  • 15+ years in content creation

  • 7+ years in business and financial services content

Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.

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John Leach
Reviewed byJohn LeachSenior Insurance Copy Editor
Photo of an Insurify author
John LeachSenior Insurance Copy Editor
  • Licensed property and casualty insurance agent

  • 8+ years editing experience

John leads Insurify’s copy desk, helping ensure the accuracy and readability of Insurify’s content. He’s a licensed agent specializing in home and car insurance topics.

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