Average Car Insurance Cost in New Mexico (2024)

Car insurance in New Mexico costs an average of $70 per month for liability coverage and $192 for full-coverage car insurance, which is less expensive than the U.S. national average of $104 for liability and $214 for full coverage. You can find the cheapest coverage for you by comparing quotes from multiple insurers in New Mexico.

New Mexico has the fifth-lowest population density in the U.S. and isn’t prone to many natural disasters, which may help keep car insurance costs down.^[1] Areas with low population densities typically benefit from less traffic congestion and a lower risk of car accidents.

Here’s what you need to know about finding car insurance in New Mexico.

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What’s the average cost of car insurance in New Mexico?

One of the most significant indicators of how much you’ll pay for car insurance in New Mexico is the type of policy you buy. New Mexico residents shell out an overall average of $1,572 yearly, or $131 monthly, for car insurance. Breaking it down by coverage level, liability insurance coverage is $70 per month, while a full-coverage policy is $192 per month, on average.

Liability insurance covers the other driver’s medical expenses and vehicle repairs if you cause an accident, and full-coverage insurance extends coverage to your own vehicle.^[3] Though New Mexico doesn’t require full-coverage insurance, it’s a good idea to consider buying it for vehicle protection.

Here are the average quotes for liability and full-coverage insurance policies in New Mexico from top insurers.

Average New Mexico car insurance rates by city

Car insurance rates don’t only vary by state. Different cities within the same state also see price variations due to various factors like population density, crime rates, accident statistics, and weather patterns in a particular ZIP code.

New Mexico drivers can find some of the lowest rates in Clovis and Hobbs, both of which offer rates well below the state average. Albuquerque tops the list for the most expensive area to buy car insurance.

Here are the average car insurance rates in New Mexico by city.

Average New Mexico car insurance rates by age

Insurers factor in your age when determining your car insurance quote. Teen drivers have less experience and pay the most out of all the age groups. Drivers younger than 25 still face high rates. Drivers between the ages of 20 and 24 caused the most accidents in New Mexico in 2021, according to the New Mexico Traffic Crash Annual Report.^[4]

Middle-aged drivers benefit from more time behind the wheel and earn some of the best deals for auto coverage. Senior drivers typically face slightly increased rates around age 70 due to aging-related risk factors.

Here are the average monthly rates for New Mexico drivers by age group.

How gender affects car insurance rates in New Mexico

Gender and age influence your car insurance premiums. Rates usually decrease with age, but men may pay more than women for auto coverage because they present a higher risk as drivers. In 2021, men in New Mexico had 24% more vehicle accidents than women and were more than twice as likely to die in a crash.

Compare average car insurance rates by age and gender below.

How your driving record affects car insurance rates in New Mexico

Your driving record has a significant effect on your car insurance premium because insurers use it to assess the levels of risk you pose. Having traffic violations on your record will result in higher rates. Drivers with clean records pay the lowest average rates for coverage, while drivers with a speeding ticket, at-fault accident, or DUI face higher insurance rates.

Of the fatal accidents in New Mexico in 2021, speeding caused 10%, and driving under the influence (DUI) resulted in 12% of them, according to the New Mexico Traffic Crash Annual Report.

On average, New Mexico drivers with a past driving incident pay $181 per month for car insurance. The severity of your offense will influence how much you pay for coverage. Here are the average rates for coverage by driving record.

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Average New Mexico car insurance rates by marital status

Your marital status can influence your car insurance rates in New Mexico. Insurance companies see married people as more stable and less likely to take risks behind the wheel, leading to fewer claims and cheaper policies. It isn’t a huge difference, but single drivers pay in New Mexico pay a bit more for coverage than their married peers.

Compare average quotes by marital status below.

Average New Mexico car insurance rates by credit tier

The Personal Insurance Credit Information Act (PICIA) requires New Mexico insurers to follow strict requirements when using credit scores as a factor in car insurance quotes. Credit can’t be the only factor to deny or cancel coverage, but insurers use it to measure reliability and potential risk.^[5]

Maintaining your credit score is one of the best ways to lower insurance costs. Drivers with good or excellent credit typically earn lower rates than people with poor credit. Compare average New Mexico car insurance rates by credit tier below.

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