- Average cost of car insurance in New Mexico
- Best car insurance companies in New Mexico
- Cheapest car insurance companies in New Mexico
- New Mexico car insurance requirements
- Cheapest car insurance companies for minimum liability coverage in New Mexico
- Cheapest car insurance cost in New Mexico by age
- Cheapest car insurance companies in New Mexico by driver profile
- Compare auto insurance rates by city in New Mexico
- Car insurance premium trends in New Mexico
- Methodology
- Compare New Mexico car insurance rates with other states
Average cost of car insurance in New Mexico
The average car insurance rate in New Mexico is $2,486 a year for a full coverage policy with a coverage level of 100/300/100 for a driver age 40, according to a rate analysis by Insurance.com. For the state minimum coverage, the average annual cost in New Mexico is $475.
Best car insurance companies in New Mexico
State Farm is the best car insurance company in New Mexico, based on our best car insurance companies rankings for 2025, with an overall rating of 4.69. GEICO came in second.
Below is a full list of the top New Mexico insurance companies based on price, NAIC complaint ratio, and AM Best financial ratings. The total Insurance.com score is calculated out of five using these factors.
| Company | AM Best | JD Power | NAIC | Average annual premium | Insurance.com score |
|---|---|---|---|---|---|
| State Farm | A++ | 646 | 0.79 | $1,669 | 4.69 |
| GEICO | A++ | 618 | 0.69 | $1,406 | 4.49 |
| Progressive | A+ | 614 | 0.71 | $1,557 | 4.24 |
| Nationwide | A | 618 | 0.63 | $1,806 | 4.17 |
| Allstate | A+ | 633 | 1.1 | $2,834 | 3.44 |
| Farmers | A | 599 | 0.86 | $2,740 | 3.12 |
| USAA | A++ | 733 | 1.18 | $1,054 | 4.5 |
Cheapest car insurance companies in New Mexico
Don't just go with the first insurer you come across. Comparison shopping is the key when it comes to finding the best deal on auto insurance. Get quotes from several different insurers and compare their rates. You may be surprised at how much difference there can be in rates from one company to another.
We have gathered price quotes from all the major insurance providers in New Mexico and put together a list of the cheapest car insurance companies. Based on a rate analysis by Insurance.com, GEICO is the cheapest auto insurance company in New Mexico, with average rates of $1,502 annually or $125 a month, on average, for full coverage. USAA is cheaper but has eligibility requirements.
| Company | State minimum liability | 50/100/50 liability | 100/300/100 liability with $500 deductible |
|---|---|---|---|
| GEICO | $378 | $536 | $1,502 |
| Central Insurance | $202 | $418 | $1,952 |
| Progressive | $405 | $602 | $2,046 |
| Nationwide | $693 | $961 | $2,547 |
| State Farm | $515 | $786 | $2,640 |
| Farmers | $610 | $1,152 | $2,765 |
| Allstate | $791 | $842 | $2,995 |
| Kemper | $454 | $771 | $3,449 |
| Iowa Farm Bureau | $479 | $765 | $3,743 |
| USAA | $225 | $455 | $1,254 |
*USAA offers car insurance only to military veterans and their families.
Auto insurance calculator
Top 5 most & least expensive cities for auto insurance in New Mexico
Most Expensive
| City | Highest annual rate | Highest monthly rate |
|---|---|---|
| Sandia Knolls | $988 | $82 |
| Espanola | $986 | $82 |
| Belen | $985 | $82 |
| Bosque Farms | $985 | $82 |
| Cochiti Pueblo | $984 | $82 |
Least Expensive
| City | Lowest annual rate | Lowest monthly rate |
|---|---|---|
| Peralta | $1,001 | $83 |
| Los Lunas | $1,003 | $84 |
| Bernalillo | $1,009 | $84 |
| Cedar Crest | $1,015 | $85 |
| Tijeras | $1,021 | $85 |
The New Mexico Office of the Superintendent of Insurance says...
An insurance company's premium increases are a direct reflection of the countrywide or statewide pool of losses that the insurance company experiences. The losses of the few within the insurance company's pool of policyholders are paid for by all policyholders within the pool. This is the basic premise upon which the concept of insurance is based and without which no insurance would be available.
- The New Mexico Office of the Superintendent of InsuranceNew Mexico car insurance requirements
New Mexico's minimum car insurance coverage limits are 25/50/10. New Mexico's state minimum liability insuranceLiability insurance covers sums that an insured becomes legally obligated to pay because of bodily injuries or property damage, or financial losses caused to other people. costs an average of $475 annually or $40 monthly.
Minimum liability insurance requirements for New Mexico:
- Bodily injury liability (BI): $25,000 per person, $50,000 per accident
- Property damage liability (PD): $10,000 per person
Cheapest car insurance companies for minimum liability coverage in New Mexico
According to Insurance.com, Central Insurance provides the cheapest state minimum liability insurance, averaging $418 annually or $35 monthly.
In the table below, see the most affordable car insurance companies with their state minimum coverage rates in New Mexico.
| Company | Liability insurance premium | Monthly liability insurance premium |
|---|---|---|
| Central Insurance | $418 | $35 |
| GEICO | $536 | $45 |
| Progressive | $602 | $50 |
| Iowa Farm Bureau | $765 | $64 |
| Kemper | $771 | $64 |
| State Farm | $786 | $65 |
| Allstate | $842 | $70 |
| Nationwide | $961 | $80 |
| Farmers | $1,152 | $96 |
| USAA | $455 | $38 |
*USAA offers coverage only to military veterans and their family
Cheapest car insurance cost in New Mexico by age
In New Mexico, car insurance rates are higher for teenagers as they are more prone to accidents due to their lack of experience on the road.
Central Insurance offers the cheapest car insurance for a 16-year-old driver in New Mexico at $4,440 per year.
Car insurance rates will decrease as teens age and keep a good driving record. Car insurance rates for adults 25+ and seniors 60+ are lower than those for teens and young adults.
In New Mexico, GEICO offers the cheapest full coverage car insurance for a 25-year-old and a 65-year-old driver at $1,859 per year and $1,574 per year, respectively. USAA offers cheaper rates but has eligibility requirements.
Compare car insurance rates by age
Select your age group and age below to see the insurance company and its
average annual and average monthly premium rates.
| Central Insurance | $4,440 | $370 |
| USAA | $5,327 | $444 |
| GEICO | $5,852 | $488 |
| State Farm | $9,364 | $780 |
| Nationwide | $9,617 | $801 |
| Iowa Farm Bureau | $11,112 | $926 |
| Allstate | $13,032 | $1,086 |
| Progressive | $14,532 | $1,211 |
| Kemper | $16,466 | $1,372 |
| Farmers | $18,566 | $1,547 |
*USAA offers car insurance only to military members, veterans and their families.
Cheapest car insurance companies in New Mexico by driver profile
Drivers who have accidents or tickets are considered a higher risk and will pay more for insurance..
However, the severity and frequency of the incidents also plays a role in insurance rates. For instance, drivers with a single minor accident will see a smaller increase in their rates compared to those with multiple major accidents.
Below are average New Mexico rates by company for drivers with accidents and tickets on their driving record.
| Company | Clean record | Accident | Speeding ticket |
|---|---|---|---|
| Progressive | $2,046 | $3,006 | $2,690 |
| GEICO | $1,502 | $2,724 | $2,773 |
| State Farm | $2,640 | $3,036 | $2,829 |
| Allstate | $2,995 | $4,624 | $3,349 |
| Nationwide | $2,547 | $4,239 | $3,556 |
| Farmers | $2,765 | $4,211 | $4,028 |
| Kemper | $3,449 | $4,275 | $4,068 |
| Iowa Farm Bureau | $3,743 | $4,852 | $4,118 |
| USAA | $1,254 | $1,905 | $1,571 |
*USAA offers car insurance only to military members, veterans and their families.
Compare auto insurance rates by city in New Mexico
Auto insurance rates vary not just by state, but also by city. Cities have different levels of risk based on factors like accident rates, claimAn insurance claim is a request you make to your insurance company for coverage after your car is damaged or you have an accident. You can file a claim online, by phone, or in writing. costs, weather and more. That means where you live in New Mexico will impact what you pay. Below, we've gathered New Mexico car insurance rates by city for comparison.
| City | Annual insurance premium |
|---|---|
Albuquerque | $2,231 |
Cuba | $1,939 |
Farmington | $1,829 |
Las Cruces | $1,894 |
Car insurance premium trends in New Mexico
Car insurance rates change regularly, influenced by changes in the cost of repairs, claim rates and other factors. Recent years have seen car insurance rates rise across the country, but not every state has seen the same increases.
We've tracked car insurance premium trends in New Mexico to show you how things have changed and help you prepare for potential changes in the future. Take a look at the chart below.
Methodology
We partnered with Quadrant Information Services to field average auto insurance rates in all 50 states and Washington, D.C. National and state average rates are based on three coverage levels: state minimum, 50/100/50 liability-only, and full coverage with 100/300/100 liability and $500 deductibles.
Unless otherwise indicated, averages are based on our full coverage data set. This data set is based on:
- Bodily injury liability of $100,000 per person and $300,000 per incident
- Property damage liability of $100,000 per incident
- Comprehensive and collision deductibles of $500
- 40-year-old driver
- Honda Accord LX
- Good credit
- A clean driving record
- 12-mile commute, 10,000 annual mileage
The car insurance rates for drivers with accidents and tickets are averaged based on rates for the following accidents and tickets:
Accidents:
- 1 at-fault property damage accident over $2k
- 1 at-fault property damage accident under $2k
- At-fault bodily injury accident
- Poor credit
- DUI/DWI first offense
Tickets:
- Reckless driving
- Speeding ticket 1- 10 MPH over limit
- Speeding ticket 11- 29 MPH over limit
- Speeding 30+ over limit
Learn more about our data and methodology.
Compare New Mexico car insurance rates with other states
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