Geico offers the cheapest auto insurance rates in New Mexico at about $960 a year or $80 monthly, on average, which is below the average New Mexico car insurance rate of $1,509 a year.
Cheap isn’t everything; however, an Insurance.com analysis of rates, complaints, and financial stability found Geico to be the best insurance company in New Mexico as well as the cheapest.
Many factors go into your insurance premium. Insurance companies use your driving record, the type of car you drive, and the coverage you select to determine your annual car insurance cost.
Read on to compare New Mexico insurance rates by company, age, and more.
Key takeaways
- Geico is the best car insurance company in New Mexico overall, with below-average rates and a low complaint ratio.
- Geico is also the cheapest car insurance company for all residents in New Mexico at $960 per year.
- If you’re eligible, you can get cheaper rates with USAA.
- Average cost of car insurance in New Mexico
- Best car insurance companies in New Mexico
- Cheapest car insurance companies in New Mexico
- Cheapest car insurance cost in New Mexico by age
- Cheapest car insurance companies in New Mexico by driver profile
- Methodology
- Compare auto insurance rates by city in New Mexico
Average cost of car insurance in New Mexico
The average car insurance rate in New Mexico is $1,509 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 $372.
Best car insurance companies in New Mexico
Geico is the best car insurance company in New Mexico, based on a 2023 analysis by Insurance.com, with an overall rating of 4.71. USAA 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.
| Insurance company | AM Best | Average annual rate | NAIC Complaint ratio | Insurance.com score |
|---|---|---|---|---|
| Geico | A++ | $ 960 | 0.77 | 4.91 |
| USAA | A++ | $ 1,036 | 0.99 | 4.79 |
| State Farm | A++ | $ 1,155 | 0.52 | 4.46 |
| Nationwide | A+ | $ 1,140 | 0.66 | 4.45 |
| Progressive | A+ | $ 1,535 | 0.73 | 4.04 |
| Farmers | A | $ 1,396 | 0.77 | 3.87 |
| Allstate | A+ | $ 1,964 | 0.95 | 3.57 |
USAA offers car insurance only to military members, veterans and their families.
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 $960 annually or $80 a month, on average, for full coverage. USAA is cheaper, but has eligibility requirements.
| Company | State minimum | 50/100/50 liability only | 100/300/100 liability with $500 comp/coll deductible |
|---|---|---|---|
| Geico | $ 288 | $ 378 | $ 960 |
| USAA | $ 171 | $ 356 | $ 1,036 |
| Nationwide | $ 344 | $ 528 | $ 1,140 |
| State Farm | $ 258 | $ 435 | $ 1,155 |
| Farmers | $ 387 | $ 604 | $ 1,396 |
| Progressive | $ 694 | $ 876 | $ 1,535 |
| Allstate | $ 492 | $ 531 | $ 1,964 |
| Kemper Insurance | $ 408 | $ 709 | $ 2,027 |
| Iowa Farm Bureau | $ 305 | $ 496 | $ 2,369 |
USAA offers car insurance only to military veterans and their families.
Auto insurance calculator
Average auto insurance rates in AlabamaMost & least expensive ZIP codes for auto insurance in
Most Expensive
| Zip Code | City | Highest Rate |
|---|
Least Expensive
| Zip Code | City | Lowest Rate |
|---|
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.
Geico offers the cheapest car insurance for teen drivers in New Mexico at $2,870 per year for a full coverage policy.Teen drivers can save more with USAA if they are eligible.
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 adult and senior drivers at $1,034 per year and $996 per year, respectively.
| Age (group) | Company Group | Avg. Annual Premium |
|---|---|---|
| Teens (16-19) | USAA | $ 2,810 |
| Teens (16-19) | Geico | $ 2,870 |
| Teens (16-19) | State Farm | $ 3,012 |
| Teens (16-19) | Nationwide | $ 3,558 |
| Teens (16-19) | Iowa Farm Bureau | $ 4,329 |
| Teens (16-19) | Progressive | $ 5,481 |
| Teens (16-19) | Allstate | $ 5,859 |
| Teens (16-19) | Farmers | $ 6,290 |
| Teens (16-19) | Kemper Insurance | $ 7,119 |
| Young Adults (20-24) | USAA | $ 1,473 |
| Young Adults (20-24) | Geico | $ 1,500 |
| Young Adults (20-24) | State Farm | $ 1,809 |
| Young Adults (20-24) | Nationwide | $ 1,842 |
| Young Adults (20-24) | Progressive | $ 2,287 |
| Young Adults (20-24) | Farmers | $ 2,583 |
| Young Adults (20-24) | Iowa Farm Bureau | $ 2,968 |
| Young Adults (20-24) | Allstate | $ 3,023 |
| Young Adults (20-24) | Kemper Insurance | $ 3,319 |
| Adults (25-55) | Geico | $ 1,034 |
| Adults (25-55) | USAA | $ 1,045 |
| Adults (25-55) | Nationwide | $ 1,145 |
| Adults (25-55) | State Farm | $ 1,173 |
| Adults (25-55) | Farmers | $ 1,404 |
| Adults (25-55) | Progressive | $ 1,574 |
| Adults (25-55) | Allstate | $ 1,957 |
| Adults (25-55) | Kemper Insurance | $ 2,016 |
| Adults (25-55) | Iowa Farm Bureau | $ 2,439 |
| Seniors (60-75) | Geico | $ 996 |
| Seniors (60-75) | USAA | $ 1,036 |
| Seniors (60-75) | Nationwide | $ 1,073 |
| Seniors (60-75) | State Farm | $ 1,099 |
| Seniors (60-75) | Farmers | $ 1,376 |
| Seniors (60-75) | Progressive | $ 1,581 |
| Seniors (60-75) | Allstate | $ 1,939 |
| Seniors (60-75) | Kemper Insurance | $ 1,969 |
| Seniors (60-75) | Iowa Farm Bureau | $ 2,237 |
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 | Ticket |
|---|---|---|---|
| Geico | $ 1,064 | $ 1,902 | $ 1,498 |
| USAA | $ 1,090 | $ 1,619 | $ 1,337 |
| Nationwide | $ 1,218 | $ 1,766 | $ 1,428 |
| State Farm | $ 1,344 | $ 1,417 | $ 1,442 |
| Farmers | $ 1,708 | $ 2,412 | $ 2,314 |
| Progressive | $ 1,730 | $ 2,561 | $ 2,148 |
| Allstate | $ 2,153 | $ 2,950 | $ 2,398 |
| Kemper | $ 2,439 | $ 3,017 | $ 2,862 |
| Iowa Farm Bureau | $ 2,821 | $ 3,554 | $ 3,068 |
*USAA offers car insurance only to military members, veterans and their families.
Methodology
Insurance.com commissioned Quadrant Information Services in 2022 to field rates from up to six major insurers in every state across most ZIP codes. Driver profile: male, age 40, driving 2021 Honda Accord LX with full coverage of 100/300/100 with comprehensive and collision; $500 deductible.
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
- Single vehicle accident
Tickets:
- Distracted driving ticket
- Speeding ticket 1- 10 MPH over limit
- Speeding ticket 11- 29 MPH over limit
- Talking on cellphone ticket
- Texting ticket
Insurance.com analyzed rates from more than 34,000 ZIP codes, 56 million quotes, and 136 companies. Rates sourced from Quadrant Data Services are for comparison purposes only; your rates may differ.
