Average cost of car insurance in New Mexico

The average car insurance rate in New Mexico is $2,049 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 $421

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 4.03. State Farm 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.

Best car insurance companies in New Mexico
CompanyAM BestAvg. Annual PremiumJD PowerNAICInsurance.com score
GeicoA++$1,4068010.914.03
State FarmA++$1,6697830.703.98
ProgressiveA+$1,5578280.653.85
NationwideA+$1,8068080.643.73
AllstateA+$2,8347950.653.26
FarmersA$2,7408350.803.17
Kemper InsuranceA-$3,2687362.161.55

Data refreshed as of May 2024
Read our full methodology

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 $1,406 annually or $117 a month, on average, for full coverage. USAA is cheaper but has eligibility requirements.

CompanyState minimum liability50/100/50 liability100/300/100 liability with $500 deductible
USAA*$198$399$1,054
Geico$380$538$1,406
Central Insurance$192$406$1,517
Progressive$357$530$1,557
State Farm$321$512$1,669
Nationwide$545$765$1,806
Farmers$575$1,226$2,740
Allstate$788$862$2,834
Iowa Farm Bureau$396$604$2,912
Kemper Insurance$467$763$3,268

*USAA offers car insurance only to military veterans and their families.

Auto insurance calculator

Average auto insurance rates in New Mexico
30
16 17 18 19 20 21 22 23 24 25 30 35 40 45 50 55 60 65 70 75
Male
Male Female
87105 - South Valley
For a 30-year-old male
$47 State minimum
$201 Full coverage
$70 Liability only

Most & least expensive ZIP codes for auto insurance in New Mexico

Most Expensive

Zip CodeCityHighest Rate
87121Albuquerque$208
87108Albuquerque$203
87102Albuquerque$203
87105South Valley$201

Least Expensive

Zip CodeCityLowest Rate
87935Elephant Butte$146
87901Truth or Consequences$147
87942Williamsburg$148
88042Hillsboro$149
Data refreshed as of May 2024
Read our full methodology

New Mexico car insurance requirements

New Mexico's minimum car insurance coverage limits are 25/50/10. New Mexico's state minimum liability insurance costs an average of $410 annually or $34 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 $192 annually or $16 monthly. 

In the table below, see the most affordable car insurance companies with their state minimum coverage rates in New Mexico.

State minimum auto insurance coverage in New Mexico, NM
Company Liability insurance premiumMonthly liability insurance premium
Central Insurance$192$16
USAA*$194$16
State Farm$321$27
Progressive$355$30
Iowa Farm Bureau$359$30
Geico$369$31
Kemper Insurance$496$41
Farmers$538$45
Nationwide$545$45
Allstate$774$65

*USAA offers coverage only to military veterans and their family

Data refreshed as of May 2024
Read our full methodology

Cheapest car insurance cost in New Mexico by age

Central
Cheapest for teens
$3,055/yr
Learn more
company_name
Cheapest for adults
$1,454/yr
Learn more
company_name
Cheapest for seniors
$1,418/yr
Learn more

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 teen drivers in New Mexico at $3,055 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 all adult and senior drivers at $1,454 per year and $1,418 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.

Age group
Teen
Age
16
Table
Graph
Central Insurance$3,509$292
USAA$4,156$346
State Farm$5,446$454
Geico$5,448$454
Nationwide$6,588$549
Iowa Farm Bureau$7,124$594
Progressive$9,847$821
Allstate$12,364$1,030
Kemper Insurance$16,183$1,349
Farmers$17,219$1,435
Yearly premium

*USAA offers car insurance only to military members, veterans and their families.

Data refreshed as of May 2024
Read our full methodology

Cheapest car insurance companies in New Mexico by driver profile

company_name
Cheapest for at-fault accident
$1,919/yr
Learn more
company_name
Cheapest for DUI
$1,788/yr
Learn more
company_name
Cheapest for speeding ticket
$1,788/yr
Learn more

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. 

Cheapest car insurance in New Mexico for drivers with tickets and accidents
CompanyClean record AccidentSpeeding Ticket
USAA*$1,054$1,601$1,321
State Farm$1,669$1,919$1,788
Progressive$1,557$2,288$2,047
Geico$1,406$2,551$2,596
Nationwide$1,806$3,005$2,522
Iowa Farm Bureau$2,912$3,774$3,204
Kemper$3,268$4,050$3,854
Farmers$2,740$4,173$3,992
Allstate$2,834$4,375$3,170

*USAA offers car insurance only to military members, veterans and their families.

Data refreshed as of May 2024
Read our full methodology

Compare auto insurance rates by city in New Mexico

Auto insurance rates in your city can differ significantly from the state average due to factors such as population density, increased instances of auto theft or accidents, and a few other factors. It's best to compare quotes from various insurance providers to find the most competitive rates for your specific city in New Mexico.

CityAnnual insurance premium
Albuquerque
$2,231
Cuba
$1,939
Farmington
$1,829
Las Cruces
$1,894
Data refreshed as of May 2024
Read our full methodology

Insurance.com commissioned Quadrant Information Services in 2023 to field rates from major insurers in every state across most ZIP codes. Driver profile: male, age 40, driving a 2023 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.  

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