- 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 $2,049 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.
| Company | AM Best | JD Power | NAIC | Insurance.com score | Average annual premium |
|---|---|---|---|---|---|
| Geico | A++ | 801 | 0.91 | 4.03 | $1,406 |
| State Farm | A++ | 783 | 0.7 | 3.98 | $1,669 |
| Progressive | A+ | 828 | 0.65 | 3.85 | $1,557 |
| Nationwide | A+ | 808 | 0.64 | 3.73 | $1,806 |
| Allstate | A+ | 795 | 0.65 | 3.26 | $2,834 |
| Farmers | A | 835 | 0.8 | 3.17 | $2,740 |
| Kemper Insurance | A- | 736 | 2.16 | 1.55 | $3,268 |
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.
| Company | State minimum liability | 50/100/50 liability | 100/300/100 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
Most & least expensive ZIP codes for auto insurance in New Mexico
Most Expensive
| ZIP code | City | Highest rate |
|---|---|---|
| 87121 | Albuquerque | $208 |
| 87108 | Albuquerque | $203 |
| 87102 | Albuquerque | $203 |
| 87105 | South Valley | $201 |
Least Expensive
| ZIP code | City | Lowest rate |
|---|---|---|
| 87935 | Elephant Butte | $146 |
| 87901 | Truth or Consequences | $147 |
| 87942 | Williamsburg | $148 |
| 88042 | Hillsboro | $149 |
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 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.
| Company | Liability insurance premium | Monthly 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
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 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.
| 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 |
*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 |
|---|---|---|---|
| USAA | $1,054 | $1,601 | $1,321 |
| State Farm | $1,669 | $1,919 | $1,788 |
| Progressive | $1,557 | $2,288 | $2,047 |
| Nationwide | $1,806 | $3,005 | $2,522 |
| Geico | $1,406 | $2,551 | $2,596 |
| Allstate | $2,834 | $4,375 | $3,170 |
| Iowa Farm Bureau | $2,912 | $3,774 | $3,204 |
| Kemper | $3,268 | $4,050 | $3,854 |
| Farmers | $2,740 | $4,173 | $3,992 |
*USAA offers car insurance only to military members, veterans and their families.
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.
| 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 average rates increase most years and various factors contribute to these changes, including shifts in economic conditions, changes in state laws, and the number and severity of insurance claims.
That's why it's important to keep track of car insurance premiums to make better decisions. The graph below shows how insurance rates in New Mexico have increased or decreased from 2020 to 2023.
Whether you're planning to renew your policy with your current insurer or looking for a new one, this analysis is invaluable for making informed insurance choices.
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.
Compare New Mexico car insurance rates with other states
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