- New Mexico government car insurance for low-income drivers
- New Mexico minimum car insurance requirements
- Best low-income car insurance in New Mexico
- Cheapest low-income car insurance in New Mexico
- Car insurance discounts for low-income drivers in New Mexico
- Methodology
- Low-income car insurance in New Mexico: Frequently asked questions
- Compare low-income car insurance rates in New Mexico with other states
New Mexico government car insurance for low-income drivers
There is no government-run car insurance program for low-income drivers in New Mexico. Only a handful of states (California, Hawaii and New Jersey) have such a program.
In New Mexico, low-income drivers must still carry the minimum amount of car insurance. The best way to find it on a budget is to shop around.
New Mexico minimum car insurance requirements
The minimum car insurance requirements in New Mexico are as follows:
| Minimum liability coverage limits | 25/50/10 |
| Average annual premium | $421 |
| Other types of insurance required (if any) | - |
Remember that if you have a loan on your car, you're required to carry full coverage, which includes collision and comprehensive.
Best low-income car insurance in New Mexico
State Farm came out on top as the best pick for low-income car insurance.
People on a tight budget still deserve great service from their car insurance company. We gathered the data on the top car insurance companies in New Mexico and compared them on rates for state-minimum coverage, financial stability and customer satisfaction based on J.D. Power and National Association of Insurance Commissioners (NAIC) scores.
These are the best low-income car insurance companies in New Mexico.
| Company | Average annual premium | J.D. Power | AM Best | NAIC | Insurance.com score |
|---|---|---|---|---|---|
| State Farm | $321 | 783 | A++ | 0.7 | 3.91 |
| GEICO | $380 | 801 | A++ | 0.91 | 3.75 |
| Progressive | $357 | 828 | A+ | 0.65 | 3.68 |
| Nationwide | $545 | 808 | A+ | 0.64 | 3.4 |
| Farmers | $575 | 835 | A | 0.8 | 3.24 |
| Allstate | $788 | 795 | A+ | 0.65 | 3.05 |
| Kemper Insurance | $467 | 736 | A- | 2.16 | 2.02 |
Cheapest low-income car insurance in New Mexico
Based on state-minimum coverage, we found that the cheapest car insurance company in New Mexico is Central Insurance at an average rate of $192 a year.
When you're working with a tight budget, price is the number one consideration. We gathered rates from car insurance companies in New Mexico to find the cheapest options on average.
| Company name | Average annual premium | Average monthly premium |
|---|---|---|
| Central Insurance | $192 | $16 |
| State Farm | $321 | $27 |
| Progressive | $357 | $30 |
| GEICO | $380 | $32 |
| Iowa Farm Bureau | $396 | $33 |
| Kemper | $467 | $39 |
| Nationwide | $545 | $45 |
| Farmers | $575 | $48 |
| Allstate | $788 | $66 |
| USAA | $198 | $16 |
PEOPLE ASK:
What can I do if I can't afford car insurance in New Mexico?
If you can't find affordable car insurance in New Mexico, try working with a local agent who knows the market and some of the smaller insurance companies available. Consider a usage-based program to reduce costs, reduce coverage, drive less and ask about additional discounts.
Car insurance discounts for low-income drivers in New Mexico
Discounts are the best way to bring down your car insurance rates. There are a number of discounts low-income drivers in New Mexico can take advantage of for cheaper insurance. Take a look at some common discounts and how much you can save below.
| Discount type | % Discount |
|---|---|
| Years Licensed | 21% |
| Years Insured | 16% |
| Profession | 10% |
| Primary Use | 10% |
| Homeowner | 10% |
| Electronic Signature | 10% |
| Multi Policy | 8% |
| Loyalty - Years Renewal With Company | 8% |
| Lower Annual Mileage | 8% |
| Days Advanced Purchase | 7% |
| Telematics | 6% |
| Marital Status | 6% |
| Payment Type | 5% |
| Paperless/Electornic Documents | 5% |
| Daily Commute | 4% |
| Education | 3% |
| Electronic Funds Transfer | 3% |
| Safety Devices | 2% |
| Anti-Theft Device | 2% |
Methodology
Insurance.com commissioned car insurance rates from Quadrant Data Services in late 2023 for state minimum car insurance policies across all states. Rates are based on a 40-year-old driver with a clean driving record and good credit, driving a Honda Accord LX. We compared rates from 170 companies across 35,488 ZIP codes.
Low-income car insurance in New Mexico: Frequently asked questions
What is the cheapest car insurance company for low-income people?
In New Mexico, Central Insurance is the cheapest car insurance company with the average rate of $192. However, that's based on average rates and may differ for you, so it's important to shop around.
Does New Mexico have car insurance for low-income individuals?
No, New Mexico doesn't offer a car insurance program for low-income individuals or families.
What happens if I can't pay my car insurance?
If you don't pay your car insurance bill, your car insurance will be canceled and you won't have coverage. If you can't pay your car insurance bill, contact your insurance company before the bill is past due to see if you can make arrangements for payment.
Compare low-income car insurance rates in New Mexico with other states
Helpful auto insurance tools and calculators
You might also be interested in- New Mexico car insurance laws and requirements: What is changing in 2025
- New Mexico DWI and insurance: How much does a DWI raise your insurance?
- Speeding ticket calculator in New Mexico
- Non-owner car insurance in New Mexico: Best and cheapest companies
- New Mexico gap insurance: Everything you need to know
- New Mexico car insurance guide
- Cheapest car insurance for high-risk drivers in New Mexico
- Cheapest home and auto insurance bundle in New Mexico
- The best and cheapest car insurance companies in New Mexico for 2024
- Best condo insurance in New Mexico for 2025
