How much is car insurance in New Mexico?

The average cost of car insurance in New Mexico is $2,049 annually for full coverage. However, these rates vary considerably based on factors like age, coverage levels, driving record and the make and model of the vehicle.

For example, younger drivers and males pay higher insurance rates, as do drivers with poor driving records.

New Mexico drivers who only want to carry the minimum car insurance can expect to pay an average of $421. However, collision and comprehensive coverages aren't included, so any damage to your vehicle in an at-fault accident would be paid out of pocket.

"While most of us are reviewing our household budgets to see where we may be able to cut corners, your car insurance policy shouldn't be one of them. If you are considering saving money buying a liability-only auto insurance policy, the minimum legal coverage in most states, think first about what it will cost you when you need to file a 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. for any injuries or damage to your vehicle other than those of the other victims when you cause a crash," says Carole Walker, executive director of the Rocky Mountain Insurance Association, a nonprofit consumer insurance information organization.

Average annual premium$2,049
Average monthly premium$171

New Mexico car insurance rates by company

Every car insurance company sets car insurance rates differently. Some focus more on age, while others pay closer attention to driving records. That's why car insurance rates in New Mexico can differ greatly from one company to another.

On average, Central Insurance has the lowest car insurance rates in New Mexico. The table below shows average car insurance rates in New Mexico from top-rated companies for different coverage levels.

CompanyState minimumLiability-onlyFull coverage
Central Insurance$192$406$1,517
State Farm$321$512$1,669
Progressive$357$530$1,557
GEICO$380$538$1,406
Iowa Farm Bureau$396$604$2,912
Kemper$467$763$3,268
Nationwide$545$765$1,806
Farmers$575$1,226$2,740
Allstate$788$862$2,834
USAA$198$399$1,054

New Mexico car insurance costs by coverage level

The cheapest option in New Mexico is usually minimum car insurance. But even if you raise the limits, it still won't cover you or damage to your car. Full coverage costs more, but it includes collision and comprehensive insurance, which helps pay for damage to your car from accidents or events like bad weather.

Check out New Mexico car insurance costs by coverage level below.

State minimum car insurance$421
Liability-only car insurance$658
Full coverage car insurance$2,049

New Mexico car insurance by driver profile

Car insurance companies consider your driving record when deciding your rates because it shows how likely you are to file a claim. If you have a DUI, several accidents, or a history of reckless driving, your insurance rates will be much higher.

In most states, your credit history also affects how much you pay for car insurance. Studies show that drivers with lower credit scores are more likely to file a claim instead of paying for damages themselves.

In New Mexico, drivers with Bad credit pay the highest rates. This table shows average car insurance rates in New Mexico for other driver profiles.;

Profile groupsAverage annual premiumAnnual premium for profile$ Increase% Increase
At-fault accident$2,049$2,950$90144%
Bad credit$2,049$3,874$1,82589%
Careless driving$2,049$2,890$84141%
Claims$2,049$2,196$1477%
DUI$2,049$3,242$1,19358%
Reckless driving$2,049$3,307$1,25861%
Speeding$2,049$2,640$59129%
Texting ticket$2,049$2,439$39019%

New Mexico car insurance rates by age group

Age has a big effect on car insurance rates. In New Mexico, younger drivers with less experience usually pay the most. As drivers get older and gain more experience, their rates usually go down.

The table below shows the average car insurance rates in New Mexico based on age.

Age groupFull coverage car insurance
Teens (16-19)$6,351
Young Adults (20-24)$3,115
Adults (25-60)$2,031
Seniors (65-75)$2,044

How much does car insurance cost in New Mexico per month?

The average monthly cost of New Mexico car insurance varies based on the amount of coverage you choose. While the minimum required car insurance is the cheapest, full coverage offers more protection at a higher rate.

Coverage levelAverage monthly premium
State Minimum BI/PD$35
Liability Only - 50/100/50 BI/PD$55
Full Coverage - 100/300/100 BI/PD - 500 Comp/Coll$171

New Mexico car insurance discounts

The car insurance discounts you can get and how much you can save depend on both the company and the state. As a result, in New Mexico, savings can be very different from one company to another.

Take a look at the car insurance discounts available in New Mexico below and see the average amount you can save.

Discount type Premium before discount Premium after discount $ Saving 
Air Bags$1,895$1,889$6
Anti-Theft Device$1,895$1,862$33
Daily Commute$1,895$1,825$70
Days Advanced Purchase$1,895$1,770$125
Education$1,895$1,832$63
Electronic Funds Transfer$1,895$1,833$62
Electronic Signature$1,895$1,706$189
Homeowner$1,895$1,704$191
Lower Annual Mileage$1,895$1,746$149
Loyalty - Years Renewal With Company$1,895$1,750$145
Marital Status$1,895$1,773$122
Multi Policy$1,895$1,744$151
Paperless/Electornic Documents$1,895$1,809$86
Payment Type$1,895$1,791$104
Primary Use$1,895$1,700$195
Profession$1,895$1,698$197
Safety Devices$1,895$1,853$42
Telematics$1,895$1,773$122
Years Insured$1,895$1,595$300
Years Licensed$1,895$1,500$395

Car insurance requirements in New Mexico

New Mexico requires drivers to have a minimum amount of car insurance, including:

  • 25/50/10 in liability coverage to help pay for injuries and property damage you cause in an accident.

Keep in mind that the minimum coverage required by New Mexico is just the bare minimum. Experts suggest raising your limits and adding extra coverage like collision and comprehensive to better protect yourself. Having enough coverage can give you peace of mind while driving.

State minimum requirements25/50/10
State minimum car insurance$421
Liability-only car insurance$658
Full coverage car insurance$2,049

Car insurance rates in New Mexico by model year

The car you drive also impacts car insurance rates in New Mexico. For example, newer cars usually cost more to fix because they have pricey parts like collision warning systems, cameras and anti-theft features.

Take a look below to see how the car's model and age can change car insurance rates in New Mexico.

L O A D I N G
CompanyStyleAverage annual premium
State Farm2WD 4 Door Sedan Automatic Turbo$1,393
GEICO2WD 4 Door Sedan Automatic Turbo$1,507
Progressive2WD 4 Door Sedan Automatic Turbo$1,799
Nationwide2WD 4 Door Sedan Automatic Turbo$2,065
Farmers2WD 4 Door Sedan Automatic Turbo$2,711
Allstate2WD 4 Door Sedan Automatic Turbo$3,081

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, claim 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.

CityAnnual insurance premium
Albuquerque
$2,231
Cuba
$1,939
Farmington
$1,829
Las Cruces
$1,894

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 premiumThe payment required for an insurance policy to remain in force. Auto insurance premiums are quoted for either 6-month or annual policy periods. 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.

Insurance.com commissioned car insurance rates from Quadrant Data Systems in late 2023 for all 50 states and Washington, D.C. Base rates were fielded based on a 40-year-old driver with a clean record and good credit, driving a 2023 Honda Accord LX. Additional rates were fielded for multiple driver profiles including tickets, accidents and various credit tiers. Coverage levels include state minimum, 50/100/50 liability only, and full coverage at 100/300/100 liability limits with $500 deductibles. Rates were fielded from 34,588 ZIP codes and 170 insurance companies.

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