How Much Is Car Insurance in New Mexico? (July 2024)

In New Mexico, drivers pay an average of $1,145 per year for full coverage car insurance. Those opting for minimum coverage typically spend about $502 annually.

These costs are influenced by your age, the coverage level you choose, where you live, how well you drive and your taking into account your credit history. It's important to find a balance between affordability and protection when selecting your car insurance plan.

New Mexico's average full coverage car insurance cost is $1,145 annually or approximately $95 per month. To assess and find the best option for you, consider comparing car insurance quotes.

Below is the average cost for full and minimum coverage auto insurance in New Mexico. These numbers show what you might pay monthly and yearly for your insurance.

When compared to the national average cost of car insurance, New Mexico's rates are lower. For full coverage with a $1,000 deductible, the average annual premium in New Mexico is $1,145 or $95 per month, while the national average is $1,296 per year ($108 per month). For state minimum coverage, the average cost is $502 annually or about $42 monthly. The national average for state minimum coverage is slightly higher at $595 annually ($50 monthly).

Several factors influence New Mexico's car insurance rates, such as the lower population density, which may lead to fewer accidents and claims. Additionally, the number of uninsured drivers, crime rates in certain areas and the state's weather conditions can impact the cost of insurance.

Car insurance premiums vary by company, even within the same state. An affordable full coverage option in New Mexico is provided by Progressive, at $778 per year. In contrast, Allstate charges the most expensive average annual premium at $1,501.

Understanding the significance of comparing car insurance quotes from different companies is key to finding the cheapest car insurance in New Mexico. Shopping around ensures you get a better price for the protection you need.

The cost of car insurance in New Mexico is also impacted by the policy's coverage level. While the monthly cost for minimum coverage averages $42, opting for full coverage costs an average of $95. Despite this price difference, securing a full coverage policy is often recommended for more comprehensive protection.

Adding comprehensive and collision coverage to a policy will indeed raise the premium. However, selecting higher deductibles, such as a $1,000 deductible for the full coverage option, can help mitigate some of these extra costs. Remember, each comprehensive and collision coverage comes with its own deductible amount, which applies separately to each type of claim.

In New Mexico, the minimum car insurance requirements consist of $25,000 for bodily injury per person, $50,000 for bodily injury per accident and $10,000 for property damage per accident. There is no mandate for uninsured/underinsured motorist coverage, personal injury protection (PIP) or medical payments.

Your location impacts your car insurance premiums. For example, the average annual cost of full coverage insurance in Las Cruces is only $916 per year. The cost for a similar policy increases to $1,210 in Albuquerque.

The cost of your car insurance premium depends on factors such as the frequency and severity of accidents in your area, crime rates and the likelihood of natural disasters.

Age significantly impacts car insurance costs in New Mexico. Young drivers aged 22 to 29 pay the highest rates, with an annual premium of $1,376. As drivers mature, premiums typically decrease; those between 30 and 59 see an average annual premium of $1,145, while drivers aged 60 and above benefit from the lowest rates at $1,120 annually. Essentially, car insurance tends to become more affordable as drivers gain experience and age.

Age and gender impact car insurance rates in New Mexico. A 16-year-old male driver added to a family policy typically faces an average annual cost of $2,615 — the highest premium among all ages.

Teens under 18 generally can't purchase car insurance without a guardian co-signer. For an individual policy, these young drivers might see premiums of around $5,643.

The average annual cost of full coverage car insurance for a 2012 car model is $932, while the same coverage for a 2022 model is priced at $1,173. The increase can be attributed to factors such as the higher actual cash value of newer cars, costly repairs and a greater risk of theft, all of which contribute to higher insurance premiums.

Experts suggest that drivers with newer car models consider comprehensive and collision coverage, which provides added protection against a wide range of incidents. These coverages ensure better coverage for your investment in the event of an accident or theft.

The average cost of car insurance in New Mexico can vary greatly depending on your driving record.

• With a ticket: $1,358 per year; $113 per month
• With an at-fault accident: $1,594 per year; $133 per month
• With a DWI: $1,703 per year; $142 per month

How much you pay in premiums hinges on how severe a violation is. In New Mexico, violations like tickets, at-fault accidents or DWIs can stay on your record for a certain period and will keep affecting your insurance costs as long as they're there. For example, a DWI can affect your insurance rates for up to 55 years.

Explore the table by coverage and age group to see the average cost of car insurance in New Mexico for different driving records. Whether you have a ticket, an at-fault accident or a DWI, this information can help you understand how driving infractions impact your rate.

New Mexico drivers see a significant difference in car insurance costs based on credit scores, with average annual premiums ranging from $786 for those with excellent credit to $1,328 for drivers with poor credit. Your credit score impacts your car insurance rates because it is considered a measure of how reliably you manage financial responsibilities.

In New Mexico, scores from 670 to 739 are considered good, 740 to 799 are very good and 800 and above are excellent. With a lower score, insurers may view you as a higher risk, leading to higher premiums.

These are the key factors influencing the average cost of car insurance in New Mexico:

• Driving Record: A clean driving history can lead to more affordable premiums, while accidents or violations often result in higher costs.
• Age and Gender: Younger drivers, as do men in certain age groups, generally face higher rates due to statistics showing a higher risk of accidents.
• Vehicle Type: The car you drive affects your rate. High-performance or luxury cars usually carry higher insurance costs due to repair expenses and theft rates.
• Credit Score: Expect to see a correlation between your credit score and insurance rates, with higher scores often leading to lower premiums.
• Location Within New Mexico: Urban areas with higher theft and accident rates might have higher car insurance costs than rural regions.
• Coverage Level: Opting for state minimum coverage can result in lower monthly premiums, whereas higher coverage limits increase costs.
• Collision Insurance: Adding collision insurance coverage raises your premium but protects against damages from traffic accidents.
• Comprehensive Insurance: While it increases your insurance rate, comprehensive insurance covers non-collision-related incidents like theft or weather damage.

By comparing car insurance quotes, you can find a policy that matches your driving needs and fits within your budget.

To secure affordable car insurance in New Mexico, compare rates from multiple insurers, raise your deductible and capitalize on all available discounts for maximum savings.

Understanding the average cost of car insurance in New Mexico helps you budget for this essential expense. The price you'll pay depends on various factors, including your driving history, vehicle type and the coverage level you select.