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


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ByMark Fitzpatrick
Reviewed byMark Friedlander
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ByMark Fitzpatrick
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Reviewed byMark Friedlander
Edited byJlyne Ubina
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Updated: May 27, 2024

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In New Mexico, drivers pay an average of $1,097 per year for full coverage car insurance. Those opting for minimum coverage typically spend about $494 annually.

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

Why Trust MoneyGeek? To pinpoint the most precise average costs for various drivers across New Mexico, MoneyGeek compiled data from Quadrant Information Services and the New Mexico Department of Insurance. This was done using sample driver profiles that reflect the typical criteria insurers use to determine premiums.

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These rates reflect the average cost of car insurance in New Mexico as of 2024.

19,917Quotes Analyzed
 
9Companies Compared
 
29ZIP Codes

Average Car Insurance Costs in New Mexico

New Mexico's average full coverage car insurance cost is around $1,097 annually. 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.

100/300/100 Full Cov. w/$1,000 Ded.Average Annual Premium$1,097Average Monthly Premium$91
100/300/100 Liability OnlyAverage Annual Premium$595Average Monthly Premium$50
State Minimum Liability OnlyAverage Annual Premium$494Average Monthly Premium$41

Why Are Car Insurance Rates Moderate in New Mexico?

Car insurance rates in New Mexico can be considered moderate. For full coverage with a $1,000 deductible, the average annual premium is $1,097 or $91 per month. Meanwhile, state minimum coverage averages at $494 annually or $41 monthly.

When compared to the national average cost of car insurance, New Mexico's rates are lower. The national average for full coverage is $1,244 per year, and state minimum coverage is slightly higher at $573 annually.

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

Average Car Insurance Costs in New Mexico by Company

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

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.

Data filtered by:Results filtered by:
Coverage:
Coverage:Full Coverage
Age Group:
Age Group:30-59
ProgressiveAnnual Premium$778Monthly Premium$65
GEICOAnnual Premium$803Monthly Premium$67
State FarmAnnual Premium$973Monthly Premium$81
FarmersAnnual Premium$1,024Monthly Premium$85
NationwideAnnual Premium$1,117Monthly Premium$93
Iowa Farm BureauAnnual Premium$1,142Monthly Premium$95
KemperAnnual Premium$1,438Monthly Premium$120
AllstateAnnual Premium$1,501Monthly Premium$125
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Average Car Insurance Costs in New Mexico by Coverage Level

The cost of car insurance in New Mexico is influenced by the coverage level you select. For instance, minimum coverage typically costs about $41 monthly, whereas full coverage with a $1,000 deductible averages around $91 per month. Despite being more expensive, it's advisable to opt for full coverage due to the extensive protection it provides.

Adding comprehensive and collision coverage will raise your premium, but you can offset some of this increase by choosing higher deductibles. Remember, the deductible you select applies to each comprehensive and collision claim independently.

State Minimum Liability OnlyAverage Annual Premium$494Average Monthly Premium$41
100/300/100 Liability OnlyAverage Annual Premium$595Average Monthly Premium$50
300/500/300 Liability OnlyAverage Annual Premium$667Average Monthly Premium$56
State Minimum Liability w/ Full Cov. w/$1,500 Ded.Average Annual Premium$943Average Monthly Premium$79
State Minimum Liability w/ Full Cov. w/$1,000 Ded.Average Annual Premium$995Average Monthly Premium$83
100/300/100 Full Cov. w/$1,500 Ded.Average Annual Premium$1,045Average Monthly Premium$87
100/300/100 Full Cov. w/$1,000 Ded.Average Annual Premium$1,097Average Monthly Premium$91
300/500/300 Full Cov. w/$1,500 Ded.Average Annual Premium$1,117Average Monthly Premium$93

Minimum Car Insurance Requirements in New Mexico

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.

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    $25,000 for bodily injury liability per person

    This is the minimum amount required in New Mexico for covering the medical expenses of one person injured in an accident you cause.

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    $50,000 for bodily injury liability per accident

    New Mexico requires this amount for injuries per accident, covering expenses when multiple people are injured.

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    $10,000 for property damage liability per accident

    This coverage pays for damage you cause to another person's property in a car accident in New Mexico.

Average Car Insurance Costs in New Mexico by City

Your location has an impact on 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 as well as the crime rates and the likelihood of natural disasters.

AlbuquerqueFull Coverage Annual Premium$1,210Minimum Coverage Annual Premium$520
Las CrucesFull Coverage Annual Premium$916Minimum Coverage Annual Premium$405

Average Car Insurance Costs in New Mexico by Age

Age significantly impacts car insurance costs in New Mexico. Young drivers aged 22 to 29 pay the highest rates, with an annual premium of $1,324. As drivers mature, premiums typically decrease; those between 30 and 59 see an average annual premium of $1,097, while drivers aged 60 and above benefit from the lowest rates at $1,075 annually. Essentially, car insurance tends to become more affordable as drivers gain experience and age.

Data filtered by:Results filtered by:
Coverage:
Coverage:100/300/100 Full Cov. w/$1,000 Ded.
22-29Average Annual Premium$1,324Average Monthly Premium$110
30-59Average Annual Premium$1,097Average Monthly Premium$91
60 +Average Annual Premium$1,075Average Monthly Premium$90

Average Car Insurance Costs in New Mexico for Teens

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. On their own, these young drivers might see individual premiums around $5,643.

Data filtered by:Results filtered by:
Gender:
Gender:Male
16Added to Family Policy Premium$2,615Individual Premium$5,643
17Added to Family Policy Premium$2,462Individual Premium$4,368
18Added to Family Policy Premium$2,203Individual Premium$3,867
19Added to Family Policy Premium$2,078Individual Premium$2,622
20Added to Family Policy Premium$2,128Individual Premium$2,386
21Added to Family Policy Premium$1,776Individual Premium$1,994
22Added to Family Policy Premium$1,796Individual Premium$1,873
23Added to Family Policy Premium$1,844Individual Premium$1,648

Average Car Insurance Costs in New Mexico for New Cars

The average annual cost of full coverage car insurance for a 2012 car model is $932, while a 2022 model with the same coverage 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 should consider comprehensive and collision coverage, which provides added protection against a wide range of incidents, ensuring better coverage for your investment in the event of an accident or theft.

Data filtered by:Results filtered by:
Coverage:
Coverage:Full Coverage
Age Group:
Age Group:30-59
2012 VehicleAnnual Premium$932Monthly Premium$78
2022 VehicleAnnual Premium$1,173Monthly Premium$98
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ACTUAL CASH VALUE

The actual cash value (ACV) of your vehicle is the basis for the payout on comprehensive or collision claims. It's determined by the vehicle's market value minus depreciation. Your insurance will reimburse you up to the car's ACV, less any deductible, in the event of damage or total loss.

Average Car Insurance Costs in New Mexico by Driving Record

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

  • With a ticket: $1,305 per year; $109 per month
  • With an at-fault accident: $1,534 per year; $128 per month
  • With a DWI: $1,633 per year; $136 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 seven years.

While a DWI often leads to the highest insurance costs due to its serious nature, there can be exceptions. Some insurance companies in various states might charge more for different violations, making them costlier than a DWI.

You can 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 your rate could be impacted.

Data filtered by:Results filtered by:
Coverage:
Coverage:100/300/100 Full Cov. w/$1,000 Ded.
Age Group:
Age Group:30-59
CleanAverage Annual Premium$1,097Average Monthly Premium$91
TicketAverage Annual Premium$1,305Average Monthly Premium$109
At-fault AccidentAverage Annual Premium$1,534Average Monthly Premium$128
DUIAverage Annual Premium$1,633Average Monthly Premium$136

Average Car Insurance Costs in New Mexico by Credit Score

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.

Data filtered by:Results filtered by:
Coverage:
Coverage:100/300/100 w/ $1000 Deductible
Age Group:
Age Group:30-59
ExcellentAnnual Premium$786Monthly Premium$66
GoodAnnual Premium$910Monthly Premium$76
FairAnnual Premium$1,031Monthly Premium$86
Below FairAnnual Premium$1,163Monthly Premium$97
PoorAnnual Premium$1,328Monthly Premium$111
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Factors Affecting Car Insurance Rates in New Mexico

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 generally face higher rates, as do men in certain age groups, due to statistics showing 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 see higher car insurance costs compared to 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.

How to Save Money on Car Insurance in New Mexico

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.

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    Compare Multiple Quotes

    Reviewing various insurance offers can lead to finding the most affordable car insurance in New Mexico, potentially saving hundreds of dollars annually.

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    Maintain a Clean Driving Record

    A clean driving record with no accidents or traffic violations can significantly lower your insurance rates, as insurers consider you a lower risk.

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    Increase Your Deductible

    Opting for a higher deductible can reduce your premium, but ensure you can afford the out-of-pocket costs if an accident occurs.

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    Bundle Insurance Policies

    Bundling car insurance with other policies like home or renters insurance can lead to discounts and more affordable premiums.

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    Look for Discounts

    Insurers may offer discounts for various reasons, such as safe driving, multiple vehicles or being a good student, which can help find cheaper rates.

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    Choose a Car That's Cheap to Insure

    Selecting a vehicle that is less expensive to insure can contribute to overall lower insurance costs, especially in New Mexico.

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    Review Your Coverage Regularly

    Regularly reassess your coverage needs to ensure you're not overpaying for insurance you don't need while still being adequately protected.

FAQ: Car Insurance Costs in New Mexico

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.

What are the minimum car insurance requirements in New Mexico?
What is the average cost of full coverage and minimum coverage auto insurance in New Mexico?
What is the average cost of car insurance for a 22-year-old in New Mexico?
What are the cheapest car insurance companies in New Mexico?

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.