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

In New Mexico, drivers pay an average of $1,167 per year for full coverage car insurance. Those opting for minimum coverage typically spend about $510 annually.

Several factors impact your premium, including age, coverage level, location, driving record and credit history. When selecting your policy, find a balance between affordability and protection.

New Mexico's average full coverage car insurance cost is $1,167 annually or roughly $97 monthly. To assess and find the best option for you, compare car insurance quotes.

Below are the average costs of full and minimum coverage policies in New Mexico, showing what you might pay monthly and yearly for auto insurance.

Compared to the national average cost of car insurance, New Mexico's rates are lower. For full coverage with a $1,000 deductible, the state average annual premium is $1,167, while the national average is $1,337 yearly. For minimum coverage, the state average is $510 annually, cheaper than the national average of $619.

Several factors influence car insurance premiums in New Mexico, including traffic density, accident and vehicle theft rates, and the cost of living. Uninsured drivers, crime rates in some areas and weather also affect insurance costs.

Car insurance premiums vary by company, even within the same state. GEICO is the cheapest full coverage option in New Mexico, at $814 per year. Allstate charges the most expensive average annual premium, at $1,505.

Compare car insurance quotes from different companies to find the most affordable insurer. Shopping around ensures you get a better price for the protection you need.

In New Mexico, car insurance costs vary based on the coverage level. Minimum coverage averages about $42 a month, while full coverage with a $1,000 deductible is around $97 monthly. Although more expensive, full coverage insurance is recommended for better protection.

Adding comprehensive and collision coverages will raise your premium, but you can lower costs by choosing a higher deductible, like $1,000. This deductible applies to each comprehensive and collision claim you file.

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's no mandate for uninsured/underinsured motorist coverage, personal injury protection or medical payments.

Location affects car insurance costs. For instance, full coverage in Las Cruces averages $916 per year, while it rises to $1,210 in Albuquerque.

Factors like accident rates, crime and the risk of natural disasters in your area influence your premiums.

Age plays a big role in car insurance costs in New Mexico. Young drivers aged 22 to 29 pay the highest rates, averaging $1,406 annually.

As drivers age and gain experience, premiums drop. Those between 30 and 59 pay about $1,167 annually, while drivers 60 and older enjoy the lowest rates at $1,143.

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 is $932 for a 2012 model and $1,173 for a 2022 model. This increase is due to the higher actual cash value of newer cars, expensive repairs and greater theft risk.

Experts recommend comprehensive and collision coverages for newer models, which offer better protection for your investment in case of accidents or theft.

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

• With a ticket: $1,387 per year; $116 per month
• With an at-fault accident: $1,628 per year; $136 per month
• With a DWI: $1,732 per year; $144 per month

How much you pay for car insurance depends on the severity of the violations. In New Mexico, tickets, accidents or DWIs stay on your record for a set time and keep raising your premiums while they remain. For example, a DWI can affect your rates for up to seven years.

Check the table by coverage and age group to see the average insurance costs for different driving records. This will help you understand how infractions impact your rates.

New Mexico drivers experience big differences in car insurance costs based on credit scores. Those with excellent credit pay around $786 annually, while drivers with poor credit pay about $1,328. Insurers use your credit score to gauge how well you manage your finances.

In New Mexico, a good credit score is 670–739, very good is 740–799, and excellent is 800 and up. Lower scores make insurers see you as riskier, resulting in 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: Urban areas with higher theft and accident rates might have higher car insurance costs than rural regions.
• Coverage level: 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 damage from traffic accidents.
• Comprehensive insurance: While it increases your insurance rate, comprehensive insurance covers non-collision-related incidents like theft or weather damage.

Compare car insurance quotes to find coverage that meets your needs and budget.

To get affordable car insurance in New Mexico, compare rates from different insurers, raise your deductible and use available discounts for maximum savings.

We answer common questions about the average cost of car insurance in New Mexico, offering insights into factors that influence premiums and how to reduce your premium.