bestauto insuranceNew Mexico2022The Best Car Insurance in New Mexico for 2022
The best insurance companies incorporate affordability, customer satisfaction and financial stability. The top car insurance company in New Mexico is State Farm, leading in affordability and customer satisfaction and tied for first place for stability and claims.
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Last Updated: 5/13/2022
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Mark Fitzpatrick
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MoneyGeek rated car insurance companies using the average cost of premiums, quality of customer service and other variables. While State Farm ranked as the best car insurance company in New Mexico, you could find better options depending on your circumstances and the coverage you need.
In addition, if you simply want to buy the cheapest car insurance in New Mexico without regard to the quality of service, MoneyGeek’s breakdown can help you pick the best option.
bestauto insuranceNew Mexico2022The Best Car Insurance in New Mexico
Best Car Insurance Companies in New Mexico: Overall
MoneyGeek categorized the top insurance companies in New Mexico based on user satisfaction, claims rating and premium cost.
The two leading companies with the best insurance in the state are:
- State Farm: MoneyGeek score of 4.3 out of 5
- Allstate: MoneyGeek score of 3.9 out of 5
USAA is excluded from the analysis because it only provides service to military families. However, it received a MoneyGeek score of 5 out of 5, making it the top insurer for military members.
The Top 5 Car Insurance Companies in New Mexico
1
State Farm
Score:4.3
With premiums costing an average of $1,044, State Farm takes first place for affordability and customer satisfaction in New Mexico, and it’s tied for first for stability and claims as well. State Farm offers rideshare insurance.
More About State Farm
State Farm’s rideshare insurance ensures that medical, emergency roadside assistance and rental car reimbursement in your policy remain effective when working for a ridesharing company. Roadside assistance is also available as an add-on, paying for mechanical labor, towing, the delivery of gas or a battery and locksmith services if you’re stranded on the road.
Read MoneyGeek's State Farm auto Insurance Review2
Allstate
Score:3.9
Average premiums from Allstate cost $1,071 annually. Allstate ties for first in claims and second for satisfaction while ranking third for stability. This company offers custom parts coverage.
More About Allstate
Allstate’s custom parts coverage add-on covers the cost of replacing stolen or damaged aftermarket equipment, including special carpeting, bars, height-extending roofs, graphics, decals and murals. The company’s portable electronics and media coverage provides payment for the loss of any compact discs or other items used with your car’s stereo system.
Read MoneyGeek's Allstate auto Insurance Review3
Farmers
Score:3.6
Farmers’ average premiums cost $1,154 annually. Farmers is ranked second in satisfaction and fourth in affordability. It is tied for first place for claims but ranks last in the state for stability. The insurer provides custom parts coverage.
More About Farmers
Farmers offers custom equipment coverage that replaces any upgraded features, such as infotainment systems or custom wheels, on your vehicle in case of loss or accident. It also offers a glass deductible buyback that reduces your deductible to just $100 when dealing with a loss to the car’s windows or windshield.
Read MoneyGeek's Farmers auto Insurance Review4
Progressive
Score:3.6
Annual premiums for Progressive Insurance go for an average of $1,085. The company is rated second for stability and third for affordability. However, it ranks last for both claims and satisfaction. Progressive offers custom parts coverage.
More About Progressive
Progressive’s custom parts add-on covers the cost of replacing or repairing items that you add to your car including navigation systems and paint jobs. It also has rideshare insurance coverage that covers accidents that occur while you’re waiting to receive a ride request for a rideshare company.
Read MoneyGeek's Progressive auto Insurance Review5
GEICO
Score:3.5
GEICO holds down first place for stability and claims, and its average annual premium in this state is $1,224. It ranks last for affordability but ties for second place in satisfaction. GEICO provides its customers with access to Mechanical Breakdown Insurance.
More About GEICO
GEICO’s Mechanical Breakdown Insurance (MBI) provides coverage for repairs for cars less than 15 months old with 15,000 miles or less, with lower costs and more coverage than most dealers’ extended warranties. Additionally, GEICO offers accident forgiveness coverage ensuring your rates do not increase after your first at-fault accident following five claim-free years.
Read MoneyGeek's GEICO auto Insurance ReviewHOW WE DETERMINED THE BEST INSURANCE IN NEW MEXICO
MoneyGeek used full coverage policy quotes from several insurers, together with client satisfaction and claims ratings from the NAIC and J.D. Power, to rate the best full coverage car insurance in New Mexico. However, the cost of insurance is influenced by other factors, and you can review MoneyGeek’s methodology for more insights.
MoneyGeek's New Mexico Car Insurance Resources:
Compare the Best Insurance Options in New Mexico
The best car insurance in New Mexico is determined by affordability, financial strength and customer service. But based on your needs, you may wish to consider other options. MoneyGeek’s analysis can help you find the best auto insurance companies in New Mexico based on customer satisfaction and other factors.
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Best Car Insurance in New Mexico for Customer Service
MoneyGeek rated the top car insurance providers in New Mexico using only customer satisfaction and claims scores.
Based on these variables and without considering cost, the best insurers for customer service are:
- State Farm: MoneyGeek score of 4.6 out of 5
- Liberty Mutual: MoneyGeek score of 4.2 out of 5
The Top 2 Car Insurance Companies in New Mexico for Service Quality
1
State Farm
Score:4.5
State Farm ranks first in user satisfaction, stability and affordability and ranks second for claims. It has an annual rate of $1,044 which is the lowest average price point in the state. You won’t have to sacrifice affordability for customer service with State Farm.
More About State Farm
State Farm coverage pays for car rental expenses up to chosen limits. It also covers meals, lodging and transportation expenses up to $500. Additionally, you can receive repayment of your deductible (up to $500) if you have an at-fault accident in your rented vehicle.
Read MoneyGeek's State Farm auto Insurance Review2
Liberty Mutual
Score:4.2
Liberty Mutual ranks first overall for claims rating and is tied for second in New Mexico for customer satisfaction.
More About Liberty Mutual
Liberty Mutual is one of just a few companies that offers better car replacement coverage. This ensures that if your car is totaled, Liberty Mutual will pay for a placement vehicle one model year newer than yours, and with at least 15,000 fewer miles as well. Liberty Mutual’s original equipment manufacturer (OEM) coverage guarantees that any parts used to repair your vehicle will come from the original manufacturer.
Read MoneyGeek's Liberty Mutual auto Insurance ReviewBest Car Insurance in New Mexico for Drivers on a Budget
MoneyGeek’s ratings can help you get the best offers if you are looking for a car insurance policy in New Mexico that only fulfills the minimum requirements.
The best-rated companies offer affordability and quality service. The top car insurance companies in New Mexico for drivers on a budget are:
- State Farm: MoneyGeek score of 4.4 out of 5
- GEICO: MoneyGeek score of 3.6 out of 5
MoneyGeek’s Pick: State Farm
pros
Affordable annual premiums of $507 on average
MoneyGeek satisfaction rating of 5 out of 5
MoneyGeek claims rating of 4 out of 5
Offers discounts for bundling policies, insuring multiple cars and installing anti-theft systems
cons
Does not offer paperless billing or pay-in-full discounts
COMPANY HIGHLIGHTS
You can save on premiums by taking advantage of State Farm’s multi-vehicle policy and safe driver discounts. Additionally, you get discounts for installing anti-theft devices on your car and taking defensive driver classes. For more information or to see if you qualify for any of these discounts, contact State Farm at your convenience.
Best Car Insurance in New Mexico for Poor Driving Records
MoneyGeek further ranked the best car insurance companies in New Mexico for drivers with an at-fault accident using affordability and customer service ratings after an accident. The top-rated companies are:
- State Farm: MoneyGeek score of 4.7 out of 5
- Allstate: MoneyGeek score of 4.1 out of 5
MoneyGeek’s Pick: State Farm
pros
Policy after an at-fault accident costs an average of $1,121 annually
Claims rating of 4 out of 5
User satisfaction rating of 5 out of 5
Provides roadside assistance and towing in case of an accident
cons
Does not offer accident forgiveness
No new or better car replacement coverage
COMPANY HIGHLIGHTS
State Farm offers the best car insurance policy for drivers with a poor record at an average cost of $1,121 per year. The insurer has a claims rating of 4 out of 5 and a customer satisfaction level of 5 out of 5.
State Farm offers the following coverages if you are involved in an accident:
- Roadside Assistance: The company offers roadside assistance and towing if you are involved in an accident, or your car breaks down.
- Rental Car Reimbursement: State Farm pays for rental car expenses up to your chosen limits, and also covers travel expenses up to $500. Additionally, if you have an at-fault accident in your rented vehicle, State Farm provides up to $500 in deductible repayment.
Best Car Insurance in New Mexico for a Military Background
Based on MoneyGeek’s ratings, USAA is ranked as the best insurance provider for current and former military members. The insurer has a score of 5 out of 5 across MoneyGeek’s scorecard.
MoneyGeek’s Pick: USAA
pros
Low premiums
Offers rideshare insurance
Offers loyalty discounts
cons
Only available to individuals with military affiliation
COMPANY HIGHLIGHTS
USAA has some of the most affordable policies and best service ratings in New Mexico. The insurer also has an outstanding reputation countrywide.
Some coverages and discounts offered by USAA are:
- Accident Forgiveness: If you have five claim-free years as a USAA customer, the company will forgive your first accident following this period without raising your rates.
- Rideshare Insurance: USAA provides coverage for rideshare drivers while they’re waiting for a passenger request. Most rideshare insurance policies exclude this period.
- Safe Driver Discount: If you maintain an accident-free record for five years you could get a premium deduction.
- Loyalty Discount: USAA provides discounts on your premium if you maintain your USAA insurance policy for a set amount of time.
Best Car Insurance in New Mexico for Young Drivers and Students
If you are a student or a young driver, you can get the best car insurance rates using MoneyGeek’s recommendations. Insurance for young drivers is often very expensive due to these drivers’ inexperience behind the wheel. However, you can still find companies providing relatively affordable and high-quality coverage.
The best providers in the state for young drivers are:
- State Farm: MoneyGeek score of 4.3 out of 5
- Progressive: MoneyGeek score of 4.1 out of 5
These scores balance affordability and customer service for young drivers and students.
MoneyGeek’s Pick: State Farm
pros
Affordable premiums costing an average of $2,620 per year
Offers away-at-school, driver’s education and good student discounts
Claims rating of 4 out of 5
Satisfaction rating of 5 out of 5
COMPANY HIGHLIGHTS
Adding young drivers to an insurance policy can be quite costly, but State Farm offers affordable rates and excellent service. It can be stressful to file a claim, especially for an inexperienced driver, so it can be a great help to have a company like State Farm that has your back when you need them.
State Farm offers distant student discounts for students who attend college far away and only drive a car when they’re visiting home. It also offers discounts for driver’s education courses and for maintaining good grades at school.
Best Car Insurance in New Mexico for Those With New Cars
MoneyGeek’s analysis includes ratings for the best car insurance companies in New Mexico for drivers with new vehicles. New car replacement covers the cost of replacing your car with the same model if it is totaled in an accident. Some insurers, however, offer better car replacement that provides a newer model of your vehicle. This coverage is a paid add-on and not included in your standard policy.
The company that ranks best in this category is Allstate with a MoneyGeek score of 3.9 out of 5.
MoneyGeek’s Pick: Allstate
pros
Affordable policies averaging $1,071
Offers new car replacement
Claims rating score of 4 out of 5
User satisfaction score of 4 out of 5
cons
Does not offer better car replacement coverage
COMPANY HIGHLIGHTS
Allstate is an excellent option for drivers of new vehicles since it offers new car replacement coverage. A car starts to depreciate as soon as it's driven off the lot. This coverage offers you a new car of the same make and model if you have an accident soon after buying it, as long as it is two years old or less.
Best Car Insurance in New Mexico for Low-Mileage Drivers
Auto insurance providers are expanding the use of pay-per-mile where drivers pay based mostly on the number of miles they drive. In New Mexico, Nationwide SmartMiles is the best option for low-mileage drivers.
SmartMiles has both a base rate and a variable rate, and these depend on how often you drive. If you’re on a road trip, SmartMiles only counts the first 250 miles you drive each day. There is a behavioral element to SmartMiles too, which provides discounts of up to 10% if you drive safely.
MoneyGeek’s Pick: Nationwide
pros
Affordable pricing for vehicle owners who don’t drive much
cons
Can be more costly than traditional insurance
COMPANY HIGHLIGHTS
SmartMiles is provided by Nationwide and is only available in certain states, including New Mexico. This program mixes behavior elements with a per-mile payment structure to provide highly affordable insurance for low-mileage drivers. If you’re a New Mexico car owner who doesn’t drive very often, give SmartMiles a look.
How to Find the Best Car Insurance in New Mexico in For You
If you are looking for the best car insurance in New Mexico, you need to consider cost, service quality and financial stability.
MoneyGeek has compiled a comprehensive list of the best insurers, but you can also make a personal comparison.
1
Research Customer Service Reputations in New Mexico
MoneyGeek collected quotes from various insurers and used them with NAIC complaints and customer satisfaction scores by J.D. Power to rate the best insurers in New Mexico. Other than MoneyGeek’s analysis, you can also refer to scores from J.D. Power and the NAIC to pick the right provider for your needs. You may also want to contact the state’s Office of the Superintendent of Insurance for further insights.
2
Compare Quotes for Yourself
MoneyGeek’s quotes are samples taken from most of New Mexico and do not represent the entire state. Always get at least three quotes to compare premiums and find the best deal for your circumstances and needs.
3
Make Sure the Company Has Coverages You Want in New Mexico
Insurers advertise coverages and discounts, and sometimes these coverages aren’t applicable in all states. Confirm with insurers that they offer what you require in New Mexico.
4
Double-Check Financial Stability Ratings
Large insurance companies are financially more stable and get higher ratings, and regional companies in New Mexico could have lower stability ratings. Financial stability greatly influences claims payment.
FAQs About the Best Car Insurance in New Mexico
The best car insurance in New Mexico depends on the type of coverage you are looking for. Understanding the answers to some frequently asked questions can help you find the best policy for your needs.
Methodology
MoneyGeek gathered car insurance data in New Mexico through combined efforts with Quadrant Information Services. The subject driver for the study is a 40-year-old male driving a 2010 Toyota Camry LE. The driver is covered by a comprehensive and collision policy with 100/300/100 limits and a $1,000 deductible.
Financial strength, customer satisfaction and claims settlement scores are courtesy of J.D. Power, AM Best and the National Association of Insurance Commissioners (NAIC). The compiled list of discounts and coverages was sourced individually from company websites.
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