BestCar InsuranceNew MexicoBest Car Insurance in New Mexico (April 2023)
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State Farm tops the list of the best auto insurers in New Mexico for full and minimum coverage as well as customer service, traffic violations, senior drivers or young adults. Farmers is exceptional for those with new cars and USAA is ideal for military drivers.
MoneyGeek also analyzed the most affordable auto car insurance in New Mexico if you want the lowest premiums.
BestCar InsuranceNew MexicoBest Car Insurance in New Mexico
Best Overall - State Farm
Best for Service - State Farm
Best for Minimum Coverage - State Farm
Best for Young Adults - State Farm
Best for Seniors - State Farm
Best for Driving Offenses - State Farm
Best for New Cars - Farmers
Best for Military - USAA
Best Overall for Car Insurance in New Mexico
MoneyGeek’s rankings of the best auto insurance providers in New Mexico indicate that the top carrier is State Farm.
The top two insurers and their rates are as follows:
- State Farm: MoneyGeek score 89 out of 100 (approximately $654 per year)
- Nationwide: MoneyGeek score 86 out of 100 (approximately $736 per year)
State Farm scored well for affordability and customer satisfaction. If you are interested in low annual costs for car insurance, MoneyGeek reviewed the cheapest full coverage car insurance providers in New Mexico.
1
State FarmBest Overall
Score:89
State Farm is the best overall insurer, with an average annual cost of $654, the cheapest. State Farm also ranks highly on customer service and offers rideshare insurance to policyholders.
More About State Farm
Despite lacking any unique add-on coverage, State Farm offers rideshare insurance to ensure you continue to receive medical, emergency roadside assistance and rental car reimbursement on your policy if you work for a ridesharing company. This coverage provides protection from your policy while you are available for hire and ensures all benefits, except liability coverage, remain in effect once you get a passenger.
You may also purchase roadside assistance to cover costs associated with mechanical repairs to a maximum of one hour at the place where your car breaks down, towing, oil, gas, battery or tire delivery and locksmith costs. The company even offers rental car reimbursement up to the policy limits and repays the deductible if you get involved in an accident while in a rental car.
2
State Farm
Score:89
State Farm is the best overall insurer, with an average annual cost of $654, the cheapest. State Farm also ranks highly on customer service and offers rideshare insurance to policyholders.
More About State Farm
Despite lacking any unique add-on coverage, State Farm offers rideshare insurance to ensure you continue to receive medical, emergency roadside assistance and rental car reimbursement on your policy if you work for a ridesharing company. This coverage provides protection from your policy while you are available for hire and ensures all benefits, except liability coverage, remain in effect once you get a passenger.
You may also purchase roadside assistance to cover costs associated with mechanical repairs to a maximum of one hour at the place where your car breaks down, towing, oil, gas, battery or tire delivery and locksmith costs. The company even offers rental car reimbursement up to the policy limits and repays the deductible if you get involved in an accident while in a rental car.
3
Nationwide
Score:86
Nationwide policyholders pay an average of $736 per year. The insurer is MoneyGeek’s pick for the runner-up in New Mexico for scoring second on affordability and highest on claims experience. A unique add-on coverage from Nationwide is identity theft coverage.
More About Nationwide
Nationwide is the second cheapest insurer and has two unique coverage options for interested buyers, including total loss deductible waiver and identity theft coverage.
Identity theft coverage from the insurer pays a maximum of $25,000 for expenses associated with identity theft or fraud if any of your household members become victims.
The total loss deductible waiver add-on coverage from Nationwide covers the deductible component of your collision or comprehensive insurance should your car get totaled after an accident. Common add-on insurance options, including roadside assistance and rental car reimbursement, are also available at GEICO to cover the costs associated with towing, part replacement or getting alternative transportation if your car breaks down due to unforeseen circumstances.
4
Nationwide
Score:86
Nationwide policyholders pay an average of $736 per year. The insurer is MoneyGeek’s pick for the runner-up in New Mexico for scoring second on affordability and highest on claims experience. A unique add-on coverage from Nationwide is identity theft coverage.
More About Nationwide
Nationwide is the second cheapest insurer and has two unique coverage options for interested buyers, including total loss deductible waiver and identity theft coverage.
Identity theft coverage from the insurer pays a maximum of $25,000 for expenses associated with identity theft or fraud if any of your household members become victims.
The total loss deductible waiver add-on coverage from Nationwide covers the deductible component of your collision or comprehensive insurance should your car get totaled after an accident. Common add-on insurance options, including roadside assistance and rental car reimbursement, are also available at GEICO to cover the costs associated with towing, part replacement or getting alternative transportation if your car breaks down due to unforeseen circumstances.
How the Best Insurers in New Mexico Rank: MoneyGeek Scores and Costs
State Farm tops the list of eight insurance providers scored in New Mexico. Earning a MoneyGeek score of 76 out of 100, the insurer is the only one with a perfect affordability score. With a lower-than-average claims experience rating, however, the company may deny some customer claims.
GEICO scored better than State Farm for claims, while Iowa Farm Bureau scored the highest on customer satisfaction. Rates used in this study represent full coverage auto insurance policies. Insurers that did not qualify for a MoneyGeek score lacked enough data on some individual ranking components.
Best Car Insurance in New Mexico for Customer Service
If you have a higher need for customer service than pricing, we found that the best insurer in New Mexico is State Farm. The best insurers for customer service in the state are:
- State Farm: MoneyGeek score 86 out of 100 (approximately $654 per year)
- Nationwide: MoneyGeek score 84 out of 100 (approximately $736 per year)
State Farm scored well for both satisfaction and affordability, showing that you are paying a great price for excellent service.
pros
Offers the lowest average annual premium
Ranks highly for customer satisfaction
cons
Does not offer accident forgiveness, gap insurance, new car replacement and better car replacement coverage
Scored lower for claims management
Lower score for coverage options
COMPANY HIGHLIGHTS
State Farm is inexpensive for most drivers seeking an insurance carrier with great customer service. The company offers excellent customer satisfaction, according to J.D. Power and NAIC’s ratings.
With the insurer’s emergency roadside service, your common expenses associated with a car breakdown will be covered until your vehicle is back into service.
Although the company does not offer any rare add-on coverage options, it has rideshare insurance, which ensures that your policy’s medical, roadside assistance and rental car reimbursement components remain active as you work in a ride-sharing company. Rideshare insurance also helps meet your policy deductible.
State Farm does not offer gap insurance, new car replacement, better car replacement or accident forgiveness coverage options. The insurer is highly limited in what it offers, and it ranks lower in claims management.
What Makes an Insurer the Best for Customer Service?
To find the best auto insurance company for customer service in New Mexico, consider an option that offers you a positive customer experience.
MoneyGeek determined the top insurer for this category using data from the National Association of Insurance Commissioners and J.D. Power. State Farm had the second-best customer satisfaction score in New Mexico but ranked highly due to a balance of other factors, such as cost.
Best Car Insurance in New Mexico for Minimum Coverage
For the minimum coverage car insurance policy, State Farm is the best in Mexico. The top companies balance quality service and cost for this category.
Based on our research, the companies that rank highest for those on a budget are:
- State Farm: MoneyGeek score 91 out of 100 (approximately $254 per year)
- Nationwide: MoneyGeek score 88 out of 100 (approximately $302 per year)
If you need minimum liability car insurance in New Mexico, State Farm has the lowest rates and scores well for customer satisfaction. Although minimum coverage car insurance is less costly, it offers limited protection, and you may need to get additional coverage for your needs.
pros
Affordable coverage for minimum coverage at $254 per year on average
Ranks highly on customer satisfaction
Offers discounts on airbags, safe driving, bundling multiple policies and daytime running lights
cons
Lacks unique coverages, such as original equipment manufacturer (OEM) coverage
Ranks below average for claims management
COMPANY HIGHLIGHTS
Based on MoneyGeek’s research, State Farm is the cheapest for minimum coverage and the second best for customer service. State Farm has a bundling discount for drivers who combine car insurance with renters, condo or home insurance. You also pay less if you insure multiple cars or go three consecutive years without a driving violation.
With a policy from State Farm, you may also qualify for several unique discounts. For instance, you receive a discount if you have factory-installed daytime running lights on your car. This is a rare discount that may not be available among most insurers. You also qualify for a discount if you have anti-lock braking systems in your car.
Your medical payments coverage rates would be lower if your car was made in 1994 or later. Completing a defensive driving course, having an airbag in your car and installing anti-theft systems on your vehicle also make you eligible for a discount at State Farm.
What Makes an Insurer the Best for Minimum Coverage?
When selecting a minimum coverage policy in New Mexico, get a policy that balances customer service and affordability. State Farm had a perfect affordability score and ranked second for customer service. Nationwide is the second cheapest insurer but has the highest rating on coverage options.
You may need to note that minimum coverage means your policy may fail to cover all the injury and damage costs in an accident.
Best Car Insurance in New Mexico for Young Adults
If you are a young driver in your 20s, the best auto insurance provider for full coverage in New Mexico with a balance of cost and customer service is State Farm. The top companies in the state are:
- State Farm: MoneyGeek score 88 out of 100 (approximately $854 per year)
- Nationwide: MoneyGeek score 86 out of 100 (approximately $926 per year)
State Farm scored well for affordability and service. You can find cheap auto insurance in New Mexico for young drivers if you shop around. Your rate is more likely to be higher than a middle-aged driver but lower than a teen driver.
pros
The cheapest auto insurance coverage for young drivers, costing an average of $854 per year
Provides distant student, driver’s education and good student discounts
Scored high on customer satisfaction
cons
Scored below average on claims experience
Low score for coverage options
COMPANY HIGHLIGHTS
State Farm has the lowest average auto insurance rate for New Mexico drivers in their 20s. The insurer ranked second on customer service, an indication that your complaints and queries will get addressed more efficiently.
Students under 25 years who study away from home qualify for the distant student discount from State Farm. You also get a discount on your policy if you earn a B average, a GPA of 3.0 or rank among the top 20% in your school. Drivers under 21 years get a discount after completing an approved driver education course.
The company offers roadside assistance and rental car reimbursement coverage in addition to your standard policy. It’s important to note that the coverage options for this insurer are lacking, and the claims management experience is subpar.
What Makes an Insurer the Best for Young Adults?
The most suitable car insurance if you are a young driver is one that combines affordability, quality service and discounts and coverage options that suit your needs.
State Farm offers good student and distant student discounts that help lower the overall rate, although these may not be available to all drivers in their 20s. While State Farm scored well for affordability and satisfaction, the runner-up scored better in claims and coverage options.
Best Car Insurance in New Mexico for Seniors
The top full coverage car insurance provider in New Mexico for senior buyers, based on customer service and affordability ratings, is State Farm. Overall, the best two insurers are:
- State Farm: MoneyGeek score 90 out of 100 (approximately $607 per year)
- Nationwide: MoneyGeek score 87 out of 100 (approximately $664 per year)
Insurance carriers charge drivers in their 60s similar premiums to drivers in their 30s to 50s, but rates may increase for drivers in their 70s.
State Farm tops the list of eight insurers reviewed for this category as it scored well in affordability and satisfaction. You can compare the cheapest auto insurance providers for senior drivers to find the lowest rates.
pros
Offers the most affordable cost for seniors at an average of $607
Ranked highly for customer satisfaction
Senior driver discount
cons
Policyholders may not receive the best claims experience
Subpar coverage options
COMPANY HIGHLIGHTS
State Farm balances affordability, good customer service and coverage options for senior drivers. You will pay an average of $607 for a policy from the company. Add-on coverages such as roadside assistance and rental car reimbursement can help you save on costs after an accident.
Senior drivers can save money with State Farm in a few ways, but the most custom-tailored option is the insurer’s senior discount. With this discount, senior drivers and retired policyholders can get a discount on their premiums. Discounts are also available for driving safely, bundling policies, completing a defensive driving course and insuring a new vehicle.
Keep in mind this company offers minimal coverage options and a subpar claims experience, so it might be lacking certain coverage options that senior drivers may benefit from.
What Makes an Insurer the Best for Seniors?
As a senior driver, you may have some experience on the road, so your premiums will be lower. In case of an accident, however, you are likely to sustain injuries. An affordable comprehensive and collision insurance policy that includes personal injury protection could be the best.
State Farm offers the cheapest policies and a senior driving discount, but the runner-up offers more coverage options.
Best Car Insurance in New Mexico for Drivers With Offenses
If you have a traffic violation on your record, the best insurance carrier in New Mexico, balancing affordability and customer service for full coverage policies, is State Farm.
The top two companies in the state include:
- State Farm: MoneyGeek score 91 out of 100 (approximately $761 per year)
- Nationwide: MoneyGeek score 85 out of 100 (approximately $1,135 per year)
State Farm is the most affordable option and has the second-best customer service rating. In New Mexico, you will pay an average of $287 more for car insurance with an at-fault accident, $350 with a DUI and about $131 if you have a speeding ticket. You can secure the lowest auto insurance rates in New Mexico if you have any severe violations by comparing rates.
pros
Cheap coverage for drivers with violations at an average of $761 per year
Roadside assistance and rental car and/ or travel reimbursement coverages available
Above average rating on customer satisfaction
cons
No accident forgiveness, new car or better car replacement coverage
Does not offer the best claims experience
Low score for coverage options
COMPANY HIGHLIGHTS
The most affordable car insurance policy if you have a driving violation is from State Farm. The company scored highly in affordability and customer satisfaction.
State Farm offers roadside assistance that can help cover towing, mechanical repair, locksmith services and delivery of batteries, tires, gas and oil if you get involved in a covered accident. You can also get reimbursed for the amount you spend renting a car, getting accommodation and meals if your car breaks down on the road due to a covered incident.
State Farm does not offer accident forgiveness, new car and better car replacement coverage options that may be crucial after a traffic violation. The lack of additional coverage options as well as a poor claims management experience needs to be considered before purchasing a policy with this insurer.
What Makes an Insurer the Best for Drivers With Offenses?
If you have a traffic offense on your record, the best policy is cost-friendly and has optional coverage and discount options that help lower your costs. Aside from affordability, State Farm’s good customer service score earned it the top spot for drivers with violations. Nationwide costs more than State Farm and offers a lower customer experience, but it has accident forgiveness and total loss deductible waiver coverage options that may be key if you get involved in an accident.
Best Car Insurance in New Mexico for Drivers With New Cars
If you have a new car, our top recommendation for a full coverage policy based on cost and satisfaction for a 2022 model car in New Mexico is Farmers.
The top two providers ranked as follows:
- Farmers: MoneyGeek score 89 out of 100 (approximately $1,197 per year)
- Allstate: MoneyGeek score 78 out of 100 (approximately $1,558 per year)
Farmers scored highly in affordability and coverage options, offering new car replacement coverage. With this coverage, you will get a replacement for your damaged car with a similar or newer model after a covered event.
pros
Affordable coverage at an average of $1,197 per year
Offers new car replacement coverage
Ranked well for coverage options
cons
Does not offer better car replacement coverage
Lower score for satisfaction
Scored lower for claims management
COMPANY HIGHLIGHTS
Farmers offers the cheapest coverage if you have a new car in New Mexico. Of the three insurers reviewed for this category, Farmers had high coverage and affordability scores. Farmers’ new car replacement coverage pays for the replacement of your car with a new one of the same model. You are eligible if your car gets totaled within the first two years and has traveled 24,000 miles or less.
You may also get custom parts coverage to pay for the repair and replacement of aftermarket parts like custom wheels and infotainment systems. Farmers’ accident forgiveness prevents your rates from increasing after an accident if you drive for at least three years without one.
Keep in mind this insurer has lower customer satisfaction scores and claims management scores. If these are important factors for you, Allstate and Kemper also offer new car replacement coverage.
What Makes an Insurer the Best for Drivers With New Cars?
Replacing your new car after an accident can be easy if you select an insurer that offers new car replacement or better car replacement coverage.
Farmers is our top pick in New Mexico because you can add new car replacement insurance to your standard policy to save money if your car gets totaled. Farmers is also the cheapest option, but Allstate scored higher on customer service.
Best Car Insurance in New Mexico for Military Drivers
USAA tops the list of insurance providers for those with a military background in New Mexico. The company charges an average of $514 per year for its policies and received a MoneyGeek score of 92 out of 100. It is also the best for customer satisfaction.
pros
Has the cheapest coverage for military members, at around $514 per year
Offers accident forgiveness and roadside assistance
Highest customer satisfaction
cons
Policies are limited to military members
Offers no unique coverages
Lower score for claims management
COMPANY HIGHLIGHTS
USAA is the cheapest company in New Mexico for military members and offers the best customer service.
Military members can take advantage of USAA’s rideshare coverage to retain coverage while waiting for a ridesharing request. This will cost only a few extra dollars per month. Those who remain accident-free for at least five years will not get a premium increment after the first at-fault accident.
USAA offers a discount on full coverage if you garage your vehicle on base or store it. You may also get a discount depending on how much you drive in a year, mileage discounts, legacy discounts and safe driving discounts.
Keep in mind this insurer scored lower in claims management and coverage options. Other insurers might be better if these are important factors for you in an insurance provider.
How to Find the Best Car Insurance in New Mexico for You
When purchasing auto insurance in New Mexico, MoneyGeek’s recommendations can help you find a provider with the best cost, service quality and claims experience. Although our analysis can help you compare options quickly, you can use the following steps to conduct your own research.
1
Research customer service reputations in New Mexico
MoneyGeek ranked the top auto insurance providers using quotes obtained using a sample driver’s profile. Additional information from J.D. Power and NAIC’s complaint ratios also contributed to our average scores for the state. You can use these scores to identify the best combination of auto insurance for your profile or check out the insurance policy factors for your needs. You can also find useful information from the Department of Insurance in New Mexico.
2
Compare quotes
MoneyGeek used a sample driver to source quotes from different insurers and varying ZIP codes. However, these quotes do not cover all the locations and driver profiles, so you should compare rates from at least three providers to get the best cost for your situation.
3
Find the coverages you want in New Mexico
As you compare auto insurance rates in New Mexico, you may need to check out the discount and coverage options offered by your ideal provider. Some insurers may advertise a coverage or discount without mentioning that it’s not available in your state.
4
Check financial stability ratings
The financial stability of an insurer determines its likelihood of approving and paying out claims. Companies with lower financial stability are less likely to process your claims. Choosing large companies over regional insurers is recommended.
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FAQs About the Best Car Insurance in New Mexico
Your driving background and ideal coverage options will determine the top auto insurance in New Mexico for your needs. We answered some frequently asked questions about car insurance in the state to help you find the best policy for your profile.
About Mark Fitzpatrick
