BestAuto InsuranceNew MexicoThe Best Car Insurance in New Mexico for 2023
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BestAuto InsuranceNew MexicoThe Best Car Insurance in New Mexico
Best Overall - GEICO
Best for Customer Service - State Farm
Best for Minimum Coverage - State Farm
Best for Young Drivers - State Farm
Best for Seniors - State Farm
Best for Bad Driving Records - State Farm
Best for Military - USAA
Best for New Cars - Allstate
Best for Low-Mileage Drivers - Nationwide
If you 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.
Best Full Coverage Car Insurance Companies in New Mexico: Overall
The two leading companies with the best car insurance in the state are the following:
- State Farm: MoneyGeek score of 86 out of 100 (approximately $1,044 per year)
- Allstate: MoneyGeek score of 78 out of 100 (approximately $1,071 per year)
USAA is excluded from the analysis because it only provides service to military families. However, it received a MoneyGeek score of 100 out of 100, making it the top insurer for military members.
MoneyGeek categorized the top insurance companies in New Mexico based on user satisfaction, claims rating and monthly cost. For those trying to save money, MoneyGeek also evaluated the cheapest full coverage car insurance in New Mexico.
THE TOP CAR INSURANCE COMPANIES IN NEW MEXICO
1
State FarmBest Overall
Score:86
State Farm takes first place for affordability and customer satisfaction in New Mexico, and it is tied for first for stability and claims. State Farm offers rideshare insurance.
More About State Farm
State Farm’s rideshare insurance ensures that the medical coverage, emergency roadside assistance and rental car reimbursement in your policy remain in effect when working for a rideshare company. Roadside assistance is also available as an add-on, which pays for mechanical labor, towing, the delivery of gas or a battery and locksmith services if you’re stranded on the road.
All of State Farm's rideshare insurance coverages, with the exception of liability insurance, are still applicable until you match with a possible rider and transport that rider once the rideshare app is activated and you are available for hire. Your State Farm rate will normally rise by 15% to 20% if you have rideshare coverage. This increase is based on your insurance limits, available discounts and other factors.
2
Allstate
Score:78
Allstate tied for first in claims and second for satisfaction while ranking third for stability. This company offers custom parts coverage.
Average Annual Cost: $1,071
More About Allstate
Standard auto insurance coverages, including liability, collision and comprehensive insurance, are available from Allstate. Many popular add-ons, such as roadside assistance, rental car reimbursement, accident forgiveness, new car replacement, gap insurance, as well as deductible adjustment, are also available with Allstate plans. Plus, if you work for a rideshare company, you can get rideshare insurance for extra protection.
With the custom parts coverage add-on from Allstate, you can get coverage for the price of replacing any aftermarket items that have been stolen or destroyed. This includes graphic decals, murals, height-extending roofs, height-extending rugs, special carpetings and bars. The company's portable electronics and media coverage also protect you against the cost of losing any CDs or other items used with your car's stereo system.
3
Farmers
Score:72
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.
4
Progressive
Score:71
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 from a rideshare company.
5
GEICO
Score:70
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.
HOW 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:
Best Car Insurance in New Mexico for Customer Service
Without considering the cost, the best insurers for customer service in New Mexico are the following:
- State Farm: MoneyGeek score of 91 out of 100
- Liberty Mutual: MoneyGeek score of 85 out of 100
MoneyGeek only considered each company’s customer satisfaction and claims scores in rating the best insurer in New Mexico for this category.
THE TOP TWO CAR INSURANCE COMPANIES IN NEW MEXICO FOR SERVICE QUALITY
1
State FarmBest for Customer Service
Score:91
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
Since you'll be turning to your insurer in an emergency, having excellent customer service is crucial since you’ll need help during an emergency. Like most insurers, State Farm provides common coverages like liability insurance, comprehensive insurance and collision insurance. Additionally, State Farm provides some of the most common auto insurance add-on coverages, like roadside assistance, rental cars and/or reimbursement for travel expenses. Other common coverages, such as accident forgiveness, new car replacement, gap insurance, deductible modification or superior automobile replacement, are not provided.
Even if you work for a ridesharing operator, you may still receive medical coverage, emergency roadside assistance and rental car reimbursement with State Farm's rideshare insurance. However, your policy does not necessarily include this add-on option since its availability can vary by location.
2
Liberty Mutual
Score:85
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 stands out for providing many of the most popular add-on coverages, including roadside assistance, reimbursement for travel expenses and rental cars, accident forgiveness, replacement of a new vehicle, gap insurance, deductible reduction and superior vehicle replacement. Original Equipment Manufacturer (OEM) and disability coverage are two more distinctive add-on coverages offered by Liberty Mutual that drivers may find beneficial to include in their policies.
The insurer 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 coverage guarantees that any parts used to repair your vehicle will come from the original manufacturer.
Best Car Insurance in New Mexico for Minimum Coverage
The top car insurance companies in New Mexico for drivers on a budget include:
- State Farm: MoneyGeek score of 87 out of 100 (approximately $507 per year)
- GEICO: MoneyGeek score of 72 out of 100 (approximately $607 per year)
These companies balance affordability and quality service. MoneyGeek’s ratings can help you get the best offers if you are looking for a car insurance policy in New Mexico for minimum coverage.
For people who value savings above all else, MoneyGeek also researched the cheapest minimum coverage car insurance providers in New Mexico.
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 bundling discounts. Additionally, you get discounts for driving safely. To take advantage of these discounts, you must either have multiple vehicles insured with State Farm or bundle your car insurance with home, renters, condo or life insurance. Alternately, being insured by State Farm for three continuous years without a chargeable violation can earn you a discount.
State Farm also provides a rare discount known as the new vehicle discount, which entitles you to a reduced cost of medical payments coverage if your car was manufactured in 1994 or later. Additionally, you can get discounts for having an anti-theft system, taking a defensive driving course or having airbags.
Best Car Insurance in New Mexico for Young Drivers and Students
Rates for people in their late teens or early 20s, those in high school or those enrolled in college were all analyzed by MoneyGeek's analysis for this category. We found that the best providers in New Mexico for young drivers and students are:
- State Farm: MoneyGeek score of 85 out of 100
- Progressive: MoneyGeek score of 81 out of 100
These scores balance affordability and customer service for young drivers and students.
If you are a student or a young driver, MoneyGeek’s recommendations can help you get the best car insurance rates. Insurance for young drivers is often very expensive because of a driver’s lack of experience behind the wheel. However, you can still find companies providing relatively affordable and high-quality coverage. The cheapest auto insurance in New Mexico for young drivers and college students was also researched by MoneyGeek.
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
cons
No accident forgiveness, new car replacement, gap insurance, deductible modification or better car replacement coverage
COMPANY HIGHLIGHTS
Young driver insurance is typically pricey. However, State Farm provides young drivers with plans at a reasonable price and with excellent customer service. An insurance company's customer service is extremely important, especially when you have a young driver since you must contact your insurer to submit a claim. Additionally, making a claim can be intimidating, so you should pick an insurer that can put your mind at ease.
By earning outstanding grades in school, you can cut your premium with State Farm's good student discount. If you are under 21 years old, complete a driver's education course that has been approved or if you are under 25 and live away from home while attending school, you will also receive a discount.
Best Car Insurance in New Mexico for Seniors
Using affordability and customer service reputation, MoneyGeek picked the top New Mexico auto insurance providers for senior drivers. These include:
- State Farm: MoneyGeek score of 87 out of 100 (approximately $1,016 per year)
- Allstate: MoneyGeek score of 73 out of 100 (approximately $1,157 per year)
Affordability and customer service for seniors are given equal weight in calculating the company scores for this category. MoneyGeek also analyzed the other cheapest auto insurance for senior citizens.
MoneyGeek’s Pick: State Farm
pros
One of the most affordable companies for seniors at $1,016 per year
Offers roadside assistance, rental car and/or travel reimbursement and rideshare coverage
Offers defensive driving discount
Excellent MoneyGeek claims and customer satisfaction ratings
cons
Does not provide discounts for full payment or becoming paperless, which are frequently provided by other organizations
Doesn’t offer senior discounts
COMPANY HIGHLIGHTS
As you get older, your auto insurance rates rise. However, considering the high caliber of its services and track record for client satisfaction, State Farm Insurance offers a fair price. It's a significant benefit that this insurer received exceptional and perfect ratings for both the claims and customer satisfaction categories.
If you are at fault for an accident involving your rental car, State Farm will pay your deductible up to $500 as well as up to $500 in travel expenditures (including meals, accommodation and transportation). When you work for a ridesharing firm, its rideshare insurance also makes sure that your own auto policy's coverage for medical expenses, emergency roadside assistance and rental car reimbursement is maintained. Seniors who successfully complete a defensive driving course are also given a discount.
Best Car Insurance in New Mexico for Bad Driving Records
The best companies for car insurance in New Mexico for drivers with poor records are the following:
- State Farm: MoneyGeek score of 94 out of 100 (approximately $1,121 annually)
- Allstate: MoneyGeek score of 81 out of 100 (approximately $1,384 annually)
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. MoneyGeek also examined the cheapest car insurance in New Mexico for drivers with a DUI or a shady driving history if you want to save money.
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 100 out of 100 according to MoneyGeek’s ranking criteria.
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 that make it a great choice for military families include:
- Accident Forgiveness: If you have five claim-free years as a USAA customer, the company will forgive your first accident without raising your rates.
- Rideshare Insurance: USAA provides coverage for rideshare drivers while they’re waiting for a passenger request. Most rideshare insurance policies don’t include 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 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. It earned a MoneyGeek score of 78 out of 100 (average cost of $1,071 annually).
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 shortly after buying it if it is two years old or less.
If your car is two model years old or less, the insurance company will entirely replace it with a new model rather than merely writing you a check for the depreciated worth. Additionally, it provides coverage for loss to any tapes, CDs or comparable items used with a vehicle sound system, which may be more expensive to replace for a new car.
Best Car Insurance in New Mexico for Low-Mileage Drivers
In New Mexico, Nationwide SmartRide is the best option for low-mileage drivers. SmartRide has a base rate and a variable rate, which both depend on how often you drive.
Auto insurance providers are expanding the use of pay-per-mile programs in which drivers pay based mostly on the number of miles they drive. If you’re on a road trip, SmartRide only counts the first 250 miles you drive each day. There is a behavioral element to SmartRide as well, 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
SmartRide 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, SmartRide is worth considering.
SmartRide counts the number of miles driven, as well as the amount of time spent in traffic and driving at night. It can only lower your rates. It cannot raise them.
This program measures your miles driven, hard braking and acceleration patterns, idle time and nighttime driving. These factors combined help determine your rates.
Programs like SmartRide are a great option for drivers who don’t travel long distances in their cars.
How to Find the Best Car Insurance in New Mexico 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.
About Mark Fitzpatrick
