Auto Insurance Calculator
See how the Average Annual Auto Insurance Rates vary with the options chosen.
Average Annual Auto Insurance Rates
Click the section of the wheel in your price range to see options.
Click an insurer below to visit their review page or continue to your personalized quote.
Understanding how to accurately estimate how much car insurance you need could help you save money on your policy. You can calculate your New Mexico car insurance rates and get a quick estimate of costs using MoneyGeek's fast and easy auto insurance calculator.
We researched how car insurance prices are determined in New Mexico. MoneyGeek created this guide to help you better understand how much your New Mexico car insurance will cost so that you can evaluate which factors are impacting your rate.
New Mexico Car Insurance Calculator: How it Gets You an Instant, Free Estimate
You’ll need to provide various personal details to get an accurate quote. It usually takes about 10–15 minutes to get car insurance quotes for New Mexico.
Using MoneyGeek's car insurance cost calculator, you can get an idea of how much your auto insurance in New Mexico will cost based on your age, driving record, vehicle type and coverage levels.
The amount of coverage you buy, your age and whether you add a teen driver to your policy all factor into New Mexico car insurance premiums.
Several factors will affect which auto insurance company in New Mexico is the most affordable for you. Our calculator can offer you a near estimate. MetLife, the most affordable and widely-accessible company in the state, charges our model driver $453 per year for car insurance.
When looking for an auto insurance company in New Mexico, price should not be your only consideration. You should look for a company that provides excellent customer service and the coverage you need, not just the lowest price.
To get an estimate of your insurance rates, use MoneyGeek's calculator or explore our collection of model drivers in the cheapest auto insurance in New Mexico.
Check out the average cost of auto insurance in New Mexico to see how your state's insurance expenses compare to others.
MoneyGeek evaluated the best car insurance providers in New Mexico to help you choose an insurance company that balances affordability with service quality.
How Car Insurance Premiums are Calculated in New Mexico
Auto insurance companies in New Mexico base their rates on various factors. The essential aspects that can affect your auto insurance prices are your age, the level of coverage you need, and whether you add a teen driver to your policy. Adding a teen driver to your policy in New Mexico might increase your premiums by three times.
How Much Adding a Teen Driver Matters in Calculating Car Insurance in New Mexico
Adding a teen driver to your coverage can increase your vehicle insurance premiums. Younger drivers are riskier to insure because they are less experienced and more likely to make mistakes on the road, so insurers add a surcharge to include them on your insurance.
Adding a teen driver to your coverage is the most costly factor influencing your vehicle insurance costs in New Mexico. It has the potential to increase your car insurance costs by three times.
How Much Coverage Levels Matters in Calculating Car Insurance in New Mexico
The level of coverage you buy directly impacts the rate of your car insurance. You'll have to spend more money to add coverage.
In New Mexico, the state minimum liability coverage is the cheapest possible factor, while full coverage with a $500 deductible and 100/300/100 liability is the most expensive. Full coverage costs 2.6 times more than the state's minimum insurance.
How Much Age of Driver Matters in Calculating Car Insurance in New Mexico
Your age is one of the most significant factors affecting your insurance rates in New Mexico. Insurers often charge more for teenage drivers. Seniors also pay a higher rate than the average adult. Your insurance prices might increase by up to 2.3 times, depending on your age.
The cheapest car insurance in New Mexico is for a 40-year-old driver. A 19- to 20-year-old driver, on the other hand, has the most expensive car insurance rates in the state.
How Much Credit Score Matters in Calculating Car Insurance in New Mexico
A solid credit score is essential for low-cost car insurance in New Mexico. You are more likely to receive cheap New Mexico car insurance if you have a good credit score and no tickets or violations on your driving record.
Drivers with excellent credit pay less for car insurance, while those with poor credit pay more. Poor credit can raise vehicle insurance rates by 2.1 times in New Mexico.
How Much Car Model Matters in Calculating Car Insurance in New Mexico
The make and model of your car will affect your car insurance price. Premiums for luxury cars are higher because they are more expensive to repair and have a higher replacement value. Sports cars also cost more to insure.
Also, some vehicle models are more susceptible to theft and damage than others, requiring the adoption of extra security measures.
SUVs and sedans, on the other hand, receive lower rates. If you drive a high-priced vehicle, your insurance may cost twice as much.
How to Calculate How Much Car Insurance You Need in New Mexico
Calculating how much vehicle insurance you need in New Mexico will help you choose a better policy that balances cost with protection. New Mexico requires certain levels of property damage and bodily injury liability insurance.
Depending on your circumstances, you may want to consider purchasing additional liability insurance and comprehensive and collision coverage if you want to be more protected in case of a crash.
Understand New Mexico Car Insurance Requirements
Understanding New Mexico's minimum auto insurance requirements may help you decide how much auto insurance you need.
The state minimum coverage standards will only protect you for $25,000 bodily injury liability per person, $50,000 bodily injury liability per incident and $10,000 property damage liability per collision. New Mexico does not require you to carry comprehensive and collision insurance, which cover car and property damage.
You may need to increase your coverage levels if you want more security and can’t afford to pay the difference out-of-pocket.
Consider Purchasing Additional Liability Insurance
If you want to protect yourself financially in the case of a catastrophic accident in New Mexico, you may need to get liability insurance that is higher than the state’s minimum requirements.
In New Mexico, a policy that covers you for $300,000 in bodily injury liability per accident costs an average of $892 a year, compared to $520 for the state's minimum liability insurance.
Decide Whether or Not To Buy Comprehensive and Collision Insurance
Comprehensive and collision coverage is optional in New Mexico. However, if you are leasing or financing your vehicle, your lender may require you to carry them.
If you want additional protection, you may need to get full coverage, which can protect you financially against many forms of damage or loss.
Adding comprehensive and collision coverage with a $1,000 deductible costs an average of $376 per year in New Mexico. Keep in mind that a cheap car that only costs a few thousand dollars may not be worth hundreds of dollars in annual insurance payments for full coverage.
Consider Buying Additional Protection Besides These Core Coverages
New Mexico law doesn’t require you to carry uninsured/underinsured motorist coverage. However, the state has the highest uninsured motorist rate in the country, at 21.8%. Given those numbers, it’s not a bad idea to add uninsured/underinsured motorist coverage to your policy to protect your finances in case you are involved in a collision with an uninsured driver.
New Mexico also does not require you to have personal injury protection. Insurance carriers in the state offer medical payments coverage as an alternative to PIP. This coverage type will help pay for medical expenditures incurred due to a car crash.
Frequently Asked Questions About How Car Insurance is Calculated in New Mexico
MoneyGeek answers some of the most frequently asked questions about calculating insurance rates in New Mexico.
MoneyGeek partnered with Quadrant Data Services to get car insurance quotes from across New Mexico. Our data science team analyzed how personal factors impacted cost and incorporated our findings into our calculator to provide users with an accurate estimate of their expected yearly auto insurance costs. Read more about our methodology here.
About Mark Fitzpatrick