Cheapest Car Insurance in New Mexico (October 2024)
Updated: October 16, 2024
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Progressive is the most affordable auto insurance in New Mexico for minimum coverage. State Farm, GEICO and USAA are also great options for some drivers.
If you want quality service at an affordable price, shop around for the best car insurance companies in New Mexico.
CheapestCar InsuranceNew MexicoWhy Trust MoneyGeek? We gathered data from the New Mexico Department of Insurance and Quadrant Information Services to find the cheapest auto insurance for different types of drivers in the state.
These rates reflect the cheapest car insurance quotes in New Mexico as of October 2024.
The following companies offer the cheapest car insurance in New Mexico for a policy with minimum coverage:
Allstate offers the most expensive minimum coverage premium, with an average annual premium of $895.
Auto insurance in New Mexico covers at least bodily injury liability and property damage liability.
| Progressive | $358 | $30 |
| State Farm | $394 | $33 |
| Iowa Farm Bureau | $404 | $34 |
| GEICO | $429 | $36 |
| Farmers | $477 | $40 |
| Nationwide | $560 | $47 |
| Kemper | $562 | $47 |
| Allstate | $895 | $75 |
Minimum coverage car insurance pays only for damage or injuries you cause to others in an accident. Consider a full coverage policy with comprehensive and collision insurance for protection that covers your vehicle.
Find the Best Car Insurance in New Mexico for You
The amount of car insurance coverage you need depends on your preferences and insurance requirements.
To get the cheapest insurance, you can purchase New Mexico's minimum coverage auto insurance.
We evaluated the services provided by the best car insurance companies in New Mexico in terms of quality and cost.
To illustrate how rates vary based on individual factors, we analyzed New Mexico's average car insurance rates for different types of drivers.
The following companies offer the cheapest full coverage car insurance policies in New Mexico:
Allstate has the most expensive full coverage policy, charging about about $1,505 a year.
Adding comprehensive and collision coverage to your auto insurance will increase your annual premium. GEICO's full coverage policy costs $385 more than its minimum coverage policy.
However, this additional upfront cost comes with broader protection. A full coverage policy covers your car for both on-road and off-road accidents, including collisions or thefts.
| GEICO | $814 | $68 |
| Progressive | $869 | $72 |
| State Farm | $1,046 | $87 |
| Farmers | $1,068 | $89 |
| Nationwide | $1,117 | $93 |
| Kemper | $1,438 | $120 |
| Iowa Farm Bureau | $1,480 | $123 |
| Allstate | $1,505 | $125 |
How much coverage you need will affect your insurance rate. MoneyGeek gathered rates for a full coverage policy that includes the following coverages and limits:
Reducing your liability limits, dropping comprehensive and collision coverage or raising your deductible may lower your insurance rate. However, you may pay more out of pocket if you get into an accident.
Insurers typically offer online quotes, but entering the required personal information can take up to 15 minutes. If you’re trying to compare and obtain quotes from multiple insurers, this time can add up.
MoneyGeek’s car insurance calculator is a no-hassle way to estimate your auto insurance rate. It can also help you compare quotes from several companies to find the most competitive price.
MoneyGeek's car insurance calculator will give you a customized estimate of your auto insurance cost. It's free to use, requires no personal information and we won't send you any spam.
Rates updated:
Oct 23, 2024
Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.
Age is one of the biggest factors affecting car insurance rates. In New Mexico, Allstate offers the cheapest option for teens, while GEICO has the lowest rates for young adults and seniors.
In New Mexico, teen drivers added to their family’s policy receive the cheapest rates from the following companies:
Kemper has the most costly premiums for male and female teens, averaging $4,987 and $4,659 annually, respectively.
Car insurance rates drop as teenagers get older. In New Mexico, 19-year-old males can find the lowest rate with Allstate at $1,620.
Parents can save $3,057 by adding a teen to their policy instead of buying a separate one.
| Allstate | $1,741 | $4,022 |
| Nationwide | $1,768 | $3,074 |
| State Farm | $1,935 | $2,584 |
| GEICO | $2,279 | $4,313 |
| Farmers | $2,321 | $7,853 |
| Progressive | $2,443 | $6,449 |
| Kemper | $4,659 | $8,505 |
On average, car insurance rates for male teens are significantly more expensive than female teens. This rate difference is not as notable when drivers reach their 20s and beyond. — Mark Friedlander, Director, Corporate Communications, Insurance Information Institute
Families can save money on their car insurance by taking advantage of discounts for young drivers. Insurance companies, such as State Farm and Nationwide, offer good student and distant student discounts.
The following companies offer the cheapest car insurance in New Mexico for young adults:
Iowa Farm Bureau offers the highest rates for young adult drivers, with an average annual premium of $1,685.
Drivers in their 20s typically pay more for auto insurance than middle-aged drivers. Young adults spend, on average, $239 more per year than middle-aged drivers.
| GEICO | $1,117 | $93 |
| Progressive | $1,146 | $95 |
| Farmers | $1,306 | $109 |
| State Farm | $1,391 | $116 |
| Nationwide | $1,426 | $119 |
| Allstate | $1,539 | $128 |
| Kemper | $1,640 | $137 |
| Iowa Farm Bureau | $1,685 | $140 |
The following companies offer the cheapest car insurance to senior drivers in New Mexico:
Allstate has the highest car insurance rates for seniors, at roughly $1,523 annually.
In New Mexico, senior drivers pay slightly more for car insurance than middle-aged drivers. On average, seniors pay $25 less for a full coverage policy than those in their 40s. However, car insurance rates are higher for seniors in their 70s and 80s.
| GEICO | $903 | $75 |
| Progressive | $917 | $76 |
| State Farm | $987 | $82 |
| Nationwide | $1,022 | $85 |
| Farmers | $1,025 | $85 |
| Iowa Farm Bureau | $1,348 | $112 |
| Kemper | $1,418 | $118 |
| Allstate | $1,523 | $127 |
Several insurers offer discounts to seniors on their car insurance premiums. Seniors can also save money by comparing insurers’ rates and coverage options.
GEICO is the most affordable option for New Mexico drivers with speeding tickets, poor credit or sports cars. State Farm offers the lowest rates for drivers with at-fault accidents, while Progressive is the cheapest for those with DUIs. Traffic violations raise insurance rates, but taking state-approved courses and driving safely can lower them over time.
The following companies offer the cheapest car insurance rates to drivers in New Mexico with speeding tickets:
It costs $1,714 per year to purchase auto insurance from Kemper, the most expensive provider.
If you get a speeding ticket in the state, you can expect to pay $220 more for your insurance.
| GEICO | $1,046 | $87 |
| State Farm | $1,203 | $100 |
| Progressive | $1,208 | $101 |
| Nationwide | $1,332 | $111 |
| Farmers | $1,391 | $116 |
| Allstate | $1,580 | $132 |
| Iowa Farm Bureau | $1,621 | $135 |
| Kemper | $1,714 | $143 |
New Mexico drivers with at-fault accidents can find affordable full coverage car insurance from the following companies:
Iowa Farm Bureau is the most expensive auto insurance company for drivers with at-fault accidents at $1,931 annually.
On average, you’ll pay $461 more for car insurance in New Mexico with an at-fault accident on your driving record.
| State Farm | $1,302 | $109 |
| GEICO | $1,342 | $112 |
| Progressive | $1,468 | $122 |
| Farmers | $1,570 | $131 |
| Nationwide | $1,730 | $144 |
| Kemper | $1,824 | $152 |
| Allstate | $1,855 | $155 |
| Iowa Farm Bureau | $1,931 | $161 |
New Mexico drivers with a DUI can get the cheapest full coverage car insurance from the following companies:
Iowa Farm Bureau has the most expensive annual premium for drivers with DUIs, at $2,456.
With a DUI, you'll have to pay an average of $565 more for car insurance in New Mexico.
| Progressive | $1,060 | $88 |
| State Farm | $1,203 | $100 |
| Farmers | $1,501 | $125 |
| Kemper | $1,771 | $148 |
| GEICO | $1,831 | $153 |
| Allstate | $1,895 | $158 |
| Nationwide | $2,139 | $178 |
| Iowa Farm Bureau | $2,456 | $205 |
New Mexico drivers with poor credit can find affordable car insurance with the following companies:
State Farm offers the most expensive car insurance for drivers with poor credit, averaging $2,368 annually.
Insurers consider your credit score when determining rates. Drivers with poor credit (580 or below) pay about $563 more than those with good credit (750 and above).
| GEICO | $1,260 | $105 |
| Progressive | $1,314 | $109 |
| Nationwide | $1,525 | $127 |
| Farmers | $1,670 | $139 |
| Kemper | $1,728 | $144 |
| Allstate | $1,800 | $150 |
| Iowa Farm Bureau | $2,173 | $181 |
| State Farm | $2,368 | $197 |
Some insurers charge higher rates for drivers with bad credit, believing they’re more likely to file claims. This practice is legal in New Mexico.
Improve your credit score to lower your rate. In the meantime, take advantage of discounts like bundling or car safety features.
Sports car drivers in New Mexico can save money by choosing one of these insurance companies:
Kemper has the most expensive full coverage insurance for sports cars, with an annual premium of $1,893.
In New Mexico, it costs an average of $163 more to insure a Ford Mustang than a Toyota Camry.
| GEICO | $1,001 | $83 |
| Farmers | $1,025 | $85 |
| Progressive | $1,259 | $105 |
| Nationwide | $1,266 | $106 |
| State Farm | $1,360 | $113 |
| Allstate | $1,505 | $125 |
| Kemper | $1,893 | $158 |
MoneyGeek used a Ford Mustang as its sample sports car in this study, but costs may differ depending on your vehicle type. Sports, electric and luxury cars typically cost more to insure. However, this may not apply to all states.
For active-duty military officers or those with a military background, USAA offers the cheapest full coverage auto insurance in New Mexico, with an average annual premium of $570.
Car insurance costs in New Mexico vary by location, with higher rates in areas with more theft, vandalism and accidents. GEICO offers the most affordable insurance in Las Cruces at about $869 annually. In Albuquerque, the same coverage averages $1,166 per year.
| Albuquerque | GEICO | $1,166 |
| Las Cruces | GEICO | $869 |
New Mexico law requires all drivers to carry bodily injury liability and property damage liability insurance. Most states require these coverages.
As per New Mexico law, drivers must carry the minimum amount of bodily injury liability and property damage coverage. Though this type of policy is affordable, you may have to pay more out of pocket if you get into an accident.
MoneyGeek suggests buying as much liability coverage as you can afford for full protection. While drivers with DUI convictions in New Mexico don’t need SR-22 insurance, you may be required to get it if your DUI offense occurred in another state.
Bodily injury liability
In New Mexico, drivers must carry at least $25,000 per person and $50,000 per accident in bodily injury liability coverage. Any injuries you cause to others will be covered, up to these amounts, with this coverage. Any additional costs beyond these limits must be paid out of pocket.
Property damage liability
New Mexico requires $10,000 in property damage liability per accident. This covers damage to other’s property if you’re found at fault in an accident.
Though minimum coverage is less expensive, we strongly suggest that you obtain bodily injury liability limits of $100,000 per person and $300,000 per accident, as well as property damage liability limits of $100,000. This will provide adequate coverage in the event of an accident.
If you have financed a car, you may also need comprehensive and collision insurance. This insurance will provide coverage in case of a collision, an off-road incident, vandalism or vehicle theft.
Driving a valuable car might also require full coverage insurance, even if it isn't legally required.
Insurers may be reluctant to insure high-risk drivers. As an alternative to car insurance, high-risk drivers with adequate finances can get surety bonds or cash deposits of $60,000 from the state treasurer.
The New Mexico Motor Vehicle Insurance Plan helps high-risk drivers get coverage. As a member of the Western Association of Automobile Insurance Plans (WAAIP), New Mexico connects these drivers with insurance companies.
We answered frequently asked questions about the quality and cost of auto insurance in New Mexico.
New Mexico's cheapest car insurance company is Progressive. However, the most affordable option may vary by driving profile. State Farm is the most affordable for drivers with accidents, GEICO is the cheapest for sports car drivers, and USAA offers the lowest rates for military personnel. The average cost of car insurance in New Mexico is $1,165 per year for full coverage.
Progressive’s minimum coverage policy might be a good choice for those prioritizing affordability. However, you’ll need to cover repairs or medical expenses out of pocket after an accident. While the cheapest option isn’t always the best, Progressive also offers the best overall car insurance in New Mexico, balancing affordability with quality service.
To help you find credible and accurate insight into car insurance in New Mexico, MoneyGeek received expert advice from trusted professionals. The perspectives and opinions expressed are those of the individual contributor.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
