Cheapest Car Insurance in New Mexico (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.

Why 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.

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These rates reflect the cheapest car insurance quotes in New Mexico as of 2024.

19,917Quotes Analyzed
 
9Companies Compared
 
29ZIP Codes

Cheapest Minimum Liability Car Insurance in New Mexico

The following companies offer the cheapest car insurance in New Mexico for a policy with minimum coverage:

  • Progressive: $358 per year
  • State Farm: $394 per year

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.

Data filtered by:Results filtered by:
Age Range:
Age Range:30-59
Coverage Level:
Coverage Level:Minimum Coverage
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
Compare Auto Insurance Rates

Ensure you're getting the best rate for your auto insurance. Compare quotes from the top insurance companies.

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.

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We evaluated the services provided by the best car insurance companies in New Mexico in terms of quality and cost.

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To illustrate how rates vary based on individual factors, we analyzed New Mexico's average car insurance rates for different types of drivers.

Cheapest Full Coverage Car Insurance in New Mexico

The following companies offer the cheapest full coverage car insurance policies in New Mexico:

  • GEICO: $814 per year
  • Progressive: $869 per year

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.

Data filtered by:Results filtered by:
Age Range:
Age Range:30-59
Coverage Level:
Coverage Level:Full Coverage
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:

  • $100,000 bodily injury per person
  • $300,000 bodily injury per accident
  • $100,000 property damage per accident

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.

How to Compare Cheap New Mexico Car Insurance Quotes Online

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.

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Rates updated:

Dec 13, 2024

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Cheapest Car Insurance in New Mexico by Age

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.

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CHEAPEST CAR INSURANCE COMPANIES BY AGE

Cheapest Car Insurance in New Mexico for Teens and Their Families

In New Mexico, teen drivers added to their family’s policy receive the cheapest rates from the following companies:

  • Allstate: $1,741 per year for female teens and $1,927 for male teens
  • Nationwide: $1,768 per year for female teens and $1,916 for male teens

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.

Data filtered by:Results filtered by:
Gender:
Gender:Female
Age:
Age:16
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
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MONEYGEEK EXPERT TIP

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.

Cheapest Car Insurance in New Mexico for Young Adults

The following companies offer the cheapest car insurance in New Mexico for young adults:

  • GEICO: $1,117 per year
  • Progressive: $1,146 per year

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.

Data filtered by:Results filtered by:
Age Range:
Age Range:22-29
Coverage Level:
Coverage Level:Full Coverage
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

Cheapest Car Insurance in New Mexico for Seniors

The following companies offer the cheapest car insurance to senior drivers in New Mexico:

  • GEICO: $903 per year
  • Progressive: $917 per year

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.

Data filtered by:Results filtered by:
Age Range:
Age Range:60 +
Coverage Level:
Coverage Level:Full Coverage
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.

Cheapest Car Insurance for Higher Risk Drivers

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.

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CHEAPEST CAR INSURANCE COMPANIES FOR HIGHER RISK DRIVERS

Cheapest Car Insurance in New Mexico After a Ticket

The following companies offer the cheapest car insurance rates to drivers in New Mexico with speeding tickets:

  • GEICO: $1,046 per year
  • State Farm: $1,203 per year

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.

Data filtered by:Results filtered by:
Age Range:
Age Range:30-59
Coverage Level:
Coverage Level:Full Coverage
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

Cheapest Car Insurance in New Mexico After an Accident

New Mexico drivers with at-fault accidents can find affordable full coverage car insurance from the following companies:

  • State Farm: $1,302 per year
  • GEICO: $1,342 per year

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.

Data filtered by:Results filtered by:
Age Range:
Age Range:30-59
Coverage Level:
Coverage Level:Full Coverage
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

Cheapest Car Insurance in New Mexico After a DUI

New Mexico drivers with a DUI can get the cheapest full coverage car insurance from the following companies:

  • Progressive: $1,060 per year
  • State Farm: $1,203 per year

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.

Data filtered by:Results filtered by:
Age Range:
Age Range:30-59
Coverage Level:
Coverage Level:Full Coverage
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

Cheapest Car Insurance in New Mexico for Drivers With Poor Credit

New Mexico drivers with poor credit can find affordable car insurance with the following companies:

  • GEICO: $1,260 per year
  • Progressive: $1,314 per year

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).

Data filtered by:Results filtered by:
Age Range:
Age Range:30-59
Coverage Level:
Coverage Level:Full Coverage
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.

Cheapest Car Insurance in New Mexico for Sports Cars

Sports car drivers in New Mexico can save money by choosing one of these insurance companies:

  • GEICO: $1,001 per year
  • Farmers: $1,025 per year

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.

Data filtered by:Results filtered by:
Age Range:
Age Range:30-59
Coverage Level:
Coverage Level:Full Coverage
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.

Cheapest Car Insurance in New Mexico for Military Drivers

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.

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MoneyGeek Top Pick
USAA
  • Annual premium: $570
  • Cheapest rank: First out of nine companies
  • Offers a military discount

Cheapest Car Insurance in New Mexico by City

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.

AlbuquerqueGEICO$1,166
Las CrucesGEICO$869

Car Insurance in New Mexico: What You Need to Know

New Mexico law requires all drivers to carry bodily injury liability and property damage liability insurance. Most states require these coverages.

New Mexico Car Insurance Requirements

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.

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    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.

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    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.

Car Insurance Alternatives in New Mexico

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.

FAQ: Car Insurance in New Mexico

We answered frequently asked questions about the quality and cost of auto insurance in New Mexico.

Which company offers the cheapest car insurance in New Mexico?

Should you buy the cheapest car insurance available in New Mexico?

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About Mark Fitzpatrick


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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.