Cheapest Car Insurance in New Mexico (June 2024)


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Updated: June 14, 2024

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Iowa Farm Bureau is overall the most affordable auto insurance in New Mexico. State Farm, Allstate 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? Our data was for car insurance rates was obtained from reliable sources, including the New Mexico Department of Insurance and Quadrant Information Services.

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

19,917Quotes Analyzed
 
9Companies Compared
 
29ZIP Codes

Cheapest Minimum Liability Car Insurance in New Mexico (June 2024)

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

  • Progressive: $363 per year
  • State Farm: $366 per year

With an average annual premium of $867, Allstate offers the most expensive minimum coverage premium in New Mexico.

Auto insurance in New Mexico must include at least bodily injury liability and property damage liability coverage.

Data filtered by:Results filtered by:
Age Range:
Age Range:30-59
Coverage Level:
Coverage Level:Minimum Coverage
ProgressiveAnnual Premium$363Monthly Premium$30
State FarmAnnual Premium$366Monthly Premium$30
Iowa Farm BureauAnnual Premium$404Monthly Premium$34
GEICOAnnual Premium$419Monthly Premium$35
FarmersAnnual Premium$477Monthly Premium$40
NationwideAnnual Premium$560Monthly Premium$47
KemperAnnual Premium$562Monthly Premium$47
AllstateAnnual Premium$867Monthly Premium$72

A minimum coverage policy only covers damages or injuries you cause to others. With a full coverage policy, damages to your own car will be covered through comprehensive and collision insurance.

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Find the Best Car Insurance in New Mexico for You

 

Depending on your coverage needs and driver profile, your insurance rate will vary. To get the cheapest insurance, you can purchase New Mexico's minimum coverage auto insurance.

Find out how much you need to pay for auto insurance.

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Our team 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 (June 2024)

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

  • Progressive: $778 per year
  • GEICO: $803 per year

The most expensive insurance provider in New Mexico is Allstate. It costs about $1,501 a year for full coverage.

Adding comprehensive and collision coverage to your auto insurance will increase the cost of your annual premium. Progressive's full coverage policy costs $415 more than its minimum coverage policy.

However, this additional upfront cost comes with superior protection. A full coverage policy will cover 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
ProgressiveAnnual Premium$778Monthly Premium$65
GEICOAnnual Premium$803Monthly Premium$67
State FarmAnnual Premium$973Monthly Premium$81
FarmersAnnual Premium$1,068Monthly Premium$89
NationwideAnnual Premium$1,117Monthly Premium$93
KemperAnnual Premium$1,438Monthly Premium$120
Iowa Farm BureauAnnual Premium$1,480Monthly Premium$123
AllstateAnnual Premium$1,501Monthly Premium$125

How much coverage you need will affect your insurance rate. MoneyGeek obtained 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 it can take up to 15 minutes to input their required personal information. 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 quickly 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:

Jul 12, 2024

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Cheapest Car Insurance in New Mexico by Age (June 2024)

Age is one of the biggest factors affecting car insurance rates in New Mexico. MoneyGeek found that Nationwide and Progressive offer the cheapest options, depending on what age group you and your family belong to.

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CHEAPEST CAR INSURANCE COMPANIES BY AGE

Cheapest for teens: Allstate
Cheapest for young adults: Progressive
Cheapest for seniors: Progressive

Cheapest Car Insurance in New Mexico for Teens and Their Families (June 2024)

In New Mexico, teen drivers added to their family’s policy will 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 is the most costly option for male and female teens at an average of $4,987 and $4,659 per year, respectively.

Car insurance rates between 16- and 19-year-old drivers are significantly different because as teenagers age, their rates become cheaper. In New Mexico, 19-year-old men can find the most reasonable quote from Allstate ($1,620).

In New Mexico, a parent who adds a teenager to their policy can save $3,057 compared with purchasing an individual policy.

Data filtered by:Results filtered by:
Gender:
Gender:Female
Age:
Age:16
AllstateFamily Plan Annual Premium$1,741Individual Plan Annual Premium$4,022
NationwideFamily Plan Annual Premium$1,768Individual Plan Annual Premium$3,074
State FarmFamily Plan Annual Premium$1,935Individual Plan Annual Premium$2,584
GEICOFamily Plan Annual Premium$2,279Individual Plan Annual Premium$4,313
FarmersFamily Plan Annual Premium$2,321Individual Plan Annual Premium$7,853
ProgressiveFamily Plan Annual Premium$2,443Individual Plan Annual Premium$6,449
KemperFamily Plan Annual Premium$4,659Individual Plan Annual Premium$8,505
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MONEYGEEK EXPERT TIP

On average, car insurance rates for male teens tend to be significantly more expensive than for female teens. This rate difference is not as notable when drivers reach their 20s and beyond.

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 (June 2024)

MoneyGeek found that the following companies offer the cheapest car insurance in New Mexico for young adults:

  • Progressive: $1,021 per year
  • GEICO: $1,103 per year

Iowa Farm Bureau offers the highest rates for young adult drivers, with an average annual premium cost of $1,685.

Drivers in their 20s typically pay more for auto insurance than middle-aged drivers. Young adults pay, on average, $231 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
ProgressiveAnnual Premium$1,021Monthly Premium$85
GEICOAnnual Premium$1,103Monthly Premium$92
State FarmAnnual Premium$1,294Monthly Premium$108
FarmersAnnual Premium$1,306Monthly Premium$109
NationwideAnnual Premium$1,426Monthly Premium$119
AllstateAnnual Premium$1,534Monthly Premium$128
KemperAnnual Premium$1,640Monthly Premium$137
Iowa Farm BureauAnnual Premium$1,685Monthly Premium$140

Cheapest Car Insurance in New Mexico for Seniors (June 2024)

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

  • Progressive: $820 per year
  • GEICO: $889 per year

Allstate has the highest car insurance rates for seniors, at roughly $1,519 per year.

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
ProgressiveAnnual Premium$820Monthly Premium$68
GEICOAnnual Premium$889Monthly Premium$74
State FarmAnnual Premium$918Monthly Premium$76
NationwideAnnual Premium$1,022Monthly Premium$85
FarmersAnnual Premium$1,025Monthly Premium$85
Iowa Farm BureauAnnual Premium$1,348Monthly Premium$112
KemperAnnual Premium$1,418Monthly Premium$118
AllstateAnnual Premium$1,519Monthly Premium$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 (June 2024)

State Farm offers the cheapest rates for drivers in New Mexico with at-fault accidents, while State Farm is the most affordable provider for drivers with tickets on their record. Progressive is the most affordable provider for drivers with DUIs. GEICO offers the cheapest rates for sports car drivers.

Traffic violations will increase your car insurance rate. However, you can lower your insurance rate over time by taking state-approved courses and driving safely.

Progressive is cheapest for people with poor credit.

CHEAPEST FOR HIGHER RISK DRIVERS

Cheapest after a ticket: GEICO ($1,032 per year)
Cheapest after an accident: State Farm ($1,211 per year)
Cheapest after a DUI: Progressive ($946 per year)
Cheapest for poor credit: Progressive ($1,171 per year)
Cheapest for sports cars: GEICO ($992 per year)

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: $1,032 per year
  • Progressive: $1,077 per year

It costs $1,714 per year to purchase auto insurance from Kemper, the most expensive provider in the state. You can expect to pay $213 more for your insurance if you get a speeding ticket in New Mexico.

Data filtered by:Results filtered by:
Age Range:
Age Range:30-59
Coverage Level:
Coverage Level:Full Coverage
GEICOAnnual Premium$1,032Monthly Premium$86
ProgressiveAnnual Premium$1,077Monthly Premium$90
State FarmAnnual Premium$1,119Monthly Premium$93
NationwideAnnual Premium$1,332Monthly Premium$111
FarmersAnnual Premium$1,391Monthly Premium$116
AllstateAnnual Premium$1,575Monthly Premium$131
Iowa Farm BureauAnnual Premium$1,621Monthly Premium$135
KemperAnnual Premium$1,714Monthly Premium$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: $1,211 per year
  • Progressive: $1,309 per year

Iowa Farm Bureau is the most expensive auto insurance company in New Mexico for drivers with at-fault accidents at approximately $1,931 annually. On average, you’ll pay $449 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 FarmAnnual Premium$1,211Monthly Premium$101
ProgressiveAnnual Premium$1,309Monthly Premium$109
GEICOAnnual Premium$1,325Monthly Premium$110
FarmersAnnual Premium$1,570Monthly Premium$131
NationwideAnnual Premium$1,730Monthly Premium$144
KemperAnnual Premium$1,824Monthly Premium$152
AllstateAnnual Premium$1,849Monthly Premium$154
Iowa Farm BureauAnnual Premium$1,931Monthly Premium$161

Cheapest Car Insurance in New Mexico After a DUI

Individuals in New Mexico with DUI convictions can get the cheapest full coverage car insurance from the following companies:

  • Progressive: $946 per year
  • State Farm: $1,119 per year

In comparison, Iowa Farm Bureau has the most expensive annual premium for drivers with DUIs, at $2,456. With a DUI, you will have to pay an average of $559 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
ProgressiveAnnual Premium$946Monthly Premium$79
State FarmAnnual Premium$1,119Monthly Premium$93
FarmersAnnual Premium$1,501Monthly Premium$125
KemperAnnual Premium$1,771Monthly Premium$148
GEICOAnnual Premium$1,805Monthly Premium$150
AllstateAnnual Premium$1,889Monthly Premium$157
NationwideAnnual Premium$2,139Monthly Premium$178
Iowa Farm BureauAnnual Premium$2,456Monthly Premium$205

Cheapest Car Insurance in New Mexico for Drivers With Poor Credit (June 2024)

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

  • Progressive: $1,171 per year
  • GEICO: $1,244 per year

For people with poor credit scores, State Farm has the most expensive car insurance in New Mexico, costing about $2,203 annually.

Insurers take your credit score into account when calculating your car insurance rate. If you have a poor credit score, 580 or below, you’ll pay $544 more for car insurance than those with good credit scores, 750 and above.

Data filtered by:Results filtered by:
Age Range:
Age Range:30-59
Coverage Level:
Coverage Level:Full Coverage
ProgressiveAnnual Premium$1,171Monthly Premium$98
GEICOAnnual Premium$1,244Monthly Premium$104
NationwideAnnual Premium$1,525Monthly Premium$127
FarmersAnnual Premium$1,670Monthly Premium$139
KemperAnnual Premium$1,728Monthly Premium$144
AllstateAnnual Premium$1,793Monthly Premium$149
Iowa Farm BureauAnnual Premium$2,173Monthly Premium$181
State FarmAnnual Premium$2,203Monthly Premium$184

Some insurance companies charge higher rates to drivers with bad credit, since they believe they’re more likely to file a claim. Though this practice is illegal in some states, New Mexico allows it.

To receive a lower rate, you should improve your credit score. While improving your score, you can take advantage of commonly offered discounts, like those for bundling or car safety features.

Cheapest Car Insurance in New Mexico for Sports Cars (June 2024)

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

  • GEICO: $992 per year
  • Farmers: $1,025 per year

With an annual premium of $1,893, Kemper has the most expensive full coverage insurance policy for sports cars.

In New Mexico, it costs an average of $149 more to insure a Mustang than a Toyota Camry.

Data filtered by:Results filtered by:
Age Range:
Age Range:30-59
Coverage Level:
Coverage Level:Full Coverage
GEICOAnnual Premium$992Monthly Premium$83
FarmersAnnual Premium$1,025Monthly Premium$85
ProgressiveAnnual Premium$1,115Monthly Premium$93
State FarmAnnual Premium$1,265Monthly Premium$105
NationwideAnnual Premium$1,266Monthly Premium$106
AllstateAnnual Premium$1,498Monthly Premium$125
KemperAnnual Premium$1,893Monthly Premium$158

MoneyGeek obtained car insurance quotes using a Ford Mustang as our sample sports car. Rates may vary significantly depending on the car model.

In general, it costs more to insure sports cars, electric cars and luxury vehicles; however, the car model may not play a significant role in cost depending on the state you live in.

Cheapest Car Insurance in New Mexico for Military Drivers (June 2024)

In New Mexico, USAA offers the best car insurance rates for active military members and veterans, with an average rate of $546 per year. Customers with direct military connections can access this company in all states.

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MoneyGeek Top Pick
USAA
  • Annual premium: $546

The most affordable option for military members in New Mexico is USAA. Military personnel can take advantage of military-specific discounts, such as discounts on comprehensive insurance for storing your vehicle on base. Other discounts, such as bundling, defensive driving and safe driving, can also help you save money.

Cheapest Car Insurance in New Mexico by City

The cost of car insurance in New Mexico varies based on several factors, including location. Insurance claims and premiums tend to be higher in neighborhoods where theft, vandalism, and accidents are more prevalent.

In New Mexico, GEICO offers the most affordable car insurance in Las Cruces at about $854 a year. Meanwhile, drivers in Albuquerque will pay an average of $1,146 per year with the same provider.

You can compare average auto insurance costs by city in New Mexico by using the list below.

AlbuquerqueCheapest CompanyGEICOAnnual Premium$1,146
Las CrucesCheapest CompanyGEICOAnnual Premium$854

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. The majority of 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.

For full protection, Moneygeek recommends purchasing the most liability coverage you can afford. Although drivers with DUI convictions in New Mexico aren’t required to have SR-22 insurance, you may be required to obtain SR-22 insurance if the DUI offense was obtained in a different state.

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    Bodily Injury Liability

    In New Mexico, drivers are required to carry a minimum of $25,000 per person and $50,000 per accident in bodily injury liability coverage. Any injuries that you cause to others will be covered, up to these amounts, with this coverage. Any additional costs beyond these limits will need to 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 damages 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 is not 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 obtain surety bonds or cash deposits of $60,000 from the state treasurer.

The New Mexico Motor Vehicle Insurance Plan is designed to help provide insurance coverage to high-risk drivers. As a member of Western Association of Automobile Insurance Plans or WAAIP, New Mexico is also able to connect these drivers with insurance companies.

FAQ About Car Insurance in New Mexico

When it comes to auto insurance, many people worry about quality and cost. Find out more about New Mexico auto insurance by reading our frequently asked questions.

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

Expert Advice on Finding Cheap Car Insurance in New Mexico

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.

  1. What are the key factors drivers in New Mexico should look for when searching for the best auto insurance coverage?
  2. What steps can drivers in New Mexico take to find affordable car insurance?
  3. How do regulations and rules in New Mexico impact insurance pricing and how consumers might shop for coverage?
Reilly White, Ph.D.
Reilly White, Ph.D.Associate Professor of Finance at the University of New Mexico

About Mark Fitzpatrick


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Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick 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.