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Progressive is overall the most affordable auto insurance in New Mexico. State Farm, Farmers and USAA are also a great option for some drivers.

Review MoneyGeek's breakdown of the best car insurance companies in New Mexico if you want quality service at an affordable price.

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2023

Table of Contents

Cheapest Minimum Liability Car Insurance in New Mexico (September 2023)

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

  • Progressive: $311 per year
  • State Farm: $353 per year

With an average annual premium of $842, 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.

Company
Annual Premium
Monthly Premium

Iowa Farm Bureau

$300

$25

Progressive

$311

$26

Progressive

$320

$27

State Farm

$332

$28

Progressive

$352

$29

State Farm

$353

$29

Iowa Farm Bureau

$353

$29

Farmers

$406

$34

GEICO

$419

$35

State Farm

$430

$36

Farmers

$434

$36

Iowa Farm Bureau

$477

$40

GEICO

$487

$41

Nationwide

$503

$42

Farmers

$505

$42

Nationwide

$515

$43

GEICO

$540

$45

Kemper

$562

$47

Kemper

$608

$51

Kemper

$622

$52

Nationwide

$700

$58

Progressive

$722

$60

Progressive

$761

$63

GEICO

$803

$67

Allstate

$808

$67

Allstate

$842

$70

State Farm

$855

$71

Allstate

$872

$73

GEICO

$889

$74

Farmers

$905

$75

State Farm

$906

$76

Nationwide

$919

$77

Progressive

$948

$79

Farmers

$948

$79

Nationwide

$1,003

$84

Iowa Farm Bureau

$1,035

$86

GEICO

$1,103

$92

Iowa Farm Bureau

$1,142

$95

Farmers

$1,158

$96

State Farm

$1,202

$100

Nationwide

$1,283

$107

Iowa Farm Bureau

$1,319

$110

Kemper

$1,422

$118

Kemper

$1,442

$120

Allstate

$1,444

$120

Allstate

$1,462

$122

Allstate

$1,472

$123

Kemper

$1,644

$137

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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Cheapest Full Coverage Car Insurance in New Mexico (September 2023)

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

  • Progressive: $722 per year
  • GEICO: $803 per year

The most expensive insurance provider in New Mexico is Allstate. It costs about $1,444 a year for full coverage.

Adding comprehensive and collision coverage to your auto insurance will increase the cost of your annual premium. GEICO's full coverage policy costs $384 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.

Company
Annual Premium
Monthly Premium

Iowa Farm Bureau

$300

$25

Progressive

$311

$26

Progressive

$320

$27

State Farm

$332

$28

Progressive

$352

$29

State Farm

$353

$29

Iowa Farm Bureau

$353

$29

Farmers

$406

$34

GEICO

$419

$35

State Farm

$430

$36

Farmers

$434

$36

Iowa Farm Bureau

$477

$40

GEICO

$487

$41

Nationwide

$503

$42

Farmers

$505

$42

Nationwide

$515

$43

GEICO

$540

$45

Kemper

$562

$47

Kemper

$608

$51

Kemper

$622

$52

Nationwide

$700

$58

Progressive

$722

$60

Progressive

$761

$63

GEICO

$803

$67

Allstate

$808

$67

Allstate

$842

$70

State Farm

$855

$71

Allstate

$872

$73

GEICO

$889

$74

Farmers

$905

$75

State Farm

$906

$76

Nationwide

$919

$77

Progressive

$948

$79

Farmers

$948

$79

Nationwide

$1,003

$84

Iowa Farm Bureau

$1,035

$86

GEICO

$1,103

$92

Iowa Farm Bureau

$1,142

$95

Farmers

$1,158

$96

State Farm

$1,202

$100

Nationwide

$1,283

$107

Iowa Farm Bureau

$1,319

$110

Kemper

$1,422

$118

Kemper

$1,442

$120

Allstate

$1,444

$120

Allstate

$1,462

$122

Allstate

$1,472

$123

Kemper

$1,644

$137

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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Cheapest Car Insurance in New Mexico by Age (September 2023)

Age is one of the biggest factors affecting car insurance rates in New Mexico. MoneyGeek found that Nationwide and Progressive offers 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: Nationwide
Cheapest for young adults: Progressive
Cheapest for seniors: Progressive

Cheapest Car Insurance in New Mexico for Teens and Their Families (September 2023)

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

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

Company
Family Plan Annual Premium
Individual Plan Annual Premium

State Farm

$971

$1,017

Allstate

$984

$2,271

Allstate

$1,011

$1,060

Allstate

$1,038

$1,092

Allstate

$1,058

$1,404

State Farm

$1,065

$1,116

Allstate

$1,069

$1,122

Nationwide

$1,075

$1,532

Nationwide

$1,076

$1,698

State Farm

$1,076

$1,128

Farmers

$1,091

$1,261

Farmers

$1,104

$1,337

Nationwide

$1,105

$1,149

Nationwide

$1,110

$1,232

State Farm

$1,146

$1,201

Allstate

$1,166

$1,224

Allstate

$1,176

$1,560

Allstate

$1,183

$1,245

State Farm

$1,190

$1,413

State Farm

$1,200

$1,257

Allstate

$1,209

$1,665

GEICO

$1,226

$1,604

GEICO

$1,249

$1,492

State Farm

$1,256

$1,316

Nationwide

$1,261

$1,311

Allstate

$1,271

$1,333

Nationwide

$1,290

$1,432

Allstate

$1,305

$1,373

State Farm

$1,307

$1,369

GEICO

$1,311

$1,235

Nationwide

$1,321

$1,374

Allstate

$1,322

$3,051

Allstate

$1,323

$2,873

GEICO

$1,339

$1,154

GEICO

$1,342

$1,264

State Farm

$1,347

$1,600

Nationwide

$1,351

$1,500

GEICO

$1,357

$1,171

Nationwide

$1,393

$1,449

GEICO

$1,400

$1,319

Allstate

$1,400

$1,858

Progressive

$1,404

$3,707

State Farm

$1,417

$1,683

GEICO

$1,429

$1,233

Allstate

$1,430

$1,504

Allstate

$1,433

$1,974

Nationwide

$1,435

$1,593

Nationwide

$1,439

$2,052

State Farm

$1,461

$1,531

Nationwide

$1,481

$2,339

State Farm

$1,504

$1,786

State Farm

$1,515

$2,023

Progressive

$1,537

$1,440

Progressive

$1,541

$1,434

GEICO

$1,544

$1,454

Farmers

$1,546

$5,229

Nationwide

$1,549

$2,692

Progressive

$1,549

$4,152

GEICO

$1,564

$2,046

GEICO

$1,576

$1,359

GEICO

$1,584

$2,876

GEICO

$1,591

$3,010

Farmers

$1,596

$2,245

Allstate

$1,612

$3,503

GEICO

$1,614

$1,929

Allstate

$1,620

$2,233

Farmers

$1,623

$5,656

Progressive

$1,626

$4,291

Nationwide

$1,635

$2,330

State Farm

$1,644

$1,953

Nationwide

$1,676

$3,174

Progressive

$1,684

$1,884

Farmers

$1,706

$2,471

Progressive

$1,714

$1,595

State Farm

$1,715

$2,290

Farmers

$1,716

$1,984

Nationwide

$1,723

$2,995

Allstate

$1,741

$4,022

Farmers

$1,745

$2,018

Progressive

$1,748

$1,956

Farmers

$1,751

$2,120

Nationwide

$1,753

$2,768

Kemper

$1,760

$1,811

Progressive

$1,763

$4,726

Nationwide

$1,768

$3,074

GEICO

$1,782

$2,331

Progressive

$1,784

$1,673

Farmers

$1,786

$2,513

Progressive

$1,803

$2,066

Farmers

$1,804

$2,184

GEICO

$1,818

$3,440

Progressive

$1,829

$1,702

GEICO

$1,834

$3,329

GEICO

$1,849

$2,209

Farmers

$1,852

$2,141

Farmers

$1,859

$6,289

State Farm

$1,863

$2,213

Nationwide

$1,863

$3,529

Farmers

$1,870

$2,709

Kemper

$1,873

$1,928

Progressive

$1,890

$2,115

State Farm

$1,892

$2,510

Progressive

$1,905

$1,773

Nationwide

$1,916

$3,628

Allstate

$1,927

$4,188

Progressive

$1,933

$1,812

State Farm

$1,935

$2,584

Farmers

$1,950

$2,361

Progressive

$1,957

$2,242

Farmers

$1,966

$6,853

Farmers

$1,991

$2,801

Progressive

$1,997

$1,872

Kemper

$2,055

$2,116

Kemper

$2,055

$2,116

Farmers

$2,073

$3,004

Progressive

$2,088

$2,392

State Farm

$2,146

$2,847

Kemper

$2,190

$2,253

Kemper

$2,190

$2,253

GEICO

$2,279

$4,313

Farmers

$2,321

$7,853

GEICO

$2,418

$4,389

State Farm

$2,429

$3,222

Progressive

$2,443

$6,449

Farmers

$2,461

$8,580

Progressive

$2,645

$7,091

Kemper

$2,771

$2,926

Kemper

$2,843

$2,926

Kemper

$2,960

$3,121

Kemper

$3,033

$3,121

Kemper

$3,227

$5,891

Kemper

$3,227

$5,891

Kemper

$3,431

$3,624

Kemper

$3,431

$3,624

Kemper

$3,461

$6,301

Kemper

$3,461

$6,301

Kemper

$3,663

$3,863

Kemper

$3,663

$3,863

Kemper

$4,659

$8,505

Kemper

$4,987

$9,079

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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 (September 2023)

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

  • Progressive: $948 per year
  • GEICO: $1,103 per year

Kemper offers the highest rates for 25-year-old drivers, with an average annual premium cost of $1,644.

Drivers in their 20s typically pay more for auto insurance than middle-aged drivers. Progressive charges 25-year-old drivers $226 more per year than 40-year-old drivers.

Company
Annual Premium
Monthly Premium

Iowa Farm Bureau

$300

$25

Progressive

$311

$26

Progressive

$320

$27

State Farm

$332

$28

Progressive

$352

$29

State Farm

$353

$29

Iowa Farm Bureau

$353

$29

Farmers

$406

$34

GEICO

$419

$35

State Farm

$430

$36

Farmers

$434

$36

Iowa Farm Bureau

$477

$40

GEICO

$487

$41

Nationwide

$503

$42

Farmers

$505

$42

Nationwide

$515

$43

GEICO

$540

$45

Kemper

$562

$47

Kemper

$608

$51

Kemper

$622

$52

Nationwide

$700

$58

Progressive

$722

$60

Progressive

$761

$63

GEICO

$803

$67

Allstate

$808

$67

Allstate

$842

$70

State Farm

$855

$71

Allstate

$872

$73

GEICO

$889

$74

Farmers

$905

$75

State Farm

$906

$76

Nationwide

$919

$77

Progressive

$948

$79

Farmers

$948

$79

Nationwide

$1,003

$84

Iowa Farm Bureau

$1,035

$86

GEICO

$1,103

$92

Iowa Farm Bureau

$1,142

$95

Farmers

$1,158

$96

State Farm

$1,202

$100

Nationwide

$1,283

$107

Iowa Farm Bureau

$1,319

$110

Kemper

$1,422

$118

Kemper

$1,442

$120

Allstate

$1,444

$120

Allstate

$1,462

$122

Allstate

$1,472

$123

Kemper

$1,644

$137

Cheapest Car Insurance in New Mexico for Seniors (September 2023)

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

  • Progressive: $761 per year
  • State Farm: $855 per year

Allstate has the highest car insurance rates for seniors, at roughly $1,462 per year.

In New Mexico, senior drivers pay slightly less for car insurance than middle-aged drivers. With Progressive, seniors can purchase a full coverage policy for $39 less than those in their 40s. Car insurance rates are higher, however, for seniors in their 70s and 80s.

Company
Annual Premium
Monthly Premium

Iowa Farm Bureau

$300

$25

Progressive

$311

$26

Progressive

$320

$27

State Farm

$332

$28

Progressive

$352

$29

State Farm

$353

$29

Iowa Farm Bureau

$353

$29

Farmers

$406

$34

GEICO

$419

$35

State Farm

$430

$36

Farmers

$434

$36

Iowa Farm Bureau

$477

$40

GEICO

$487

$41

Nationwide

$503

$42

Farmers

$505

$42

Nationwide

$515

$43

GEICO

$540

$45

Kemper

$562

$47

Kemper

$608

$51

Kemper

$622

$52

Nationwide

$700

$58

Progressive

$722

$60

Progressive

$761

$63

GEICO

$803

$67

Allstate

$808

$67

Allstate

$842

$70

State Farm

$855

$71

Allstate

$872

$73

GEICO

$889

$74

Farmers

$905

$75

State Farm

$906

$76

Nationwide

$919

$77

Progressive

$948

$79

Farmers

$948

$79

Nationwide

$1,003

$84

Iowa Farm Bureau

$1,035

$86

GEICO

$1,103

$92

Iowa Farm Bureau

$1,142

$95

Farmers

$1,158

$96

State Farm

$1,202

$100

Nationwide

$1,283

$107

Iowa Farm Bureau

$1,319

$110

Kemper

$1,422

$118

Kemper

$1,442

$120

Allstate

$1,444

$120

Allstate

$1,462

$122

Allstate

$1,472

$123

Kemper

$1,644

$137

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 (September 2023)

Nationwide offers the cheapest rates for drivers in New Mexico with tickets and at-fault accidents, while Progressive has the best price for drivers with DUIs on their record.

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.

CHEAPEST FOR HIGHER RISK DRIVERS

Cheapest after a ticket: Progressive ($1,000 per year)
Cheapest after an accident: State Farm ($1,129 per year)
Cheapest after a DUI: Progressive ($878 per year)
Cheapest for poor credit: Progressive ($1,087 per year)
Cheapest for sports cars: Farmers ($916 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:

  • Progressive: $1,000 per year
  • GEICO: $1,032 per year

It costs $1,719 per year to purchase auto insurance from Kemper, the most expensive provider in the state. You can expect to pay $199 more for your insurance if you get a speeding ticket in New Mexico.

Company
Annual Premium
Monthly Premium

Iowa Farm Bureau

$366

$31

Progressive

$368

$31

State Farm

$375

$31

Progressive

$377

$31

State Farm

$398

$33

Progressive

$406

$34

Iowa Farm Bureau

$426

$36

State Farm

$486

$40

Farmers

$502

$42

GEICO

$508

$42

GEICO

$561

$47

Farmers

$571

$48

Iowa Farm Bureau

$583

$49

Farmers

$598

$50

Nationwide

$601

$50

GEICO

$611

$51

Nationwide

$617

$51

Kemper

$659

$55

Kemper

$705

$59

Kemper

$719

$60

Nationwide

$804

$67

Allstate

$860

$72

Allstate

$871

$73

Allstate

$945

$79

State Farm

$947

$79

Progressive

$990

$82

Progressive

$1,000

$83

GEICO

$1,032

$86

State Farm

$1,042

$87

GEICO

$1,090

$91

Nationwide

$1,105

$92

Iowa Farm Bureau

$1,146

$95

Progressive

$1,178

$98

Nationwide

$1,196

$100

Farmers

$1,228

$102

Farmers

$1,237

$103

Iowa Farm Bureau

$1,261

$105

GEICO

$1,299

$108

State Farm

$1,332

$111

Farmers

$1,431

$119

Nationwide

$1,477

$123

Iowa Farm Bureau

$1,493

$124

Allstate

$1,514

$126

Allstate

$1,615

$135

Allstate

$1,617

$135

Kemper

$1,699

$142

Kemper

$1,719

$143

Kemper

$1,921

$160

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: $1,129 per year
  • Progressive: $1,215 per year

Kemper is the most expensive auto insurance company in New Mexico for drivers with at-fault accidents at approximately $1,830 annually. On average, you’ll pay $416 more for car insurance in New Mexico with an at-fault accident on your driving record.

Company
Annual Premium
Monthly Premium

State Farm

$412

$34

Progressive

$438

$36

State Farm

$439

$37

Progressive

$458

$38

Progressive

$470

$39

Iowa Farm Bureau

$495

$41

State Farm

$534

$44

Iowa Farm Bureau

$576

$48

Farmers

$609

$51

GEICO

$637

$53

Farmers

$685

$57

Farmers

$708

$59

Kemper

$711

$59

GEICO

$724

$60

Kemper

$757

$63

Kemper

$771

$64

GEICO

$780

$65

Nationwide

$789

$66

Iowa Farm Bureau

$789

$66

Nationwide

$810

$67

Allstate

$988

$82

Allstate

$1,003

$84

State Farm

$1,029

$86

Nationwide

$1,038

$87

Allstate

$1,098

$92

State Farm

$1,129

$94

Progressive

$1,215

$101

Progressive

$1,239

$103

GEICO

$1,325

$110

Progressive

$1,328

$111

Iowa Farm Bureau

$1,363

$114

Farmers

$1,391

$116

Farmers

$1,400

$117

GEICO

$1,427

$119

Nationwide

$1,440

$120

State Farm

$1,445

$120

Iowa Farm Bureau

$1,519

$127

Nationwide

$1,554

$130

Farmers

$1,590

$132

GEICO

$1,673

$139

Allstate

$1,777

$148

Kemper

$1,810

$151

Kemper

$1,830

$152

Iowa Farm Bureau

$1,832

$153

Nationwide

$1,898

$158

Allstate

$1,900

$158

Allstate

$1,910

$159

Kemper

$2,032

$169

Cheapest Car Insurance in New Mexico After a DUI

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

  • Progressive: $878 per year
  • State Farm: $1,042 per year

In comparison, Iowa Farm Bureau has the most expensive annual premium for drivers with DUIs, at $1,956. With a DUI, you will have to pay an average of $514 more for car insurance in New Mexico.

Company
Annual Premium
Monthly Premium

Progressive

$340

$28

Progressive

$354

$29

State Farm

$375

$31

Progressive

$376

$31

State Farm

$398

$33

State Farm

$486

$40

Farmers

$578

$48

Farmers

$661

$55

Kemper

$671

$56

Farmers

$676

$56

Iowa Farm Bureau

$715

$60

Kemper

$718

$60

Kemper

$730

$61

Iowa Farm Bureau

$832

$69

Progressive

$878

$73

Progressive

$888

$74

GEICO

$893

$74

State Farm

$947

$79

GEICO

$985

$82

Nationwide

$986

$82

Allstate

$999

$83

Nationwide

$1,008

$84

Allstate

$1,014

$85

GEICO

$1,040

$87

State Farm

$1,042

$87

Progressive

$1,050

$87

Allstate

$1,110

$93

Iowa Farm Bureau

$1,139

$95

Nationwide

$1,235

$103

Farmers

$1,331

$111

State Farm

$1,332

$111

Farmers

$1,340

$112

Farmers

$1,527

$127

Iowa Farm Bureau

$1,732

$144

Kemper

$1,756

$146

Kemper

$1,776

$148

GEICO

$1,805

$150

Nationwide

$1,808

$151

Allstate

$1,815

$151

Nationwide

$1,922

$160

Allstate

$1,941

$162

Allstate

$1,955

$163

Iowa Farm Bureau

$1,956

$163

Kemper

$1,979

$165

GEICO

$2,016

$168

GEICO

$2,114

$176

Nationwide

$2,266

$189

Iowa Farm Bureau

$2,409

$201

Cheapest Car Insurance in New Mexico for Drivers With Poor Credit (September 2023)

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

  • Progressive: $1,087 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 $2,050 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 $500 more for car insurance than those with good credit scores, 750 and above.

Company
Annual Premium
Monthly Premium

Progressive

$404

$34

Progressive

$409

$34

Progressive

$452

$38

Farmers

$589

$49

GEICO

$595

$50

Iowa Farm Bureau

$616

$51

Farmers

$628

$52

GEICO

$661

$55

Kemper

$664

$55

Nationwide

$666

$55

Nationwide

$686

$57

Iowa Farm Bureau

$717

$60

Kemper

$718

$60

State Farm

$722

$60

Farmers

$730

$61

Kemper

$734

$61

GEICO

$744

$62

State Farm

$767

$64

Allstate

$924

$77

State Farm

$935

$78

Nationwide

$936

$78

Allstate

$937

$78

Iowa Farm Bureau

$943

$79

Allstate

$1,022

$85

Progressive

$1,053

$88

Progressive

$1,087

$91

Nationwide

$1,235

$103

GEICO

$1,244

$104

GEICO

$1,293

$108

Progressive

$1,322

$110

Nationwide

$1,369

$114

Farmers

$1,402

$117

Farmers

$1,480

$123

Iowa Farm Bureau

$1,541

$128

GEICO

$1,629

$136

Kemper

$1,708

$142

Allstate

$1,721

$143

Iowa Farm Bureau

$1,727

$144

Kemper

$1,733

$144

Nationwide

$1,750

$146

Farmers

$1,783

$149

Allstate

$1,829

$152

Allstate

$1,845

$154

State Farm

$1,857

$155

Kemper

$1,978

$165

Iowa Farm Bureau

$2,050

$171

State Farm

$2,050

$171

State Farm

$2,611

$218

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 (September 2023)

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

  • Farmers: $916 per year
  • GEICO: $992 per year

With an annual premium of $1,900, Kemper has the most full coverage insurance policy for sports cars.

In New Mexico, it costs an average of $175 more to insure a Mustang than a Toyota Camry.

Company
Annual Premium
Monthly Premium

Iowa Farm Bureau

$300

$25

Progressive

$311

$26

Progressive

$320

$27

State Farm

$332

$28

Progressive

$352

$29

State Farm

$353

$29

Iowa Farm Bureau

$353

$29

Farmers

$406

$34

GEICO

$419

$35

State Farm

$430

$36

Farmers

$434

$36

Iowa Farm Bureau

$477

$40

GEICO

$487

$41

Nationwide

$503

$42

Farmers

$505

$42

Nationwide

$515

$43

GEICO

$540

$45

Kemper

$562

$47

Kemper

$608

$51

Kemper

$622

$52

Nationwide

$700

$58

Allstate

$808

$67

Farmers

$840

$70

Allstate

$842

$70

Allstate

$872

$73

Progressive

$904

$75

Farmers

$916

$76

GEICO

$981

$82

GEICO

$992

$83

Nationwide

$1,023

$85

Progressive

$1,037

$86

State Farm

$1,062

$89

Farmers

$1,097

$91

Nationwide

$1,134

$95

State Farm

$1,172

$98

GEICO

$1,284

$107

Progressive

$1,289

$107

Allstate

$1,435

$120

Nationwide

$1,443

$120

Allstate

$1,489

$124

State Farm

$1,512

$126

Allstate

$1,548

$129

Kemper

$1,841

$153

Kemper

$1,900

$158

Kemper

$2,178

$181

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 (September 2023)

In New Mexico, USAA offers the best car insurance rates for active military members and veterans, with an average rate of $511 per year. Customers with direct military connections can access this company in all states.

mglogo
MoneyGeek Top Pick
USAA
  • $511 per year

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, Progressive offers the most affordable car insurance in Las Cruces at about $779 a year. Meanwhile, drivers in Albuquerque will pay an average of $1,056 per year with the same provider.

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

City
Cheapest Company
Annual Premium

Albuquerque

Progressive

$1,056

Las Cruces

Progressive

$779

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.

  • male icon

    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.

  • accident2 icon

    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.

FAQs 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.

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
Reilly White

Associate Professor of Finance at the University of New Mexico

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick is a senior content director at MoneyGeek with over five years of experience analyzing the insurance market, conducting original research and creating content that can be personalized for every buyer. He has been quoted on insurance topics in several publications, including CNBC, NBC News and Mashable.

Mark 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 economics and insurance knowledge to bring transparency around financial topics and help others feel confident in their money moves.