Motorcycle Insurance in New Mexico: The Cheapest Quotes and Best Companies

Generally, the most affordable option for New Mexico riders is a motorcycle insurance policy that only meets the state’s minimum coverage limits. However, the cheapest option may not always be the best. Liability-only insurance costs significantly less than a full-coverage policy, but a full-cover plan offers more protection and higher liability limits.

To obtain the rates below, MoneyGeek used a good rider with a 50/100/25 liability-only coverage policy.

Average rates from various insurance carriers showed that the most affordable motorcycle insurance quotes in New Mexico for liability-only coverage are:

• Progressive: $75 per year
• Dairyland: $127 per year

The most expensive option for this coverage level is Markel, with an average premium of $528 per year, 85.8% more expensive than Progressive.

Average Annual Premium for Liability Coverage

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• Company
  Annual Premium
• 1.
  Progressive
  $75
• 2.
  Dairyland
  $127
• 3.
  Harley-Davidson
  $130
• 4.
  GEICO
  $271
• 5.
  Markel
  $528

Riders looking for better protection should consider choosing full coverage motorcycle insurance in New Mexico, including comprehensive and collision insurance. This type of insurance costs more than a liability-only policy. However, it covers damages due to collisions, whether with another vehicle or other structures. At the same time, a full-coverage policy will pay for expenses related to damages to or the loss of your motorcycle after non-collision incidents like fires, thefts or vandalism. If you’re making payments on your bike, full-coverage insurance is often required.

Using a rider with a good driving record with a full coverage policy with 50/100/25 liability limits and a $500 deductible, MoneyGeek compared average rates in New Mexico. The cheapest companies in the state are:

• Progressive: $210 per year
• Dairyland: $245 per year

Marke offers the most expensive average rate for full coverage motorcycle insurance in New Mexico. It typically costs $806 per year, which is 73.9% more than Progressive’s average premium.

Average Annual Premium for Comprehensive and Collision

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• Company
  Annual Premium
• 1.
  Progressive
  $210
• 2.
  Dairyland
  $245
• 3.
  Harley-Davidson
  $352
• 4.
  GEICO
  $477
• 5.
  Markel
  $806

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In calculating motorcycle insurance rates in New Mexico, companies evaluate several factors like coverage amount, motorcycle model, riding history, rider age and years of experience. MoneyGeek analyzed annual premiums for different rider profiles from motorcycle insurance providers that offer coverage in New Mexico.

Generally, the average cost of a liability-only policy in New Mexico is $226 per year or approximately $19 per month. Riders in the state typically pay 37.6% more than the national average, which is $141 per year. Remember, this coverage level does not cover your bike or your injuries if you caused the accident.

For riders with full coverage motorcycle insurance in New Mexico, the average cost is $418 per year or $35 per month. That is 12.9% more than the national annual average of $364.

The policy coverage used to determine New Mexico averages is $50,000/$100,000 bodily injury coverage with $25,000 property damage and a $500 deductible for full coverage policies.

Car Insurance Costs by Coverage Type

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• Policy Type
  Average 12-Month Cost in New Mexico
  Average 12-Month National Cost
  Variance
• Full Coverage
  $418
  $364
  $54
• Liability Only
  $226
  $141
  $85

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MoneyGeek ranked insurance companies to find the best motorcycle insurance in New Mexico. In calculating final scores, we considered many factors. These include motorcycle insurance quote data unique to the state, product offerings and selection, service and financial stability. Progressive scored highest according to these metrics, making it MoneyGeek’s pick for the best motorcycle insurance provider in the state.

The top three insurance providers in New Mexico based on MoneyGeek’s findings:

Expand All Rankings +

1

Progressive

Score:97

-

5/5

Affordability

4.7/5

User Satisfaction

4.5/5

Financial Stability

Geek Quick Take

Pros

• Automatically covers custom parts and OEM
• Affordable rates
• Wide range of extra coverage options

Cons

• Below-average J.D. Power user satisfaction rating
• Some discounts are not available in all states
• Large Accident Forgiveness only offered to Progressive policyholders of at least four years with three accident-free years

More About Progressive

Progressive scored 97 out of 100, with high ratings across all categories. The company charges an average rate of $75 per year for liability-only motorcycle insurance in New Mexico, while its full coverage policy is $210.

A wide range of coverage options makes Progressive an appealing choice for many riders. Unlike other insurers, the company automatically covers custom parts and original equipment manufacturers (OEM) in all its policies. Eligible policyholders can enjoy significant discounts through Progressive’s accident forgiveness program. If your claim costs less than $500, the company won’t increase your annual premium. Another money-saving offering is Large Accident Forgiveness, which covers the first accident of the year for eligible policyholders. You can also customize your policy by adding optional coverages, like enhanced injury protection, which pays policyholders up to $250 per week for two years if they suffer from injuries or cannot work because of a covered incident.

2

Dairyland

Score:95

-

4.8/5

Affordability

4.7/5

User Satisfaction

4.5/5

Financial Stability

Geek Quick Take

Pros

• Useful mobile app and online quoting tool
• Flexible payment options
• Wide range of coverage options

Cons

• Not available in all states
• No online claims filing option
• Limited discounts

More About Dairyland

Dairyland, which garnered a MoneyGeek score of 94.91 out of 100, is the runner-up for best motorcycle insurance provider in New Mexico. On average, Dairyland charges $127 per year for liability-only motorcycle insurance and $245 per year for a full coverage policy.

The company offers insurance for various types of motorcycles. It also has unique optional features, like trip interruption coverage, which covers expenses you incur if your bike is damaged due to an accident when you’re more than 100 miles away from home. Covered expenses include food, lodging, lost deposits, transportation and towing. The company also has 24/7 emergency roadside assistance coverage to help with flat tires, bad batteries, mechanical breakdowns and electrical breakdowns. This coverage also includes tow service to the nearest qualified facility if your motorcycle needs repairs.

3

Harley-Davidson

Score:95

+

4.6/5

Affordability

5/5

User Satisfaction

4.5/5

Financial Stability

Geek Quick Take

Pros

• Online quotes and bills payment
• 24/7 claims filing via phone or online
• Multiple discounts

Cons

• Can be more expensive than other insurers
• Cannot be bundled with your car insurance
• No mobile app

More About Harley-Davidson

Rounding up the top three insurance companies in New Mexico is Harley-Davidson, with a MoneyGeek score of 94.68 out of 100. On average, the cost of a Harley-Davidson liability-only motorcycle insurance in the state is $130 per year. Meanwhile, its full coverage policy typically costs $352 per year.

Harley-Davidson’s motorcycle insurance in New Mexico is available to riders, regardless of bike type and model. Riders can easily get quotes or pay bills online. The company also offers multiple money-saving programs. For example, riders that have safety features in place can receive significant discounts. Harley-Davidson also has automatic accident forgiveness for all its motorcycle insurance policyholders. With this, your annual premium won’t increase if you make a claim at least 12 months after the start of your policy term.

In most cases, insurance carriers allow riders to get motorcycle insurance quotes in New Mexico online. However, they may ask for some pieces of information, like:

• ZIP code
• New Mexico address where the bike is located
• Vehicle year, make and model
• Your birthdate
• Your riding record and experience level
• Insurance coverage elections (For more information on this, see below.)

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Knowing New Mexico motorcycle insurance laws and requirements will help ensure you have the right protection. The minimum liability limits in the state are:

• $25,000 bodily injury liability per person (BI)
• $50,000 bodily injury liability per accident
• $10,000 property damage liability (PD)

In New Mexico, the minimum liability-only coverage requirement is 25/50/10. That means riders should have a motorcycle insurance policy with at least $25,000 for bodily injury per person, with a total of $50,000 per accident and $10,000 for property damage liability coverage. Liability limits refer to the maximum amount your insurer will pay you in an at-fault accident.

The state of New Mexico only requires bodily injury and property damage coverage. However, riders can opt to get uninsured motorist, underinsured motorist and personal injury protection (PIP) coverage. Make sure you evaluate your needs to find the right coverage level for you.

MONEYGEEK EXPERT TIP

For most riders in New Mexico, MoneyGeek recommends a full coverage policy of at least 50/100/25. If you can, we recommend purchasing 100/300/100 coverage because of the slight increase in cost for a substantial increase in coverage.

MoneyGeek listed the most frequently asked questions to help riders looking for the best motorcycle insurance in New Mexico:

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About Mark Fitzpatrick

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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.

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