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Grace Kim has two years of experience in writing for finance and insurance domains such as The Cheapest Car Insurance Companies in New Jersey at Bankrate and Reviews.com. She has written about auto, homeowners, renters and life insurance. She has spent most of her professional experience writing about finance and tech topics. Morgan Chelsea Lanier has been an insurance editor for Bankrate since 2020. Using her eight years of experience in market research and data analysis, she works hard to understand her readers’ needs and bring data insights that provide accurate and straightforward answers to insurance questions. She firmly believes that all data tells a story – and she wants to bring that story to her readers. Updated Oct 24, 2022 Compare car insurance rates Answer a few questions to discover real rates from top-tier carriers in your area. Your information is secure Compare rates Select from a variety of trusted carriers + MORE How it works Caret Down Tell us a little about yourself We'll only ask for info we're confident will impact your rate. That way, we can provide you with the most accurate and personalized offers. Choose which policy is best for you Compare your options from a list of carriers that want to get you insured. You can then move forward with as many as you'd like. Lock in your rate and policy details Once you're confident in your selected carrier, finish up the process online or on the phone with a trusted agent. And that's it! On This Page
The average cost of car insurance in New Mexico is $1,419, according to Bankrate's 2021 study of quoted annual premiums. The "Land of Enchantment" features some of the oldest byways in the nation. Historic Route 66 runs east to west through the center of New Mexico and has carried motorists to their destinations for nearly a century. Recent decades have seen the number of drivers in New Mexico rise as the state grows in popularity. In 2017, the Bureau of Transportation Statistics in the state, a 7.9% increase from the number counted in 2007. New Mexico is a unique region with a culture all its own and plenty of different . Finding the right fit can be a daunting task in any state, and there are a few things to consider before shopping around for a reliable New Mexico auto insurer: What is the driver's history behind the wheel? Motorists with at-fault accidents on their records might be best served by a different insurance company than drivers with no accidents. What type of coverage is needed? People with auto loans usually need different coverages than those who have paid off their vehicles. What information is required for coverage? Have the vehicle's mileage handy, as well as the VIN and license plate numbers, before speaking with a local insurance dealer. See More Compare rates and save on auto insurance today! Get quotes Close X Best car insurance companies in New Mexico
Every year, J.D. Power releases a study that looks at the finest auto insurers on the market. The shows which auto insurance providers rise to the top of the industry to become the best in the Southwest. We also included ratings from and the to help determine the top insurance companies. Car insurance company Bankrate Score Average annual full coverage premium J.D. Power customer satisfaction score 4.9 Rates not available 813/1,000 4.6 $1,405 829/1,000 4.4 $1,457 847/1,000 3.7 $1,911 850/1,000 3.6 $1,921 822/1,000 This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions. Compare auto insurance rates
Answer a few questions to see personalized rates from top carriers. Save on auto with quotes from trusted providers like: Arrow Right Powered by Coverage.com (NPN: 19966249) Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions. Compare auto insurance rates
Answer a few questions to see personalized rates from top carriers. Save on auto with quotes from trusted providers like: Arrow Right Powered by Coverage.com (NPN: 19966249) Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. Discover the best carrier for you
Get custom car insurance quotes from top-rated carriers in 3 minutes or less. Safeco
Safeco gives its members access to a variety of coverage options, such as ride-sharing insurance for professional drivers and selective accident forgiveness to reward good driving records. , Safeco has a long history to help policyholders feel secure in their choice of provider. Learn More: Geico
Geico is one of the best options for affordable auto insurance and is a great starting point for first-time car owners. Geico also allows different kinds of insurance plans to be bundled together for even more savings and offers a wide range of discounts. Geico has options to insure high-risk drivers as well, so if you have accidents on your record, you may want to consider a quote from Geico. Learn More: State Farm
State Farm gets a high rating from J.D. Power for good reason. It has a comprehensive set of discounted insurance plans available, including defensive driving course discounts, good student discounts and multiple auto discounts. Learn More: American Family
American Family features plans with interesting offerings like discounts to incentivize safe driving and a car adapter that tracks driving for individualized discounts of up to 20%. American Family has an extensive list of discounts for policyholders to peruse. As the in the United States, drivers can trust that American Family is a reputable insurance provider. Learn More: Allstate
Allstate has encompassing offerings that will fit the needs of most drivers, including collision coverage for accidents and medical payments coverage for both the driver and the passenger of the vehicle. Allstate also has a range of discounts to provide policyholders with options to lower their savings. Learn More: Average car insurance cost in New Mexico
The is $1,419 for full coverage and $385 for minimum coverage. Drivers in New Mexico pay nearly $300 less per year than the of $1,674 for full coverage, which is not very surprising given New Mexico’s more mild climate. Average Annual Premium for Minimum Coverage in New Mexico Average Annual Premium for Full Coverage in New Mexico $385 $1,419
New Mexico city Average annual premium for full coverage Average annual premium for minimum coverage $1,614 $501 Farmington, New Mexico $1,312 $354 Las Cruces, New Mexico $1,292 $380 State minimum insurance requirements in New Mexico
In New Mexico, motorists are required to obtain a of liability auto insurance before getting behind the wheel. New Mexico's levels are: $25,000 for bodily injury liability each person $50,000 for bodily injury liability per accident $10,000 for property damage liability per accident Bodily injury refers to anyone who has been injured by the driver in an accident, including pedestrians and other motorists. Property damage refers to any private or public property that has been damaged by a person's actions while driving. And although liability auto insurance is all that New Mexico requires, it is worth considering higher coverage limits and additional coverage options for extra protection in the event of an accident. How to get the best car insurance
Shopping around for a car insurance company can be overwhelming due to the number of factors involved. Drivers should compare rates for and consider obtaining full coverage car insurance rather than the minimum coverage. Full coverage can protect you from paying large sums out of pocket in the event that you get into an at-fault accident. With minimum coverage, you are only protected up to the minimum state requirements and any additional expenses from an at-fault accident will have to be covered out of pocket. You will also want to evaluate your individual needs and consider your geographic location when searching for car insurance. Factors such as whether you will be buying a new vehicle, if you will need to add another driver to your policy in the future, if you have been involved in an accident in the past and your budget are all things that will impact your car insurance choice. Evaluate your needs. There are specific rate factors that affect how much you pay for insurance, including your past driving and claims history, credit score, budget and more. For example, if you have a low credit score, you may want to seek out a company that does not use credit scoring to rate your policy. If you have one or more accidents on your driving record, you may want to look for car insurance companies that offer accident forgiveness so that your premiums may not be raised as much if you get into another accident. Consider state factors. Your ZIP code is just as important when calculating your car insurance costs. If you are in an area with a high crime rate, for example, you may want to consider adding comprehensive coverage to protect yourself from vandalism and theft. According to the Insurance Information Institute, New Mexico ranks for the number of uninsured drivers as of 2015, so discussing uninsured and underinsured motorist coverage with your agent may be prudent. Car insurance discounts in New Mexico
Discounts on auto insurance rates come in all shapes and sizes. Most companies offer at least a few, but some companies may offer discounts that match up with your needs and lifestyle better than others. To help you find the in New Mexico, take a look at a few of the different discount options available: Safety discounts: You may be able to save when your car is equipped with extra safety features. This can include having anti-lock brakes or anti-theft devices installed. Bundle discounts: There may be extra savings when you purchase more than one policy from the same provider. Good grades: Good student discounts are available for full time students who earn a B average or higher. This discount can provide significant premium savings. Loyalty discounts: Some providers reward you for using the same provider as other family members. If your parents have a policy with certain companies like American Family, you could receive extra discounts off your policy. You may also be able to when you drive less than the average driver. Some companies like Safeco will offer low-mileage discounts to reward those who spend less time behind the wheel. There are also telematics-based discounts, like State Farm's , which reward your safe driving with lower premiums. Frequently asked questions
The is going to vary depending on the individual applying. For example, if a driver is an active or former member of the U.S. Military, USAA may be a good choice. Drivers who use their cars for ride sharing may want to consider Safeo. Obtaining a variety of quotes is the best way to find the right company for you.
Auto insurance providers vary in their rates, discount offerings, tolerance for high-risk drivers and how they utilize your credit score to rate your policy. Because each driver has a unique set of experiences and needs, auto insurance companies evaluate potential policies on a case-by-case basis. can help you compare companies to find the right fit for your needs.
To get car insurance in New Mexico, people will need proof that they are a licensed driver in the state and that they own the vehicle they are seeking to insure. Be sure to have your car's vehicle identification number (VIN) on hand, as well as the dates of birth and license numbers for each driver in your household. Methodology
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a clean driving record, good credit and the following full coverage limits: $100,000 bodily injury liability per person $300,000 bodily injury liability per accident $50,000 property damage liability per accident $100,000 uninsured motorist bodily injury per person $300,000 uninsured motorist bodily injury per accident $500 collision deductible $500 comprehensive deductible To determine minimum coverage limits, Bankrate used minimum coverages that meet each state’s requirements. Our base profile drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles annually. These are sample rates and should only be used for comparative purposes. Bankrate Scores
Bankrate Scores primarily reflect a weighted rank of industry standard ratings for financial strength (AM Best, S&P, Moody’s) and customer experience (J.D. Power, NAIC), in addition to average quoted rates from Quadrant Information Services. The J.D. Power studies utilized include the 2020 Auto Insurance Study and the 2020 Auto Claims Study. Our Bankrate editorial team’s extensive research and analysis provided a secondary assessment of each insurer’s online and mobile resources and policy management options, which also contributed to overall ratings. Written by Grace Kim Insurance Contributor Grace Kim has two years of experience in writing for finance and insurance domains such as The Cheapest Car Insurance Companies in New Jersey at Bankrate and Reviews.com. She has written about auto, homeowners, renters and life insurance. She has spent most of her professional experience writing about finance and tech topics. Morgan Chelsea Lanier has been an insurance editor for Bankrate since 2020. Using her eight years of experience in market research and data analysis, she works hard to understand her readers’ needs and bring data insights that provide accurate and straightforward answers to insurance questions. She firmly believes that all data tells a story – and she wants to bring that story to her readers.