Finding Cheap Car Insurance in New Mexico
Shopping around to find cheap car insurance in New mexico shouldn’t be a huge project. We evaluated insurers in New mexico to find the lowest costs.
Featured Car Insurance Partners
1
Geico
Good
C-
Low
2
USAA
Excellent
C+
OK
3
State Farm
Very good
C
Low
Cheap New Mexico Car Insurance for Good Drivers
Nationwide and USAA are the cheapest New mexico car insurance companies for good drivers, among the companies we analyzed.
Cheap Car Insurance in New Mexico for Drivers with a Speeding Ticket
A speeding ticket increases car insurance rates by 17% in New mexico. The exact rate increase will depend on the insurance company. Even though you’ll see higher insurance rates, you can still shop around for the best car insurance.
Nationwide and USAA have the cheapest average costs for drivers with a speeding ticket in New mexico, so make sure to get quotes from those companies if you’re shopping for New mexico auto insurance and have a speeding ticket on your record.
Cheap New Mexico Car Insurance for Drivers who caused an Accident with Injury
Causing a car crash that injures someone will make it harder to find cheap car insurance. Our analysis found an average increase of 37% in New mexico compared to drivers with a good driving record.
If you cause an accident with an injury, Nationwide and Central Mutual may have the most competitive rates among the insurance companies in our analysis.
Cheap New Mexico Car Insurance for Drivers with a DUI
Car insurance costs in New mexico go up an average of 53% if you have a DUI conviction on your record. You can still compare car insurance quotes to pinpoint better rates.
The cheapest New mexico car insurance companies for drivers with a DUI are Nationwide and State Farm, among the insurers we analyzed.
Cheap New Mexico Car Insurance for Drivers with Poor Credit
New mexico car insurance companies usually charge drivers higher rates if they have poor credit. People with bad credit pay an average of 54% more for auto insurance in New mexico.
Nationwide and State Farm may be good choices if you’re looking for cheap New mexico auto insurance and you have poor credit.
Cheap New Mexico Car Insurance for Adding a Teen Driver
Adding a teen to your insurance increases rates by an average of 83% in New mexico, compared to rates for a married couple without a teen driver.
Take a look at quotes from Farm Bureau Mutual (Iowa Group) and Allied if you’re looking for cheap car insurance for teens in New mexico.
Cheap New Mexico Car Insurance for Young Drivers Ages 18 to 25
Getting your own car insurance is a costly entry into adulthood. Our analysis found that USAA and Nationwide offer the cheapest New mexico car insurance for young drivers.
Cheap New Mexico Car Insurance for Senior Drivers Age 60-80
USAA and Nationwide offer the best car insurance for seniors who are looking for cheap rates in New mexico. Older drivers should also find out if there’s a discount for taking a defensive driver class.
Required Car Insurance Discounts in New Mexico
New Mexico car insurance companies must offer at least these three car insurance discounts.
Anti-theft device discount
The state mandates that car insurers offer an anti-theft device discount of at least 10% for vehicles with passive anti-theft devices. A passive anti-theft device is one that arms itself when the vehicle is off, the ignition key is removed or the door is closed.
Good driver discount
New Mexico auto insurance companies must provide a discount of at least 20% to drivers who have been accident-free for three years.
Older adult discount
Drivers in New Mexico who are age 55 or older and complete an approved accident-prevention course are eligible for a car insurance discount. The discount is good for three years and is renewable.
Least Expensive Vehicles for Insurance in New Mexico
In New Mexico, the Honda CR-V LX, Chevrolet Trax LS and Honda Pilot S are the three cheapest vehicles for insurance, based on average rates for 50 top-selling models. The least expensive vehicles to insure in New Mexico are below.
The most expensive cars for insurance in New Mexico among popular models are the Tesla Model S Performance ($3,352 per year) and Volvo XC90 T8 Inscription ($2,177 per year).
| Vehicle | Average annual rates in New Mexico |
|---|---|
|
Honda CR-V LX
|
$1,430
|
|
Chevrolet Trax LS
|
$1,467
|
|
Honda Pilot SE
|
$1,473
|
|
Subaru Crosstrek
|
$1,484
|
|
Subaru Forester 2.5i
|
$1,488
|
|
Chevrolet Equinox L
|
$1,490
|
|
Volkswagen Tiguan SE
|
$1,498
|
|
Nissan Rogue S
|
$1,504
|
|
Hyundai Tucson SE
|
$1,522
|
|
Toyota RAV4 LE
|
$1,523
|
|
Jeep Wrangler JL Sport
|
$1,524
|
|
Chevrolet Colorado
|
$1,531
|
|
Toyota Highlander LE
|
$1,543
|
|
Ford Ranger Lariat
|
$1,544
|
|
Kia Sportage EX
|
$1,549
|
|
Ford F-150 XL
|
$1,563
|
|
Dodge Grand Caravan SE
|
$1,570
|
|
Toyota Tacoma SR
|
$1,578
|
|
Honda Civic EX
|
$1,586
|
|
Mazda CX-5 Grand Touring
|
$1,592
|
Required Minimum New Mexico Car Insurance
You are required to carry liability car insurance in Nevada. This insurance type pays for damage and injuries you cause to others. Liability insurance also covers your legal defense if someone files a lawsuit against you because of a car accident.
Car owners in New Mexico must buy liability coverage with limits of at least:
- $25,000 for bodily injury to one person
- $50,000 for bodily injury to multiple people in one accident
- $10,000 for damage to property in one accident
This is written as 25/50/10.
It’s a good idea to buy more than the minimum requirements. If you cause an accident and there are multiple injuries, you could quickly surpass the minimum limits. A good rule of thumb is to buy enough liability insurance to cover your net worth, so that insurance pays for lawsuit judgments, not you.
What Other New Mexcio Car Insurance Should I Have?
Uninsured/underinsured motorist coverage. These insurance types pay for medical expenses when you are hit by someone without liability insurance (uninsured motorist coverage) or by someone who doesn’t have enough liability insurance (underinsured motorist coverage). By law, car insurance companies in New Mexico must offer you these coverage types but you can reject them in writing. Generally, these are good coverage types to buy.
Medical payments (MedPay). This coverage pays for the medical bills for you and your passengers if you’re injured in a car accident, no matter who causes the accident. But it only pays up to your MedPay limit, which could be low. MedPay coverage of $1,000, for example, won’t go very far.
Collision and comprehensive coverage. If you want coverage to pay for your own car repairs, these insurance types cover a wide range of problems, such as car accidents, car theft, vandalism, riots, fire, hail, floods, collisions with animals and falling objects.
If you have a car loan or lease, your lending or leasing company will most likely require you to have collision and comprehensive coverage.
Summary: Required New Mexico Auto Insurance
| Coverage | Required Minimum in New Mexico |
|---|---|
|
Liability insurance
|
– $25,000 per person for bodily injury liability
– $50,000 per accident for bodily injury liability
– $10,000 for property damage
|
|
Uninsured/Underinsured motorist coverage
|
Not required
|
|
Medical payments
|
Not required
|
|
Collision coverage
|
Not required
|
|
Comprehensive coverage
|
Not required
|
Can I Show My Insurance ID Card from My Phone in New Mexico?
Police in New Mexico are not required to accept electronic proof of auto insurance, such as an insurance ID card on a mobile phone. When you register a vehicle, you will need to provide proof of insurance and it should be received electronically by the New Mexico Insurance Identification Database within 24 hours. It’s a good idea to keep a copy of your auto insurance card handy in your car.
Average New Mexico Auto Insurance Premiums
New Mexico drivers pay an average of $781 a year for auto insurance. Here are the average premiums for common coverage types.
| Coverage type | Average premium per year in New Mexico |
|---|---|
|
Liability
|
$495.33
|
|
Collision
|
$290.17
|
|
Comprehensive
|
$178.38
|
Source: National Association of Insurance Commissioners, 2018 Auto Insurance Database Report
Factors Allowed in New Mexico Car Insurance Rates
In addition to your driving record, past claims and vehicle model, car insurance companies in New Mexico can use these factors when calculating customers’ rates.
| Factor | Allowed in New Mexico? |
|---|---|
|
Age
|
Yes
|
|
Credit
|
Yes
|
|
Education & occupation
|
Yes
|
|
Gender
|
Yes
|
|
Marital status
|
Yes
|
|
ZIP code
|
Yes
|
Source: American Property Casualty Insurance Association. Other factors will be used to calculate your rates, including driving record and the amount of coverage you want.
How Many Uninsured Drivers are in New Mexico?
About 22% of New Mexico drivers have no auto insurance, according to the Insurance Research Council. That’s the fourth-highest rate of uninsured drivers in the nation (behind Mississippi, Michigan and Tennessee). That’s why it’s good to have your own insurance for covering problems they can cause, including MedPay, collision insurance and/or uninsured motorist coverage.
Penalties for Driving Without Auto Insurance
If you are convicted of driving without proof of insurance in New Mexico, you could be fined up to $300 and your vehicle registration could be suspended.
When Can a Vehicle Be Totaled in New Mexico?
If your vehicle is badly damaged from a problem like an accident or flood, car insurance companies in New Mexico can declare the vehicle a total loss if it’s “uneconomical to repair.”
Help with New Mexico Insurance Problems
The New Mexico Public Regulation Commission is responsible for enforcing insurance laws and approving rates. It also investigates complaints against insurance companies. If you have an unresolved issue with a car insurance company, you can file an online complaint.
Methodology
To find the cheapest auto insurance companies in New mexico, we used rates from Quadrant Information Services, a provider of insurance data and analytics. Except where noted, rates are based on a 40-year-old female driver with a clean record insuring a new Toyota RAV4 with $100,000 in bodily injury liability coverage per person, $300,000 per accident and $100,000 in property damage liability (known as 100/300/100), uninsured motorist coverage and any other coverage required in the state. Rates also include collision and comprehensive insurance with a $500 deductible.
State averages for New mexico are based on rates from Allied, Allstate, Central Mutual, Farm Bureau Mutual (Iowa Group), Farmers, Geico, Nationwide, Progressive, State Farm, Kemper and USAA.
