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Cheap Auto Insurance in New Mexico: Best Companies & Quotes
Joanna Johnson
Car Insurance Expert
Updated: 06/2020
Joanna is an expert on understanding how the different laws and regulations in the car insurance industry shape the way that policies work.
Best Car Insurance Companies in New Mexico
- State Farm
- Farm Bureau
- Progressive
- Allstate
- American Family
- Safeco
| State Farm | Farm Bureau | Progressive | Allstate | American Family | Safeco | |
|---|---|---|---|---|---|---|
| AM Best Financial Strength Rating | A++ | A | A+ | A+ | A | A |
| JD Power 2019 Overall Customer Satisfaction score | 5/5 | N/A | 3/5 | 3/5 | 3/5 | 3/5 |
| Avg Annual Premium | $1,069 | $1,493 | $1,450 | $1,735 | $833 | $1,138 |
| Consumer Reports Reader Score | 78 | 90 | 75 | 72 | 89 | N/A |
| BBB Rating | A | Not Rated | A+ | A+ | A | B+ |
Auto Insurance Statistics in New Mexico
Auto insurance rates in places like Albuquerque, New Mexico have remained significantly lower than the national average for many years. Drivers in New Mexico can enjoy taking advantage of these low auto insurance rates when taking out car insurance policies.
Top 10 Cheapest Car Insurance Companies in New Mexico
| Rank | Company Name | Avg. Annual Premium |
|---|---|---|
| 1 | Safeco | $994 |
| 2 | USAA | $1,023 |
| 3 | State Farm | $1,063 |
| 4 | Allied | $1,246 |
| 5 | Farm Bureau Mutual (IA Group) | $1,254 |
| 6 | Dairyland | $1,320 |
| 7 | The Hartford | $1,339 |
| 8 | GEICO | $1,423 |
| 9 | Central Mutual Insurance Co | $1,454 |
| 10 | Progressive | $1,514 |
Drunk Driving Fatalities
Drinking and driving is a dangerous activity in the state of New Mexico as well as in other states across the country. In order to avoid these fatalities, it is recommended to refrain from drinking and driving. The National Highway Traffic Safety Administration has done a tally of the number of drunk driving fatalities in New Mexico vs. nationwide.
Drunk driving fatalities in New Mexico from 2013 to 2017
Source: The National Highway Traffic Safety Administration
Teen Drinking and Driving
Teen drinking and driving in New Mexico has been higher or close to the same level as the national averages for the past few years. The below statistics compare the percentage of New Mexico drivers that are teenagers who are drinking and driving related to national averages.
Teen Drinking & Driving in New Mexico vs. Nationwide (2017)
Source: Center For Disease Control
SR-22 Insurance in New Mexico
If you live in New Mexico, you’re fortunate enough to be one of the few US residents that won’t need to get an SR-22 if you want to begin driving again. This is one of the seven states that does not have any SR-22 requirement. Still, things can quickly change — it’s always important to stay as up to date as possible if you have committed an infraction and want to begin driving again.
No matter what type of insurance you’re purchasing, compare rates as thoroughly as possible — you will most likely be paying much more for insurance if you have a bad driving record.
Car Theft in New Mexico
Car theft in New Mexico has been consistently higher than the national average for many years. By finding out about the rate of car theft in New Mexico, drivers will have a more comprehensive understanding of the level of risk they take while driving and owning a car in the state.
Vehicle thefts by rank nationwide vs. New Mexico
Source: www.FBI.gov
Uninsured Motorists in New Mexico
If there is an accident involving an uninsured motorist in New Mexico, the other driver may have to pay out of pocket to cover the cost of damages and bills. This why it is necessary to carry uninsured and underinsured motorist coverage. The below data shows how well New Mexico ranks in the total number of reported uninsured motorists in the state in the year 2015.
Percentage of uninsured drivers (Top States in 2015)
Source: Insurance Information Institute
Most people in New Mexico find it’s a nice place to live in terms of the overall cost of living. The housing market is positive, the weather lovely, and the cost of car insurance is affordable for most everyone. The average cost for an auto insurance policy in New Mexico is only $1,300 per year, but that’s not what everyone pays. Many people pay more, and many pay less depending on several factors. If you’re a New Mexico resident from Albuquerque, or any of the surrounding cities, who feels you’re paying too much for your auto insurance, you might want to consider looking for a new policy. However, you won’t find a new policy that’s less expensive unless you meet a number of requirements. Check out what you need to get the best possible rates in New Mexico for your cheapest auto insurance options.
A New Car
If you want the best rates, you’ll need a newer car. You don’t have to go out and buy one that’s brand new, but you do need one that’s not old. New cars are less expensive to insure. Additionally, you’ll find it’s less expensive to insure a vehicle that’s larger, such as an SUV or a truck. If you choose one of these with a very powerful engine, though, you’ll find it’s more expensive to insurance. Think big and not very fast if you want to get the best possible rates.
A Safe Address
Where you live is indicative of what you’ll pay for insurance. If you live in a neighborhood that’s safe and has no issue with crime, you’ll pay less. When you live in an unsafe neighborhood with a higher crime rate, you’ll pay more for your insurance. It’s because you are more likely to be robbed or your car vandalized in a neighborhood like this. Even if you have a low-crime neighborhood, you might still pay more if your home address is located in an area that’s not economically thriving. The reason is most people who live in areas with a low economic status are less likely to have insurance of their own. Those who choose to pay for insurance end up paying for those who don’t.
A Good Credit Score
Your credit can be awful and you won’t be denied a policy. You’ll just pay far more for the same policy as someone else with a good credit score. If you have time to work on your credit, it’s advisable you do so. Obtain copies of your reports to check for any information that’s incorrect. If there is anything incorrect or mistakenly located on your report, please dispute the time with the credit bureau. You can improve your score significantly in as little as 30 days doing this. It can lower your rate by making you appear more responsible to the insurance company.
Your Driving Record
Why it surprises so many people their driving record is pulled when searching for insurance policies is a mystery. This is a standard procedure for all people in need of a new insurance policy. No one wants to give a low rate to a driver who is always speeding, constantly breaking the law, and in accidents all the time. They want to give the low rates to people who drive well and safely. If your driving record is spotty or bad, go ahead and expect to pay more for your policy.
To find the best insurance rates in New Mexico, you’ll want to see about contacting cheap car insurance companies such as Geico, Allied, Farm Bureau, Farmers, or Progressive. They charge far less on average than any other company in New Mexico. These are a great starting point for you if you don’t know where to look for a lower rate. Apply for a quote with each company, but understand this quote is not the final price you’ll pay for insurance. You will need to provide more personal information for a final rate, but you can compare prices this way and use them as a negotiation tool when you contact your current insurance company to discuss a better policy rate.
Types of Auto Insurance Coverage in New Mexico:
- Comprehensive Insurance Coverage
- Bodily Injury Liability Insurance
- Uninsured/Underinsured Motorist Bodily Injury Insurance
- Uninsured Motorist Property Damage Insurance
- Property Damage Liability Insurance
Minimum Requirements For Car Insurance in New Mexico
There are minimum requirements for car insurance in the state of New Mexico. According to The New Mexico Office of Secretary of Insurance, it is mandatory to have liability coverage and uninsured/underinsured motorist coverage.
Liability Coverage minimums for the state of New Mexico:
- $25,000 per individual to cover bodily injury or death
- $50,000 per accident involving bodily injuries or deaths
- $10,000 for property damage
Source: New Mexico Office of Secretary of Insurance
Cheap Auto Insurance Discounts
At CheapAutoInsurance.co, we aim to help you save as much as possible in the state of New Mexico. One of the ways to do so is by choosing discounts that apply to your situation so you can get even more savings. Browse the list below to find some of the most common auto insurance discounts.
- Anti-theft discount
- Mature driver discount
- Military or Veteran discount
- Bundling insurance policies discount
- Senior citizen discount
- Car safety features discount
- Good student discount
- Defensive driving discount
- Low-mileage discount
- Multi-car auto insurance discount
- Infrequent usage discount
FAQ
General Information on Auto Insurance
Most of the information here also applies to most states in the US.
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What is the minimum auto insurance coverage in New Mexico?
In New Mexico, you need coverage of at least $25,000 (for one person) and $50,000 (for two or more persons) for bodily injury and $10,000 for property damage.
What type of car insurance coverage do I need to buy a car in New Mexico?
You need to have at least a liability coverage but are free to increase and add to it as you see fit. Read more: Do I need insurance to buy a car?
What auto insurance is required in New Mexico with a lien?
Depending on your lender, you may be required to have a new car coverage on top of a full coverage. Some people even get GAP insurance in case insurance doesn’t cover the full amount owed on a car. Learn more: Is gap insurance worth it?
When did auto insurance become mandatory in NM?
It was only in December of2002 that New Mexico motorists were required to have auto insurance to use their vehicles.
What is a full coverage auto insurance in NM?
In New Mexico, a combination of auto insurance coverages such as medical, liability, crash and collision, uninsured motorist, and gap insurance is considered ‘full coverage.’ To know how you would pay you’ll need to get full coverage auto insurance quotes from various companies.
According to New Mexico law, how long does it take to buy auto insurance?
There’s no law on this. Fortunately, due to competition, insurance companies are motivated to process applications as quickly as they can. Some choose to get temporary car insurance for one day when they get a new car until they find the policy they want to get for 6 months.
How long do accidents affect car insurance in New Mexico?
Your rates will reflect accidents for three to ten years, depending on their gravity.
How necessary is uninsured motorist auto insurance in New Mexico?
While it may seem unfair to pay for people who aren’t following the law, it is important that you cover yourself in every possible situation. Thus, even if the other driver doesn’t have enough coverage, you will still be compensated.
Do you need car liability insurance when renting a car in New Mexico?
Sometimes, you do. Sometimes, you don’t. To find out for sure, call your credit card company and your insurance company to find out what’s covered.
How much car liability insurance do I need in New Mexico?
You are required to carry at least the minimum, but if you can afford higher limits, it may be in your best interest to avail of them. To get the cheapest liability only car insurance you’ll need to compare quotes.
Who needs commercial auto insurance in New Mexico?
Not you. Commercial insurance is generally acquired by companies who use company vehicles as part of their operations.
Cost Concerns and Issues
Avoid getting ripped off and up your chances of getting lower rates through this section.
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How much is car insurance per month in New Mexico?
On average, your auto insurance in this state will cost $110 per month. To get month to month car insurance quotes enter your zip code above.
How does New Mexico rank with car insurance?
Despite the small population in the state, New Mexico still places as the 18th most expensive place in the United States for auto insurance.
What is the cheapest car insurance in NM?
According to reviews, GEICO provides the cheapest quotes in the state followed by Allied and Farm Bureau. Get a free car insurance quote on any of the sites and compare them. See more: Who is the cheapest car insurance company?
Why is New Mexico auto insurance expensive?
The limited options you have in the state greatly affects rates. Less competition allows all of them to control prices.
How much does a dui increase car insurance in New Mexico?
After a DUI, your premium will increase by an average of $900. Compared to the national average, this increase is still small. You may have to carry non owner sr22 car insurance for awhile depending on your circumstance.
How do I save money on car insurance New Mexico?
By just maintaining a good credit rating and driving record, you will see your rates decrease. Also, always inquire about discounts to potentially save even more. Also take a look at the average car insurance for 2 cars.
Car insurance premium goes down at what age in New Mexico?
When you hit 20, you can expect your rates to slide down a little. Maintaining a good driving record, this should continue to go down until you hit 55 to 65. Read more: How much is car insurance for a 20 year old?
Why do you really need auto insurance quotes in New Mexico?
Quotes are a great way to compare different insurance companies and know how much they’d charge without committing right away.
How do I compare car insurance quotes in New Mexico?
At the very basic, you can compare them by the rate and coverage. However, you may also consider reading everything above the dotted line first for a more detailed view of what you’re getting into. Fill out our form above to find best car insurance rates.
How do I find the lowest car insurance rates in New Mexico for a senior citizen?
You can look for companies that cater to older drivers. Aside from that, getting quotes is still the best way to go. If your car is old enough it may qualify for classic car insurance which is much cheaper. Compare the best collector car insurance companies we recently reviewed.
How do I beat high cost of auto insurance in New Mexico?
Before buying a car, inquire how much your insurance would cost on certain models you’re considering.
How does a credit scores effect auto insurance rates in NM 2018?
Low credit scores are negatively correlated with claims. So, a higher score usually means lower rates.
How much does antique car insurance cost a year in New Mexico?
There aren’t quotes available online because the value of antique cars can rapidly increase or decrease over time.
How much more is motorbike insurance insurance than car in New Mexico?
Motorbike insurance is usually cheaper than car insurance by a fairly wide margin. Complete a quote a compare rates to see the difference.
Auto Insurance Recommendations
If you want to see what companies you should check out based on different criteria, this is the right place to look.
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How do I find the best car insurance in New Mexico?
You can look at reviews, compare quotes, and look at the insurer’s history with dealing with claims. It all depends on what ‘best’ means to you.
What is the best car insurance in New Mexico?
According to Reviews, USAA is the best in the state. But as this is only available to uniformed men, you can also check out State Farm and Progressive. You may also find good rates with local companies by searching for affordable auto insurance near me in search engines..
What is the best auto & home insurance in New Mexico?
According to the same source, Farmers is the best for car and home insurance. Other companies worth looking at is USAA and Progressive.
Which auto insurance has lowest rates for teen drivers in New Mexico?
State Farm was hailed by Penny Geeks as the cheapest for teen drivers with rates starting at $128 a month. Finding the cheapest new driver insurance means doing a quote comparison. You can start by entering your zip code above.
Where can I get car insurance in New Mexico online?
Fortunately for you, most if not all insurers have a website already. This means you can get quotes and even get approved online. Look for instant car insurance with no deposit if possible.
Where do I get high risk auto insurance in New Mexico?
Your best bet is the New Mexico Motor Vehicle Insurance Plan if no one would approve your application. While cheap car insurance for high risk drivers isn’t the easiest to find its not impossible.
Accidents and Claims
When you get into an accident, what happens? Know more about your rights and what you should do here.
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What is the time limit on car insurance claims in New Mexico?
The statute of limitation for personal injury is three years and four years for property damage.
According to NM law, who is entitled to car accident insurance, the children or the spouse?
The money from the insurance will go to whomever is written on your will. So, depending on you, it may be your children or your spouse.
Does the Hartford Insurance in New Mexico cover iPads or laptop when my car was stolen?
It can be. Their comprehensive insurance covers theft as well – and that includes anything stolen in your vehicle.
In NM vehicle insurance, the other party at fault. Who pays for rental car?
As New Mexico is a fault sate, the other party will pay for any and all damages.
In NM, what is the car insurance standard pay out on a three-car accident with minor injuries?
There is no standard on how much is paid for any type of accident as it always depends upon the agreement between all parties involved.
How do I check my car insurance claims online in NM?
Most of the time, it’s as easy as logging into your policy. However, we cannot guarantee that every insurer will have this method available.
According to New Mexico insurance law, what happens when at fault driver refuse to pay?
If you want, you can go to DMV and ask for that person’s insurance information and contact them. If that option isn’t available to you, you are free to sue that person for damages.
What do I need on New Mexico insurance to pay car damage in hit and run?
In this case, you must rely on your own insurance to pay for your medical bills and other expenses.
How do you find out about another person's car insurance in New Mexico?
Provide a valid reason, any piece of evidence or a police report, as well as that person’s license plate to the DMV.
What would happen to the rental car if my insurance is canceled, and I had a wreck in New Mexico?
If you’re at fault, you would have to pay for everything which could greatly deplete not only your bank account but also all your assets.
DMV Rules and Regulations on Auto Insurance
Below are certain rules enforced by the DMV as well as its application in certain situations.
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How do I change car insurance if I am moving from Portland to New Mexico?
To switch car insurance after moving, you can cancel your existing policy and pay whatever fees you may have to. Then, you can apply for a new one in the state.
When do you change your auto insurance coverage during a divorce in New Mexico?
It’s best to change your auto insurance before the divorce is finalized. That way, there’d not be a day that you’re not covered.
In New Mexico, how do I cancel a car insurance policy I’ve had for only one month?
Look into how your insurer accommodates cancelling policies. Then, choose from the options they provide and execute one.
Does New Mexico electronically look up your insurance car when registering a vehicle?
Yes. In fact, their records also reflect everything else that you have provided them in registering your vehicle.
What is my 3-digit auto insurance ID number in New Mexico?
It reflects what insurance company you’re registered with.
How do I find out if I have no car insurance in New Mexico?
Aside from the record-damaging way of letting a police officer catch you without one, you can go to the DMV and ask for this information. You can also ask your insurer when or if your coverage has expired.
Do I need to show proof car insurance when I get my NM driver's license?
No. In fact, you can have your driver’s license delivered via mail. Related: Can you get car insurance without a driver’s license?
In New Mexico, where do I send my proof of car insurance?
You don’t send it. Like your license, you keep in your person or in the vehicle at all times.
Other Questions
Those that cannot be categorized in the previous sections indicate that they are not as much of a concern to New Mexico residents. Both the questions below are related to when you should have an auto insurance.
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How many times can I be late on car insurance in New Mexico?
You shouldn’t. However, most companies provide a leeway (usually in the form of a notice of nonpayment) which notifies you that the policy will be cancelled if you don’t pay by a certain date.
Do you need a car insurance when you have a learner's permit in New Mexico?
No. A learner’s permit means you can’t drive a car without someone having a driver’s license with you. However, when you take a driving test, you will be required to get one.
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