Table of Contents
- New Mexico Auto Insurance Costs by Insurer
- New Mexico Auto Insurance Premiums by Driver Age
- New Mexico Car Insurance Premiums by Gender and Marital Status
- Average New Mexico Insurance Rates After A Violation or Accident
- New Mexico Auto Insurance Premiums by Credit Tier
- Expensive New Mexico Cities
- Cheaper New Mexico Cities
- Resource Section
- List of Insurance Companies in New Mexico
- No-Fault Insurance in New Mexico Information
In New Mexico, the average difference between the most expensive and cheapest full coverage policies can be more than $1000, so shopping around can help you save a lot. Finding cheap car insurance in NM is relatively easy because the state is one of the 20 most affordable in terms of auto insurance.
New Mexico Auto Insurance Costs by Insurer
According to The Zebra, the cheapest auto insurance providers in New Mexico are:
- Safeco: $994.
- USAA: $1023.
- State Farm: $1063.
- Allied: $1246.
- Dairyland: $1320.
- The Hartford: $1339.
- Progressive: $1514.
- Cal Casualty: $1607.
- Farmers: $1866.
- Allstate: $2586.
New Mexico Auto Insurance Premiums by Driver Age
A NerdWallet survey revealed that the insurance companies below offer the lowest premiums for minimum auto coverage to drivers in New Mexico who are in their 20s:
- GEICO: $694.
- State Farm: $791.
- Allstate: $879.
- Progressive: $921.
- Central Insurance: $929.
As for 30-somethings, the most affordable insurers include:
- GEICO: $309.
- State Farm: $347.
- Central Insurance: $418.
- Farm Bureau Financial Services: $430.
- Farmers: $459.
The following companies have the lowest average rates for 40-year-olds:
- GEICO: $303.
- State Farm: $350.
- Farm Bureau Financial Services: $409.
- Central Insurance: $418.
- Progressive: $442.
If you’re a 50-year-old driver looking for cheap insurance, try these providers:
- GEICO: $287.
- Farm Bureau Financial Services: $336.
- State Farm: $347.
- Central Insurance: $385.
- Farmers: $396.
Drivers who are 65 years old can get the cheapest minimum auto coverage from:
- GEICO: $320.
- State Farm: $329.
- Farm Bureau Financial Services: $338.
- Progressive: $403.
- Central Insurance: $407.
New Mexico Car Insurance Premiums by Gender and Marital Status
Insurance providers generally offer married drivers slightly lower rates than single drivers because they regard married drivers as less risky. ValuePenguin found that car insurance for married drivers in New Mexico is approximately 6% cheaper than for single drivers. State Farm is the company with the best rates for married drivers. Its average annual premium of $1292 is $625 lower than the average rate that insurers charge single drivers.
The auto insurers below provide the most affordable car insurance coverage for married drivers:
- State Farm: $1292.
- Farm Bureau: $1981.
- Progressive: $2010.
Drivers aged 16 to 25 are quoted exceptionally high auto insurance premiums, with those in their teens paying the highest rates. As a result of the risk that inexperienced drivers pose, teenagers pay over three times the national average for auto insurance. On average, a teen driver in New Mexico pays $4996 per year, which is close to the national average.
The following are the average car insurance rates for teenagers:
- 16-year-olds: $5147 with parents and $6861 alone.
- 17-year-olds: $4920 with parents and $6028 alone.
- 18-year-olds: $4636 with parents and $5093 alone.
- 19-year-olds: $4144 with parents and $3144 alone.
Average New Mexico Insurance Rates After A Violation or Accident
Below is a list of average annual auto insurance premiums in New Mexico after certain violations:
- Hit and run: $2239 (66 percent increase).
- Reckless driving: $2028 (50 percent).
- Racing: $1966 (45 percent).
- At-fault accident: $1927 (43 percent).
- DUI: $2054 (52 percent).
- Refused breathalyzer or chemical test: $2054 (52 percent).
- Driving with a suspended driver’s license: $1929 (43 percent).
- Driving a vehicle without permission: $1717 (27 percent).
- Driving with an open container: $1598 (18 percent).
- Improper passing: $1684 (25 percent).
- Passing a school bus: $1712 (27 percent).
- Speeding: $1615 (19 percent).
- Illegal turn: $1685 (25 percent).
- Running a red light: $1684 (25 percent).
- Failure to yield: $1684 (25 percent).
- Driving in the wrong lane or the wrong way: $1684 (25 percent).
- Driving too slowly: $1648 (22 percent).
- Driving too fast in a school zone: $1649 (22 percent).
- Distracted driving: $1663 (23 percent).
- Following too closely: $1684 (25 percent).
- Failure to show documents: $1470 (9 percent).
- Driving with expired vehicle registration: $1470 (9 percent).
- Driving without lights: $1440 (6 percent).
- Not-at-fault accident: $1480 (9 percent).
- Failure to fasten a seat belt: $1470 (9 percent).
- Failure to use a child safety restraint system: $1470 (9 percent).
New Mexico Auto Insurance Premiums by Credit Tier
On average, drivers in New Mexico who don’t have a credit rating pay an average of 37 percent more for auto insurance than those with excellent credit scores. Establishing credit and maintaining a good score can help you get a lower premium. Also, the average rate for drivers with bad credit is $2196, which is 40 percent higher than normal.
Expensive New Mexico Cities
According to Insurify, Progressive offers the highest monthly car insurance premiums to drivers in the following New Mexico cities:
- Albuquerque: $35.
- Rio Rancho: $33.
- Santa Fe: $32.
- Roswell: $28.
- Los Lunas: $28.
Cheaper New Mexico Cities
The cities in New Mexico with the lowest average monthly rates include:
- Alamogordo: $21.
- Clovis: $22.
- Gallup: $23.
- Deming: $23.
- Sunland Park: $23.
List of Insurance Companies in New Mexico
As with other products and services, the most affordable auto insurance isn’t necessarily the best option. Due to the financial stakes involved, it’s important to do proper research to find a car insurance policy that offers complete coverage following an accident. Look for the best value rather than choosing the least expensive policy you can find.
To better evaluate the quality of service insurers offer, you can compare their claims satisfaction and financial strength ratings. The following are the best auto insurance companies in New Mexico, based on AM Best’s financial strength ratings and J.D. Power’s claims satisfaction ratings: Allstate, Farmers, GEICO, Liberty Mutual, MetLife, Progressive, Safeco, State Farm, The Hartford, Travelers, and USAA.
No-Fault Insurance in New Mexico Information
New Mexico is a fault state. It makes it mandatory for drivers to have auto liability insurance, which covers other people’s property damage and injury treatment if you’re the at-fault party in an accident. At the minimum, you must have the following liability limits:
- Bodily injury liability per person: $25,000.
- Bodily injury per accident: $50,000.
- Property damage per accident: $10,000.
Sources:
https://www.nerdwallet.com/blog/insurance/cheapest-car-insurance-in-new-mexico-nm/
https://www.thezebra.com/auto-insurance/new-mexico-car-insurance/
https://insurify.com/car-insurance/new-mexico/
https://wallethub.com/cheap-car-insurance/new-mexico
https://www.valuepenguin.com/best-cheap-car-insurance-new-mexico
https://www.caranddriver.com/car-insurance/a35292610/how-to-get-cheaper-car-insurance/
https://www.caranddriver.com/car-insurance/a35437532/progressive-auto-insurance/
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