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25 Years of insurance experience
78.5M Quotes reviewed
170 Insurance providers evaluated
34.5K ZIP codes analyzed

If you live in New Mexico, you can expect to pay an average of around $207 per month for full coverage car insurance, or $2,486 per year. If you carry only your state’s minimum required liability coverage, your cost drops to about $40 monthly or $475 annually.

Location plays a big role in what you pay for car insurance. Insurers calculate rates based on state-specific risk factors such as accident frequency, repair and medical costs, theft rates, and even weather-related risks. Urban areas with heavy traffic or higher crime rates tend to see higher premiums, while rural areas are often cheaper. Beyond location, your age, driving record, credit score, ZIP code, and the type of car you drive also affect your rate.

Average car insurance cost in New Mexico

If you live in New Mexico can expect to pay an average of $207 per month for full coverage car insurance – that’s $2,486 per year. If you opt for your state’s minimum required coverage, your insurance cost drops to $40 monthly or $475 annually. Just keep in mind that opting for minimum coverage means significantly less protection if you’re in an accident.

However, how much you actually pay for coverage can vary based on several factors, such as your age, driving history, credit score, ZIP code and the type of car you drive.

Cheapest car insurance companies in New Mexico

GEICO provides the lowest full coverage rates, for an average cost of $1,502 per year or $125 monthly for a policy with 100/300/100 liability limits and $500 collision and comprehensive deductibles.

Central Insurance also offers affordable insurance coverage to New Mexico drivers at an average cost of $1,952 a year or $163 per month.

Although these insurers offer some of the most affordable average rates in New Mexico, your exact insurance cost may vary. Be sure to shop around and compare quotes to get the best deal on auto coverage.

Affordable car insurance providers in New Mexico

Graph
Table
Company nameAverage per month costAverage annual cost
GEICO$125$1,502
Central Insurance$163$1,952
Progressive$170$2,046
Nationwide$212$2,547
State Farm$220$2,640
Farmers$230$2,765
Allstate$250$2,995
Kemper$287$3,449
Iowa Farm Bureau$312$3,743
USAA*$105$1,254
*USAA is only available to military community members and their families.
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Insure.com commissioned Quadrant Information Services to calculate average auto insurance rates for vehicles from 2006 to 2023.

Our hypothetical driver is a 40-year-old male who commutes 12 miles to work each day, with policy limits of 100/300/50 ($100,000 for injury liability for one person, $300,000 for all injuries and $50,000 for property damage in an accident) and a $500 deductible on collision and comprehensive coverage.

Rates for vehicles up until 2023 includes uninsured motorist coverage (since some states require it, we do it for all) and PIP or Medical Payments, if it is required by state law. This hypothetical driver has a clean record and good credit.

For liability 100/300 is rates the same hypothetical driver but with liability limits of 100/300/50, uninsured/underinsured motorist in matching amounts and PIP or MedPay, if required by state. We recommend limits this high, even if you have only liability coverage. A state-minimum policy includes only the basic state liability limits and any other state-required coverages, such as uninsured motorist or PIP.

Averages were calculated using data from six large carriers, such as Allstate, Farmers, GEICO, Nationwide, Progressive and State Farm. Rates were averaged across multiple ZIP codes and insurance companies. Average rates are for comparative purposes; your rate will depend on your personal factors.

Average cost of car insurance by coverage levels in New Mexico

Your car insurance cost largely comes down to the coverage limits you pick.

If you’re just looking to meet the state’s minimum requirements, you can expect to pay around $40 a month, or about $475 a year. It’s an affordable option, but remember that it only covers liability, so damages to your car won’t be covered.

For more complete protection, you may want to go with full coverage instead. Full coverage car insurance includes liability, collision and comprehensive coverage. Collision coverage covers damage to your car from accidents, regardless of fault. Comprehensive coverage protects against non-collision damages, like theft, vandalism and weather events.

On average, drivers in New Mexico pay around $207 per month, or roughly $2,486 a year for full coverage. It’s a bit more expensive, but it can be worth the extra cost, especially if your car is new or financed.

Coverage limitsAverage annual cost
State minimum liability-only$475
Liability only$728
Full coverage$2,486
Non-owner state minimum liability$334
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Auto insurance premiums vary significantly from city to city, so drivers need to be sure they’re getting the best deal. Insure.com has done the research for you. Get more information on auto insurance rates by city below.

Car insurance rates in New Mexico by city

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Average car insurance cost in New Mexico by city

Because car insurance rates vary by location, the city you live in also affects how much you pay. If you’re in cities like Albuquerque, Hobbs or Rio Rancho, you’ll likely see higher premiums because of high traffic and accident rates, and greater risk of theft or damage.

On the other hand, drivers in cities like Alamogordo or Farmington pay significantly low insurance rates, on average between $2,097 and $2,177 a year. Insurers typically charge lower premiums in these cities due to fewer accidents, lower population density, vehicle theft and vandalism rates.

CityAverage annual cost
Alamogordo$2,097
Farmington$2,177
Las Cruces$2,287
Santa Fe$2,437
Carlsbad$2,540
Clovis$2,574
Roswell$2,612
Rio Rancho$2,621
Hobbs$2,665
Albuquerque$2,878
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Average car insurance cost in New Mexico by age

Age plays a significant role in how insurers calculate car insurance costs. Young drivers usually pay more, as their inexperience on the road makes them a higher risk.

Rates are often highest for teenagers, begin to decrease after 25, and then climb again once drivers are in their 70s.

Let’s break down what you can expect to pay in New Mexico for full coverage, depending on your age and gender.

Average car insurance cost in New Mexico for young drivers

As a young driver, you’ll likely face higher-than-average insurance rates. Because of limited driving experience, insurers view young drivers as riskier, resulting in higher insurance rates until they gain more experience on the road.

In New Mexico, 20-year-old male drivers pay an average of $5,134 per year for car insurance, while their female counterparts pay $4,543 for the same coverage.

However, by age 25, average car insurance costs drop to about $2,949 per year for male drivers and $2,759 for female drivers.

Age of driverAverage annual cost for Male driversAverage annual cost for Female drivers
20$5,134$4,543
21$4,217$3,782
22$3,917$3,566
23$3,570$3,307
24$3,423$3,189
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Average car insurance cost in New Mexico for adult drivers

An adult driver aged 25-60 in New Mexico pays $2,505 per year for full coverage, or $209 each month. Female drivers of the same age pay $2,449 annually or $204 monthly.

Keep in mind that rates can vary depending on personal factors, so it’s always a good idea to compare quotes to get the best deal.

Age of driverAverage annual cost for Male driversAverage annual cost for Female drivers
25$2,949$2,759
30$2,631$2,598
35$2,549$2,527
40$2,492$2,480
45$2,444$2,432
50$2,377$2,337
55$2,335$2,271
60$2,271$2,193
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Average car insurance cost in New Mexico for senior drivers

As a senior driver, you may notice your car insurance rates increase with age. At 65, men pay $2,335 per year, and women pay $2,247.

By age 70, those averages increase to $2,436 for men and $2,330 for women. At 75, premiums rise again, reaching $2,652 for male drivers and $2,516 for female drivers.

Older drivers often face higher premiums because insurers view them as higher-risk due to slower reaction times and increased accident severity with age.

Still, you can keep your premiums in check by driving safely and taking advantage of senior discounts.

Age of driverAverage annual cost for Male driversAverage annual cost for Female drivers
65$2,335$2,247
70$2,436$2,330
75$2,652$2,516
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Minimum car insurance requirements in New Mexico

Whether you’re buying your first insurance policy or just moved to New Mexico, it’s important to understand the state’s car insurance requirements.

To stay on the right side of the law, drivers in New Mexico must carry at least the following minimum liability coverage:

  • Bodily injury per person: $25,000
  • Bodily injury per accident: $50,000
  • Property damage liability: $10,000

Cheapest cars to insure in New Mexico

Your car’s make and model can significantly impact its insurance costs. Vehicles that are expensive to repair or have higher theft or accident rates typically come with higher premiums. On the other hand, vehicles with high safety ratings and affordable repairs are more affordable to insure.

Honda CR-V tops the list for cheapest car to insure in New Mexico at an average cost of $1,994 a year, followed closely by Hyundai Venue at $2,029 per year.

The table below outlines the vehicles with the lowest insurance costs.

Make ModelAverage annual premium
Honda CR-V$1,994
Hyundai Venue$2,029
Honda HR-V$2,065
Chevrolet Express$2,068
Volkswagen Tiguan$2,070
Mini Cooper Electric$2,074
GMC Savana$2,099
Mazda CX-5$2,103
Chevrolet TrailBlazer$2,106
Subaru Outback$2,111
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Most expensive cars to insure in New Mexico

Maserati Quattroporte tops the list as the most expensive car to insure in New Mexico, at an average annual cost of $7,972. Below is a list of the most expensive vehicles to insure in New Mexico and their average annual premiums.

Make ModelAverage annual premium
Maserati Quattroporte$7,972
Maserati Ghibli$7,350
BMW M8 Gran Coupe$6,253
Audi RS7$6,132
Audi S8$5,874
Nissan GT-R$5,866
Audi RS6$5,776
BMW M8$5,692
Audi RS Q8$5,649
BMW X6 M$5,607
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Car insurance costs can vary significantly depending on where you live and your personal profile. The smartest way to get the right coverage at a good price is to shop around and compare quotes from multiple insurers. Taking the time to do a little research can end up saving you a lot on your premiums.

Methodology

Insure.com commissioned Quadrant Information Service to get 2023 car insurance data. Our team of data analysts and expert editors has analyzed 56,838,240 insurance quotes from 136 insurance companies across 34,523 ZIP codes to determine the average premiums. The insurance rates are based on a sample profile of a 40-year-old male driver with a clean driving record and a good insurance score. Quotes premiums are for different coverage limits, including

  • Full coverage policy limits of $100,000 per person for bodily injury, $300,000 total for all bodily injuries per accident and $100,000 for property damage per accident.
  • State minimum limits
  • Liability-only policy with limits of $50,000 per person for bodily injury, $100,000 in bodily injury per accident and $100,000 for property damage per accident.

We also collected average car insurance rates for drivers of different age groups:

  • Young drivers aged 20-24
  • Adult drivers aged 25-26
  • Senior drivers aged 65-75

The quoted insurance rates are for comparison purposes, and your rates may vary.

78.5M

Quotes reviewed

170

No. of carriers analyzed

34.5K

ZIP codes analyzed

How much is car insurance in other states

Alaska$2,215/Year
Alabama$2,107/Year
Arkansas$2,723/Year
Arizona$2,333/Year
California$3,010/Year
Colorado$3,222/Year
Connecticut$2,726/Year
Delaware$3,097/Year
Florida$3,852/Year
Georgia$2,739/Year
Hawaii$1,721/Year
Iowa$2,228/Year
Idaho$1,791/Year
Illinois$1,901/Year
Indiana$1,856/Year
Kansas$2,410/Year
Kentucky$2,976/Year
Louisiana$4,180/Year
Massachusetts$2,430/Year
Maryland$2,273/Year
Maine$1,701/Year
Michigan$3,146/Year
Minnesota$2,561/Year
Missouri$2,410/Year
Mississippi$2,455/Year
Montana$2,541/Year
North Carolina$2,587/Year
North Dakota$2,079/Year
Nebraska$2,387/Year
New Hampshire$1,650/Year
New Jersey$2,736/Year
Nevada$3,284/Year
New York$2,898/Year
Ohio$1,739/Year
Oklahoma$2,705/Year
Oregon$1,927/Year
Pennsylvania$2,428/Year
Rhode Island$2,706/Year
South Carolina$2,367/Year
South Dakota$2,635/Year
Tennessee$2,214/Year
Texas$2,631/Year
Utah$2,250/Year
Virginia$1,837/Year
Vermont$1,504/Year
Washington$2,175/Year
Wisconsin$2,026/Year
West Virginia$2,557/Year
Wyoming$1,984/Year
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Shivani Gite
Contributing Writer

 
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Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. She is passionate about making insurance topics easy to understand for people and helping them make better financial decisions.

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