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If you are looking for auto insurance in New Mexico, knowing how much it will cost is a promising idea. The average premium for car insurance in New Mexico is $1,507 per year or $126 per month. While the national average is $1,682. There is a difference of $175 less between the national average and the state average.

If you live here, you know that already. But do you know why? There are a range of factors that affect car insurance rates. A few of them are –age group, gender, driving history, credit score, and location where you live.

Apart from the factors which affect auto insurance rates, this guide also talks about the average rate of full coverage in state, companies offering cheap monthly premiums for car insurance, average car insurance rates by cities in New Mexico, and car insurance rates by age group.

Shop around and compare quotes to save money on your auto insurance. Keep reading the guide to make sure the insurance policy does not cost you more than your requirements.

Average car insurance cost in New Mexico per month

In New Mexico, the average premium for car insurance is $126 per month.

The price for the same coverage may differ between companies, which is true of every auto insurance company. When looking for car insurance rates in New Mexico, it is a promising idea to get quotes from many firms.

As per the rate analysis conducted by Insure.com, the company which offers cheapest car insurance premiums in New Mexico is GEICO Advantage Ins Co. The average annual cost is $994 while the average cost per month is $83. The second-best option available is, USAA, offering insurance at an average per month cost of $85.

The table below lists the other available car insurance companies which offer car insurance in New Mexico, along with their average cost per month and average annual cost.

Company nameAverage per month costAverage annual cost
GEICO Advantage Ins Co$83$994
USAA$85$1,021
Nationwide Ins Co of Am$95$1,137
State Farm Mutl Automobile Ins$96$1,155
Metropolitan P&C Ins Co$119$1,425
Farmers Ins Co of AZ$121$1,446
Progressive Direct Ins Co$128$1,539
Allstate F&C Ins Co$163$1,958
Financial Ind Co$163$1,959
Farm Bureau P&C Ins Co$203$2,439

Read our guide to best car insurance companies of 2022

Average cost of car insurance by coverage levels in New Mexico

The amount of coverage you purchase has an impact on how much car insurance costs in New Mexico. Your premium is determined by your liability limits, as well as whether you want comprehensive and collision coverage.

Liability only insurance protects a third party’s property damage and personal injuries in the event of an accident. In the case of a collision, having only liability coverage on your auto insurance would not cover your injuries or personal property damage since you are the driver responsible for the accident. If your coverage limit is 50/100/50 Liability only, the average cost per year in New Mexico is $560.

When you add more coverage to your policy, your insurance premium increases. As the insurance provider will have to compensate you if you are in an accident or suffer damage in any other manner. Hence, the average cost of full coverage car insurance in New Mexico is $1,507 per year.

For someone who does not own the car, but frequently rents a car, non-owner state minimum liability coverage is best suited. It is like liability-only coverage and covers for property damage and bodily injury caused to another driver. In New Mexico, the average annual cost for non-owner state minimum liability only is $308.

And for those who wish to save money on car insurance premiums can opt to have only the state minimum liability coverage, to be able to legally drive in the state. The state minimum liability only coverage costs $385 per year in New Mexico.

Coverage limitsAverage annual cost
50/100/50 Liability Only$560
100/300/100 Liability with $500 Comp/Coll Deductible$1,507
Non-Owner State Minimum Liability Only$308
State Minimum Liability Only$385

Average car insurance cost in New Mexico by City

Your car insurance premium is determined by a variety of factors, including your state, city, and even ZIP code. The incidence of accidents and the likeliness of vehicle theft or vandalism can influence the overall cost of a city or ZIP code.

The table below depicts the top popular cities in New Mexico:

CityAverage annual cost
Albuquerque$1,752
Las Cruces$1,379
Rio Rancho$1,616
Santa Fe$1,520
Roswell$1,522
Farmington$1,360
Hobbs$1,533
Clovis$1,533
Alamogordo$1,273
Carlsbad$1,531

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.

Know car insurance rates in New Mexico by city

Average car insurance cost in New Mexico by age of the driver

Age is also a consideration when it comes to auto insurance rates. Teens are more likely to be in automobile accidents than any other generation. For example, the average annual rate for young drivers in New Mexico is $2,634 while for seniors is $1,499. Here, the rate for young drivers is $1,135 more than the rate for senior drivers.

According to statistics, young drivers are more likely to be in a vehicle accident than more experienced drivers. As a result, they are deemed high-risk and costly to insure. They are considered a high-risk driver because of over-speeding and less driving experience on road. Although, premiums start to rise again about age 70 when some aspects of aging start affecting driving abilities.

Average car insurance cost in New Mexico for young drivers

The average car insurance cost for female young drivers in New Mexico is $2,499 per year or $208 per month and rate for a male young driver is $2,769 per year or $231 per month.

The average annual rates for young male and female drivers are listed in the table below:

Age of driverAverage annual cost for Male driversAverage annual cost for Female drivers
18$4,686$4,155
19$3,369$2,968
20$3,116$2,764
21$2,602$2,338
22$2,383$2,177
23$2,175$2,006
24$2,056$1,907
25$1,768$1,674

Average car insurance cost in New Mexico for senior drivers

In New Mexico, the cost of car insurance for senior female driver is $1,478 per year or $123 per month and cost of car insurance for male senior driver is $1,519 per year or $126 per month.

Age of driverAverage annual cost for Male driversAverage annual cost for Female drivers
65$1,420$1,394
70$1,502$1,466
75$1,635$1,575

Read more about senior car insurance

Summary of average car insurance cost in New Mexico
Average annual cost
$1,507
Average per month cost
$126
Average cost for state minimum coverage
$385 / Year
Cheapest car insurance company
GEICO Advantage Ins Co
($994/ Year)
Average cost for young drivers
$2,634 / Year
Average cost for Senior drivers
$1,499 / Year

Know how much is car insurance in other states

Alaska$1,354/Year
Alabama$1,547/Year
Arkansas$1,591/Year
Arizona$1,611/Year
California$2,115/Year
Colorado$1,930/Year
Connecticut$1,744/Year
Delaware$2,158/Year
Florida$2,624/Year
Georgia$1,660/Year
Hawaii$1,306/Year
Iowa$1,319/Year
Idaho$1,111/Year
Illinois$1,565/Year
Indiana$1,252/Year
Kansas$1,587/Year
Kentucky$2,104/Year
Louisiana$2,580/Year
Massachusetts$1,538/Year
Maryland$1,618/Year
Maine$1,095/Year
Michigan$2,133/Year
Minnesota$1,472/Year
Missouri$2,066/Year
Mississippi$1,594/Year
Montana$1,692/Year
North Carolina$1,368/Year
North Dakota$1,400/Year
Nebraska$1,987/Year
New Hampshire$1,305/Year
New Jersey$1,921/Year
Nevada$2,031/Year
New York$2,072/Year
Ohio$1,023/Year
Oklahoma$1,799/Year
Oregon$1,272/Year
Pennsylvania$1,445/Year
Rhode Island$1,839/Year
South Carolina$1,902/Year
South Dakota$1,553/Year
Tennessee$1,370/Year
Texas$1,867/Year
Utah$1,478/Year
Virginia$1,312/Year
Vermont$1,135/Year
Washington$1,377/Year
Wisconsin$1,476/Year
West Virginia$1,609/Year
Wyoming$1,685/Year
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