Cheapest car insurance in New Mexico

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GEICO offers the cheapest car insurance in New Mexico, with an average annual cost of $1,406, based on Insure.com’s data study. However, the exact rates may vary based on factors specific to you.

Each state has different car insurance requirements. In New Mexico, drivers are required to carry minimum liability coverage of $25,000 for bodily injury protection per person, $50,000 of bodily injury coverage per accident, and $10,000 for property damage accident.

However, many New Mexico drivers prefer full coverage car insurance because it provides adequate coverage in the event of an accident.

Here’s a breakdown of the cheapest car insurance company in each category.

Cheapest overall: GEICO

$1,406/year

National avg. rate

Cheapest for at-fault accident: State Farm

$1,919/year

Avg. rate after an at-fault accident

Cheapest for speeding ticket: State Farm

$1,788/year

Avg. rate after speeding ticket

Cheap car insurance companies in New Mexico

At an average annual rate of $1,406, GEICO offers the cheapest car insurance in New Mexico, 31% less than the state average. Your premium may vary based on personal factors such as your driving record, ZIP Code and car type.

It’s important to compare quotes from various carriers to ensure that you get the best deal.

Below, you’ll find average annual car insurance rates from the most affordable insurance companies in New Mexico.

*Note: USAA only offers coverage to military members, veterans and their families.

How we choose the cheapest car insurance companies in New Mexico

170+

Carriers reviewed

53M+

Quotes analysed

34K+

ZIP codes examined

Cheapest ZIP codes for car insurance in New Mexico

The cheapest ZIP code for car insurance in New Mexico is 88310, with an average annual cost of $1,742. Find below the most affordable ZIP codes for auto insurance rates in New Mexico.

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.

Cheapest car insurance in New Mexico by age

Teen drivers in New Mexico pay higher insurance rates than adult drivers because they are more likely to get into accidents and file claims. A 16-year-old driver pays $6,632 more than a 40-year-old driver in New Mexico, based on Insure.com’s analysis.

The table below shows the cheapest car insurance rates for drivers of different ages:

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Cheapest car insurance in New Mexico by driver history

Your driving history plays a key role in determining your car insurance rates. If you cause an accident or are convicted of a driving offense, your premiums are likely to rise. However, a clean driving record indicates that you are a low-risk driver, which can result in lower insurance costs.

Cheapest car insurance after a speeding ticket in New Mexico

Here are the top three companies that offer cheap car insurance after a speeding ticket:

• State Farm: $1,788 per year
• Progressive: $2,047 per year
• Nationwide: $2,522 per year

According to Insure.com data, a single speeding ticket can increase your rates by 29% or $591 in New Mexico.

Getting a speeding ticket can be costly. You will have to pay a fine, and your insurance rates may go up. If you’re looking for the cheapest car insurance costs in New Mexico, below are some insurers that offer cheap car insurance after a speeding ticket.

*Note: USAA only offers coverage to military members, veterans and their families.

Cheapest car insurance after an accident in New Mexico

Here are the top three insurers that provide cheap car insurance rates following an accident.

• State Farm: $1,919 per year
• Progressive: $2,288 per year
• GEICO: $2,551 per year

State Farm offers the cheapest car insurance rates for drivers following an at-fault accident, with an average car insurance cost of $1,919 annually.

If you’re found at fault, your insurance premiums may go up. However, you can still compare car insurance rates from different insurers to get the best deal.

Below are the companies offering the most affordable car insurance for drivers with an accident on your driving record.

*Note: USAA only offers coverage to military members, veterans and their families.

Cheapest car insurance after a DUI conviction in New Mexico

Here are the top three insurers that provide affordable car insurance rates after a DUI conviction.

• State Farm: $1,788 per year
• Progressive: $1,844 per year
• GEICO: $2,996 per year

A DUI conviction can have a significant impact on your car insurance rates, as most insurers will classify you as a high-risk driver and raise your rates accordingly.

The following table highlights insurance companies offering cheap car insurance rates for drivers with a DUI conviction.

*Note: USAA only offers coverage to military members, veterans and their families.

Average car insurance cost in New Mexico

Full coverage insurance typically costs more than minimum liability insurance, but for most drivers, the additional expense is worthwhile. On average, full coverage car insurance in New Mexico is $154 more than the national average.

Full coverage limits vary, but getting a policy with limits of 100/300/100 is recommended for added protection.

What is full coverage car insurance in New Mexico?

Full coverage car insurance includes bodily injury liability and property damage liability coverage, as well as comprehensive and collision coverage. Collision insurance covers your vehicle if it’s damaged or destroyed in an accident, while comprehensive insurance provides protection against damage that is caused by something other than collisions, such as hail or theft.

If you lease or finance your car in New Mexico, your lender may ask you to purchase collision and comprehensive insurance beyond the state-mandated liability coverage.

Final thoughts

While it’s common to look for ways to lower your car insurance premium, cutting corners on coverage could end up costing you much more in the long run.

Before purchasing an auto insurance policy, consider your specific needs to ensure you’re adequately covered. Since insurance rates can vary, it’s a good idea to compare quotes from multiple companies to find the right policy in New Mexico.

Methodology

Insure.com gathered data from Quadrant Information Services to get car insurance rates in New Mexico. The rates are based on a sample profile of a 40-year-old male and female driving a Honda Accord LX with a good insurance score and no violation on record for a full coverage insurance policy with limits 100/300/100 and $500 comprehensive and collision deductibles.

We analyzed 53,409,632 insurance quotes from 170 insurance companies across 34,588 ZIP codes nationwide.

To determine car insurance rates for high-risk drivers with a history of traffic violations, we used a sample profile of a 40-year-old male and female driver who own a Honda Accord LX.

We also used sample profiles of drivers from different age groups: Teen drivers (Age 16-19), young drivers (Age 20-24), adult drivers (Age 25-60) and senior drivers (Age 65-75)

We determined the premiums for a high-risk driver with the following incidents applied

1. 1 At-fault property damage accident over $2K
2. 1 At-fault property damage accident under $2K
3. At-fault bodily injury accident
4. Poor credit
5. DUI/DWI first offense
6. Speeding 30+ over limit
7. Speeding ticket 1-10 MPH over limit
8. Speeding ticket 11-29 MPH over the limit

These are sample rates, and your exact rates may vary.

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.