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Geico provides the cheapest full coverage car insurance in New Mexico at about $960 a year. Your specific rates may vary, but the average full coverage car insurance premium in New Mexico is $125 per month, according to Insure.com’s 2022 rate analysis.

Car insurance is a legal requirement in most states, and New Mexico is no exception. New Mexico drivers are required to carry at least the minimum amount of liability coverage—$10,000 of personal property coverage per person, $25,000 for bodily injury per person and $50,000 for bodily injury per accident.

However, many drivers choose to purchase full coverage car insurance, which provides additional protection in the event of an accident.

What is full coverage car insurance in New Mexico?

Full coverage car insurance includes bodily injury and property damage liability coverage, as well as comprehensive and collision coverage, according to the Insurance Information Institute (III). 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 weather 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. Every state except New Hampshire and Virginia requires drivers to get liability coverage, while comprehensive and collision coverage are optional. However, in Virginia, you have to pay an uninsured motorist fee of $500.

Average full coverage car insurance cost in New Mexico

Full coverage insurance costs more than minimum liability insurance, but the extra cost is worth it for most drivers. Average cost of full coverage car insurance in New Mexico is 11% less than the national average cost of full coverage insurance in the U.S.

There are different full coverage limits that a driver can purchase. However, Insure.com editors recommend that every driver should carry 100/300/100 coverage limits.

Cheapest full coverage car insurance rate in New Mexico by company

Geico offers the cheapest full coverage car insurance in New Mexico an average of $960 per year. It’s 36% less expensive than the average full coverage car insurance cost in New Mexico. The rates will vary based on factors such as your driving history, age, ZIP Code and the make and model of your car.

When shopping for auto insurance, compare rates from multiple companies to make sure you’re getting the best deal.

Below are the annual rates for car insurance from major insurance companies.

CompanyFull coverage insurance cost
Geico$960
USAA$1,036
Nationwide$1,140
State Farm$1,155
Farmers Insurance$1,433
Progressive$1,535
Allstate$1,964
Kemper Insurance$2,027
Iowa Farm Bureau$2,369

Full coverage car insurance cost in New Mexico by ZIP code

Full coverage car insurance premiums vary significantly by ZIP code. Insurance companies consider factors such as the crime rate in an area, the number of claims filed, types of claims filed to determine annual premiums. Below are the least and most expensive ZIP codes for full coverage car insurance.

Most expensive ZIP codes for car insurance in New Mexico

Drivers living in the ZIP code 87121 pay the highest premiums at about $1,880 a year. ZIP codes with a higher number of car thefts or vandalism also tend to have higher car insurance rates.

Find below the most expensive ZIP codes for car insurance in New Mexico.

ZIP codeFull coverage insurance cost
87121$1,880
87105$1,838
87108$1,820
87102$1,819
87104$1,778
87131$1,759
87107$1,754
87123$1,746
87116$1,746
87106$1,744

Least expensive ZIP codes for car insurance in New Mexico

88310 ZIP code in New Mexico has the cheapest full coverage auto insurance cost at an average price of $1,270 annually. Know the least expensive ZIP codes for car insurance in New Mexico below.

ZIP codeFull coverage insurance cost
88310$1,270
88043$1,302
88026$1,304
88025$1,305
88061$1,308
88023$1,310
88352$1,313
87941$1,317
88041$1,317
88330$1,319

New Mexico full coverage car insurance rate by age

Young drivers in New Mexico tend to pay higher insurance rates than adult drivers because they are more likely to get into accidents and file claims on their insurance policy. A 16-year-old driver pays 338% more than a 40-year-old mature driver in New Mexico, based on Insure.com’s analysis.

The table below shows full coverage car insurance rates for drivers of different ages:

Age groupFull coverage annual premiums
Teen drivers (age 16-19)$4,971
Young drivers (age 20-24)$2,466
Adult drivers (age 25-64)$1,534
Senior drivers (age 65+)$1,483

Read our Guide to car insurance for teens for more information

Car insurance rates in New Mexico by driver history

Your driving history is one of the main factors insurers look at when considering insurance rates. If you are responsible for a car accident or get convicted of a driving infraction, your auto insurance premiums will likely go up. However, if you have a clean driving record, insurance companies see you as a low-risk driver and you are likely to get cheap full coverage car insurance.

Cheapest full coverage car insurance after a speeding ticket in New Mexico

Getting a speeding ticket is never any fun. Not only will you have to pay a fine, but your insurance rates may go up. A single speeding ticket can increase your rates by 21% or $355 in New Mexico, based on Insure.com data.

But if you’re looking for affordable coverage, below are some insurers that offer cheap full-coverage car insurance after a speeding ticket.

CompanyAverage annual premiumNew rate after incident% Increase$ Increase
USAA$1,090$1,35824%$267
Nationwide$1,218$1,42817%$210
State Farm$1,344$1,4427%$98
Geico$1,064$1,75465%$690
Farmers$1,555$2,02130%$466
Progressive$1,730$2,12623%$395
Allstate$2,153$2,39811%$245
Kemper$2,439$2,86217%$424
Iowa Farm Bureau$2,821$3,0689%$248

Cheapest full coverage car insurance after an accident in New Mexico

No one plans on getting into a car accident, but unfortunately, they happen. If you are in an accident and are at fault, you will probably see your car insurance premiums increase. However, this does not mean you can’t shop around to find the best rates.

State Farm offers the cheapest car insurance rates to drivers after an at-fault accident, at about $1442 a year. Below, you’ll see which companies have cheap car insurance for drivers with one accident on their record.

CompanyAverage annual premiumNew rate after incident% Increase$ Increase
State Farm$1,344$1,4427%$98
USAA$1,090$1,61948%$528
Nationwide$1,218$1,76645%$548
Geico$1,064$1,90279%$838
Farmers$1,555$2,38854%$833
Progressive$1,730$2,56148%$831
Allstate$2,153$2,95037%$797
Kemper$2,439$3,01724%$578
Iowa Farm Bureau$2,821$3,55426%$734

Cheapest full coverage car insurance after a DUI conviction in New Mexico

If you’ve recently been convicted of a DUI, you may wonder how it will affect your car insurance rates. Most insurers will view you as a high-risk driver and will charge you higher rates.

The table below shows the insurance companies offering cheap car insurance rates to drivers after a DUI conviction.

CompanyAverage annual premiumNew rate after incident% Increase$ Increase
State Farm$1,344$1,4427%$98
Progressive$1,730$1,90010%$169
USAA$1,090$2,14697%$1,056
Geico$1,064$2,182105%$1,119
Nationwide$1,218$2,20281%$984
Farmers$1,555$2,94089%$1,385
Allstate$2,153$2,94937%$797
Kemper$2,439$2,96121%$523
Iowa Farm Bureau$2,821$4,38055%$1,559

When it comes to car insurance, everyone is always looking for ways to save. However, skimping on coverage to save a few dollars now could end up costing you dearly down the road.

Make sure you’re adequately protected and take into account your specific needs before buying an auto insurance policy.

Source:

Methodology

Insure.com gathered the quotes with the help of Quadrant Information Institute. We collected full coverage car insurance rates from major insurance companies for multiple ZIP codes across New Mexico.

The full coverage rates are based on a sample driver profile of a 40-year-old man with a driving record and good credit score.

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Nupur Gambhir
Managing Editor

 
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Nupur Gambhir is a content editor and licensed life, health, and disability insurance expert. She has extensive experience bringing brands to life and has built award-nominated campaigns for travel and tech. Her insurance expertise has been featured in Bloomberg News, Forbes Advisor, CNET, Fortune, Slate, Real Simple, Lifehacker, The Financial Gym, and the end-of-life planning service.