Low-cost car insurance in New Mexico

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Drivers in New Mexico can find the cheapest average premium with GEICO, at $1,406 per year. By comparison, the statewide average monthly cost is $171. Keep in mind that rates vary for each driver depending on factors like driving record, ZIP code, and vehicle type.

Since auto insurance laws differ by state, New Mexico requires drivers to carry at least $25,000 in bodily injury coverage per person, $50,000 in bodily injury per accident, and $10,000 for property damage liability.

For broader protection, full coverage may be a smart option. It combines liability, collision, and comprehensive insurance, giving you coverage not only for other drivers but also for your own vehicle if it’s damaged in a crash, stolen, or affected by severe weather.

Here’s how different insurers stack up for drivers in New Mexico, depending on your situation.

Low-cost car insurance companies in New Mexico

GEICO offers the lowest car insurance rates in New Mexico, with an average annual premium of $1,406 per year. It’s 31% less expensive than the average car insurance cost in New Mexico. Your actual rate 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 from low-cost car insurance companies..

How we choose low-cost car insurance companies in New Mexico

170+

Carriers reviewed

53M+

Quotes analysed

34K+

ZIP codes examined

ZIP codes with the cheapest car insurance in New Mexico

In New Mexico, drivers living in the 88310 ZIP code enjoy the lowest average annual premium at $1,742. Check the table below to see which other ZIP codes in the state have more affordable rates.

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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.

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Low-cost car insurance in New Mexico by age

Young drivers often face the highest premiums. In New Mexico, for example, a 16-year-old pays $6,632 more than a 40-year-old driver.

The table below shows how rates change by age group.

Low-cost car insurance in New Mexico by driver history

Insurers weigh your driving record heavily when setting premiums. You can expect your rates to rise if you’re ticketed or at fault in an accident. On the other hand, drivers with clean records are considered lower risk and usually qualify for cheaper coverage.

Low-cost car insurance after a speeding ticket in New Mexico

A single speeding ticket in New Mexico can push your rates up by 29%, or about $591. Along with the fine, that makes speeding a costly mistake. Here are a few insurers that still provide lower-priced coverage after a ticket.

Low-cost car insurance after an accident in New Mexico

After an at-fault accident, premiums increase significantly, but some insurers still offer cheaper options. State Farm has the lowest average rate at $1,919 per year.

If you’ve been in an accident, shopping around can help reduce costs. The table below highlights companies in New Mexico with the most affordable rates for drivers with an accident on their record.

Low-cost car insurance after a DUI in New Mexico]

A DUI often places drivers in the high-risk driver category, resulting in much higher rates. Still, some companies in New Mexico keep their premiums lower than others. The table below shows the most affordable options available after a DUI.

Average cost of car insurance New Mexico

While full coverage is more expensive than minimum liability, the extra protection is worth it for most drivers. Liability-only policies cover damage you cause to others, but not your own car. Full coverage adds collision and comprehensive protection, covering accidents, theft, weather, and other risks.

In New Mexico, the average cost of full coverage is $154 more compared to the national average.

We recommend carrying at least 100/300/100 in coverage – $100,000 for bodily injury per person, $300,000 per accident, and $100,000 in property damage liability. These limits provide stronger protection in serious accidents that could otherwise exceed state minimums.

What is full coverage car insurance?

Full coverage refers to liability insurance plus both collision and comprehensive. Collision pays for damage to your vehicle after an accident, while comprehensive covers non-collision events like theft, fire, or hail damage.

If you lease or finance your vehicle in New Mexico, your lender may require collision and comprehensive insurance on top of the state’s liability minimums.

The bottom line on saving and staying protected

It’s natural to look for ways to lower your insurance costs, but cutting corners on coverage can leave you financially vulnerable after an accident.

Make sure you choose a policy that balances affordability with protection. Always compare quotes from at least three companies to find low-cost car insurance 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 violations 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.