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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 $1,505 per year or $125 per month. While the national average is $1,682. There is a difference of $177 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.

Summary of average car insurance cost in New Mexico
Average annual cost
$1,505
Average per month cost
$125
Average cost for state minimum coverage
$376 / Year
Cheapest car insurance company
Geico
($960/ Year)
Average cost for young drivers
$2,352 / Year
Average cost for Senior drivers
$1,453 / Year

Key Takeaways

  • The average car insurance cost in New Mexico is $1,505 per year, based on Insure.com’s analysis.
  • In New Mexico, the average premium for car insurance is $125 per month.
  • Geico has the cheapest car insurance rates in New Mexico, at an average annual rate of $960 a year.

Average car insurance cost in New Mexico per month

In New Mexico, the average premium for car insurance is $125 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. The average annual cost is $960 while the average cost per month is $80. The second-best option available is, USAA, offering insurance at an average per month cost of $86.

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$80$960
USAA$86$1,036
Nationwide$95$1,140
State Farm$96$1,155
Farmers Insurance$119$1,433
Progressive$128$1,535
Allstate$164$1,964
Kemper Insurance$169$2,027
Iowa Farm Bureau$197$2,369

Read our guide to best car insurance companies

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 $546.

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 $1,505 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 $303.

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 $376 per year in New Mexico.

Coverage limitsAverage annual cost
50/100/50 Liability Only$546
100/300/100 Liability with $500 Comp/Coll Deductible$1,505
Non-Owner State Minimum Liability Only$303
State Minimum Liability Only$376

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$1,745
Las Cruces$1,375
Rio Rancho$1,607
Santa Fe$1,514
Roswell$1,521
Farmington$1,357
Hobbs$1,530
Clovis$1,533
Alamogordo$1,270
Carlsbad$1,526

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

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 $2,352 while for seniors is $1,453. Here, the rate for young drivers is $899 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 $2,238 per year or $187 per month and rate for a male young driver is $2,466 per year or $206 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 $1,436 per year or $120 per month and cost of car insurance for male senior driver is $1,469 per year or $122 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

Minimum car insurance requirements in New Mexico

Each state sets its own regulations regarding the minimum amount of car insurance coverage drivers must carry to operate a vehicle legally on the roads. According to information provided by the New Mexico Department of Insurance, the following are the required coverages and minimum coverage limits in New Mexico:

  • Bodily injury per person: $25,000
  • Bodily injury per accident: $50,000
  • Personal property coverage per person: $10,000

Cheapest cars to insure in New Mexico

The Mini Cooper SE has the lowest average annual insurance premium at $1,269, followed closely by the Ford Transit Connect Titanium at $1,276. The difference in the cost of insuring these two models is $7 annually.

MakeModelAverage annual premium
MiniCooper SE$1,269
FordTransit Connect Titanium$1,276
HondaHR-V EX$1,280
HondaCR-V EX$1,290
MazdaCX-5 S$1,290
ToyotaC-HR Limited$1,298
MazdaCX-30 S$1,300
KiaSeltos EX$1,300
HyundaiVenue SE$1,307
SubaruForester 2.5I$1,308

Most expensive cars to insure in New Mexico

The most expensive car to insure on the list is the Maserati Quattroporte, which has an average annual premium of $5,035. However, the difference between the cheapest and most expensive cars to insure is $3,766 annually.

MakeModelAverage annual premium
MaseratiQuattroporte$5,035
MaseratiLevante Trofeo$4,587
MaseratiGhibli Modena$4,336
MaseratiGhibli GT$4,184
MaseratiGhibli Trofeo$4,004
BMWM8 Competition XDrive$3,920
BMWM760i xDrive$3,885
AudiRS6 Avant Quattro$3,812
BMWM850i XDrive$3,699
AudiRS E-tron GT$3,686

Note: For coverage limit: 100/300/50 liability with a $500 comprehensive and collision deductible.

Methodology

Insure.com team worked with Quadrant Information Service to get car insurance data. To determine the average premiums, our team of data analysts and expert editors have analyzed 56,838,240 insurance quotes from 136 insurance companies across 34,523 ZIP codes.

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 a full coverage policy with limits:

  • $100,000 bodily injury liability per person
  • $300,000 bodily injury liability per accident
  • $100,000 property damage liability
  • $500 collision/comprehensive deductible

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

How much is car insurance in other states

Alaska$1,359/Year
Alabama$1,542/Year
Arkansas$1,597/Year
Arizona$1,617/Year
California$2,115/Year
Colorado$1,940/Year
Connecticut$1,750/Year
Delaware$2,137/Year
Florida$2,560/Year
Georgia$1,647/Year
Hawaii$1,306/Year
Iowa$1,321/Year
Idaho$1,121/Year
Illinois$1,578/Year
Indiana$1,256/Year
Kansas$1,594/Year
Kentucky$2,105/Year
Louisiana$2,546/Year
Massachusetts$1,538/Year
Maryland$1,640/Year
Maine$1,116/Year
Michigan$2,133/Year
Minnesota$1,493/Year
Missouri$2,104/Year
Mississippi$1,606/Year
Montana$1,692/Year
North Carolina$1,368/Year
North Dakota$1,419/Year
Nebraska$2,018/Year
New Hampshire$1,307/Year
New Jersey$1,901/Year
Nevada$2,023/Year
New York$2,020/Year
Ohio$1,023/Year
Oklahoma$1,797/Year
Oregon$1,244/Year
Pennsylvania$1,445/Year
Rhode Island$1,845/Year
South Carolina$1,894/Year
South Dakota$1,581/Year
Tennessee$1,373/Year
Texas$1,875/Year
Utah$1,469/Year
Virginia$1,321/Year
Vermont$1,158/Year
Washington$1,371/Year
Wisconsin$1,499/Year
West Virginia$1,610/Year
Wyoming$1,736/Year
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