The average cost of a full coverage car insurance policy in New Mexico is $1,460 a year. But rates vary widely depending on where in the state you live. Albuquerque drivers pay an average of $1,707 a year for full coverage, while in Alamogordo, drivers pay $1,224 for the same coverage.
No matter where in New Mexico you live, the best way to save money on car insurance is to compare quotes before you buy. Policygenius can help you see what you’ll pay for coverage from top companies, so you can choose the coverage that’s best for you.
Methodology & why you can trust our rates
Policygenius has analyzed car insurance rates provided by Quadrant Information Services for every ZIP code in all 50 states plus Washington, D.C. For full coverage policies, the following coverage limits were used:
Bodily injury liability: 50/100
Property damage liability: $50,000
Uninsured/underinsured motorist: 50/100
Comprehensive: $500 deductible
Collision: $500 deductible
In some cases, additional coverages were added where required by state or insurer.
Rates for overall average rate, rates by ZIP code, and cheapest companies determined using averages for single drivers ages 30, 35, and 45. Our sample vehicle was a 2017 Toyota Camry LE driven 10,000 miles/year.
Rates for driving violations and “Poor” credit determined using average rates for a single male 30-year-old driver with a credit score under 578.
Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs. Your actual quotes may differ.
Cheapest car insurance companies in New Mexico
Car insurance rates are based on everything from your age to your credit score to your address. The cheapest company for one person may not be the best deal for another, which is why it’s so important to shop around and compare options before you buy.
Company | Average cost | JD Power Rating |
|---|---|---|
USAA | $859 | 890 |
State Farm | $947 | 882 |
GEICO | $1,042 | 874 |
Central Insurance | $1,199 | -- |
Nationwide | $1,338 | 868 |
Cheapest car insurance companies by age in New Mexico
Younger drivers pay the most for car insurance because they’re more likely to have an accident and file a claim. Rates typically drop over time as younger drivers age and gain experience, often leveling-out at 25.
Age | Cheapest company | Average cost |
|---|---|---|
16 | Central Insurance | $2,720 |
18 | USAA | $1,917 |
21 | USAA | $1,184 |
25 | USAA | $995 |
30 | USAA | $897 |
35 | USAA | $863 |
45 | USAA | $819 |
55 | USAA | $795 |
60 | USAA | $797 |
65 | USAA | $820 |
70 | USAA | $881 |
Choosing the right car insurance company in New Mexico
There’s actually no one right company for every driver — the right company for you is the one that offers you the most coverage at the lowest rates. And the only way to figure out which company can offer you the best deal is to shop around and compare quotes.
Policygenius can help you see options from top companies in New Mexico, so you can find your best rates.
Car insurance rates for drivers with driving violations in New Mexico
Any accidents or moving violations on your record will mean higher rates. The more serious the incident, the more you’ll pay. A violation like a DUI or a hit-and-run can mean you’ll pay hundreds, or sometimes thousands more dollars a year for coverage.
Violation | USAA | State Farm | GEICO | Central Insurance | Nationwide |
|---|---|---|---|---|---|
At-fault accident | $1,306 | $1,033 | $1,744 | $1,663 | $2,110 |
DUI | $1,775 | $1,033 | $2,126 | $2,112 | $2,656 |
Suspended license | $1,687 | $1,033 | $1,908 | $2,112 | $2,656 |
Open container | $1,224 | $1,033 | $2,126 | $1,492 | $2,656 |
Expired registration | $1,127 | $1,033 | $1,324 | $1,435 | $1,669 |
Driving without lights | $1,127 | $1,033 | $1,324 | $1,435 | $1,669 |
Running a red light | $1,127 | $1,033 | $1,324 | $1,492 | $1,669 |
Following too closely | $1,127 | $1,033 | $1,324 | $1,492 | $1,669 |
Hit and run | $1,863 | $1,033 | $2,126 | $2,112 | $2,656 |
Not-at-fault accident | $907 | $962 | $1,065 | $1,263 | $1,407 |
Passing a school bus | $1,224 | $1,033 | $1,324 | $1,492 | $1,669 |
Reckless driving | $1,224 | $1,033 | $2,126 | $2,112 | $2,656 |
Speeding | $1,127 | $1,033 | $2,126 | $1,492 | $1,669 |
Cheapest car insurance for drivers with a DUI in New Mexico
Company | Rates for drivers with DUIs |
|---|---|
State Farm | $1,033 |
USAA | $1,775 |
Central Insurance | $2,112 |
GEICO | $2,126 |
Nationwide | $2,656 |
Cheapest car insurance for drivers with a speeding ticket in New Mexico
Company | Rates for drivers with speeding tickets |
|---|---|
State Farm | $1,033 |
USAA | $1,127 |
Central Insurance | $1,492 |
Nationwide | $1,669 |
GEICO | $2,126 |
Cheapest car insurance for drivers with bad credit in New Mexico
Car insurance companies also use credit score as a factor when setting rates, and a poor credit score usually means higher rates.
But New Mexico has some rules around how car insurance companies can use your credit score — including a stipulation that drivers must be informed when their credit score is being used to set their rates — and your credit can’t be the sole reason you’re denied coverage.
Company | Rates for drivers with bad credit |
|---|---|
GEICO | $1,478 |
USAA | $1,587 |
State Farm | $1,925 |
Nationwide | $2,026 |
Progressive | $2,158 |
Car insurance costs in New Mexico cities
Location matters a lot when it comes to car insurance. The rates of accidents and claims in your area, as well as reports of car thefts and vandalism and even average repair costs in your city will affect what you’ll pay for car insurance coverage. Here’s what drivers pay in the 10 biggest cities in New Mexico:
Albuquerque: $1,707
Las Cruces: $1,356
Rio Rancho: $1,601
Santa Fe: $1,496
Roswell: $1,482
Farmington: $1,301
Clovis: $1,480
Hobbs: $1,5497
Alamogordo: $1,224
Carlsbad: $1,498
Buying car insurance in New Mexico
New Mexico requires that all drivers have at least the following amount of coverage, although most drivers will need more than this to be protected in case of an accident:
Bodily injury liability coverage per person: $25,000
Bodily injury liability coverage per accident: $50,000
Property damage liability coverage: $10,000
New Mexico is an at-fault state. That means that the insurance company of the driver found responsible for an accident will pay for the other party’s repair bills and medical expenses (that’s what liability coverage is for). If you cause an accident and your liability levels aren’t high enough to cover the damage, you’ll be stuck with the rest of the bill, which is why it’s a good idea to set high limits.
How to get cheap car insurance in New Mexico
There are a few simple tips for finding your cheapest car insurance coverage, no matter who you are:
Always compare quotes before you buy, so you can be sure that you are not missing out on a better deal from another company
Know the discounts you’re eligible for, like savings for being a safe driver, paying your premium in full instead of monthly, driving fewer total miles each year, or getting good grades in school if you’re a full time student
Bundle your policies. This means getting multiple insurance policies from the same company, which saves you money on all of them
Shop before you renew. Even if you’re happy with your current company, you might be missing out on savings elsewhere, so always reshop before you renew
Find car insurance in your city:
Frequently asked questions
Is car insurance cheaper in New Mexico?
Car insurance tends to be cheaper in New Mexico. The national average cost of car insurance is more expensive than the average rate in New Mexico.
Is car insurance mandatory in New Mexico?
Yes, the penalties for driving without car insurance in New Mexico include a fine of $300, imprisonment of up to 90 days, and the potential suspension of your registration.
What are collision and comprehensive coverages, and do I need them too?
Collision coverage covers the cost of repairs for your vehicle even if the accident is your fault. Comprehensive coverage covers other forms that aren’t from a collision, like weather damage, theft, fires, vandalism, or other animal damage.
I just bought a second car, will that increase my insurance?
Yes. How much depends on the type of vehicle, how often you drive it, and what you use it for. Safe, reliable cars typically cost less to insure than flashier, more expensive ones.
