Cheapest Car Insurance In New Mexico For 2024

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Written by Bob Phillips
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Securing affordable car insurance in New Mexico can be daunting, but there are viable options available. State Farm offers competitive rates and reliable service, providing coverage ranging from basic to comprehensive.

With the cost of living on the rise and a plethora of choices, it’s essential to find car insurance that fits your budget and needs. Leveraging more than ten years of research on car insurance policies, I’ve gathered insights to help you navigate this complex market.

This guide delves into the specifics of car insurance in New Mexico, examines the factors influencing prices, and offers practical advice on obtaining affordable coverage without compromising protection. Let’s kick off this journey to savings and uncover strategies for getting the cheapest car insurance in New Mexico.

Cheapest Car Insurance Companies In New Mexico

Cheapest Car Insurance In New Mexico For Good Drivers

Your car insurance expenses in New Mexico are tied to various elements like your driving record, age, and the specific coverage you’re seeking. Generally, if you boast a clean driving history without any accidents, you can expect lower premiums since insurers view you as a lower risk. Additionally, maintaining a good driving record may open doors to further discounts. It’s advisable for prudent drivers to compare quotes from multiple insurance providers to find the most suitable coverage at a competitive price.

Provider Average Monthly Cost Average Annual Cost

Progressive

$45

$538

State Farm

$30

$358

GEICO

$60

$718

Farm Bureau

$45

$538

Allstate

$90

$1,078

Cheapest Car Insurance In New Mexico For Drivers With Poor Credit

If your credit’s poor and you’re in New Mexico, Progressive offers the best deal on insurance, starting from around $100 per month.

Provider Average Monthly Cost Average Annual Cost

Farm Bureau

$172

$2,062

State Farm

$182

$2,182

Farmers

$150

$1,798

Nationwide

$135

$1,618

Progressive

$100

$1,198

Car insurance costs are significantly affected by your credit score, which assists insurers in assessing your level of risk. A lower credit score indicates a higher likelihood of submitting claims, rendering you a riskier prospect for insurers.

In New Mexico, drivers with poor credit may experience higher insurance premiums than those with good credit. Insurers frequently consider credit history when establishing rates because of research suggesting a correlation between credit score and claim incidence.

Individuals with poor credit may face challenges in obtaining affordable insurance, but they can investigate discounts and compare quotes from different insurers to obtain the most advantageous rates.

Cheapest Car Insurance In New Mexico For Young Drivers

Young adults in New Mexico often enjoy lower car insurance premiums than teenagers. This is because as individuals grow older, they typically drive with greater care, resulting in fewer accidents and insurance claims. Insurance providers account for this and extend discounted rates to young adults who exhibit safe driving behaviors.

Cheapest New Mexico Car Insurance For 16-Year-Olds

If you’re 16 and need insurance, check out Central Insurance; they offer it at a reasonable $270 per month.

Provider Average Monthly Cost Average Annual Cost
State Farm $392 $4,702
Nationwide $425 $5,098
Geico $428 $5,134
Central Insurance $270 $3,238
USAA $382 $4,582

Cheapest New Mexico Car Insurance For 17-Year-Olds

Looking for insurance at 17? USAA got you covered with rates averaging around $200.

Provider Average Monthly Cost Average Annual Cost
Central Insurance $238 $2,854
State Farm $245 $2,938
Iowa Farm Bureau $272 $3,262
USAA $200 $2,398
Geico $236 $2,830

Cheapest New Mexico Car Insurance For 18-Year-Olds

USAA offers insurance coverage tailored to 18-year-olds, with monthly payments averaging about $170.

Provider Average Monthly Cost Average Annual Cost
Central Insurance $214 $2,566
State Farm $216 $2,590
Iowa Farm Bureau $258 $3,094
USAA $170 $2,038
Geico $200 $2,398

Cheapest New Mexico Car Insurance For 21-Year-Olds

If you’re in your early twenties, USAA offers the most competitive rates, averaging $108 per month.

Provider Average Monthly Cost Average Annual Cost
State Farm $152 $1,822
Central Insurance $160 $1,918
Nationwide $165 $1,978
USAA $108 $1,294
Geico $126 $1,510
 

Cheapest Car Insurance In New Mexico For Minimum Coverage

State Farm stands out in New Mexico for providing budget-friendly car insurance, with typical monthly rates starting at $30, appealing to a wide range of drivers looking to save.

Provider Average Monthly Cost Average Annual Cost

Progressive

$45

$538

State Farm

$30

$358

GEICO

$60

$718

Farm Bureau

$45

$538

Allstate

$90

$1,078

In New Mexico, it’s mandatory for drivers to carry a specific level of car insurance to legally operate their vehicles. This standard coverage typically includes liability insurance, which comprises two main parts: bodily injury liability and property damage liability.

Bodily injury liability coverage assists in covering medical expenses, rehabilitation costs, and potential legal fees if you cause an accident that injures someone else. Conversely, property damage liability coverage helps with the costs of repairing or replacing another person’s vehicle or property if the accident is your fault.

The minimum coverage requirements in New Mexico are established by state law and can vary based on factors such as your vehicle type and driving history. It’s essential to carefully review these requirements and ensure you possess sufficient coverage to meet legal standards and protect yourself financially in case of an accident.

Cheapest Car Insurance In New Mexico For Full Coverage

Progressive furnishes the most economical prices for comprehensive car insurance in New Mexico, commencing at approximately $50 monthly on average.

Provider Average Monthly Cost Average Annual Cost

Kemper

$114

$1,366

State Farm

$87

$1,042

Nationwide

$90

$1,078

Progressive

$50

$598

Farmers

$110

$1,318

Full coverage auto insurance in New Mexico provides comprehensive protection for drivers and their vehicles. In addition to mandatory liability coverage, it includes collision and comprehensive insurance.

Collision coverage covers repair expenses for your vehicle after an accident, regardless of fault. Conversely, comprehensive coverage handles damages from theft, vandalism, fire, or natural disasters. This insurance option offers peace of mind by providing broad financial protection in various scenarios, covering both your vehicle and others involved in an accident. It’s important to thoroughly review your policy to understand coverage limits and deductibles for sufficient protection.

Cheapest Car Insurance In New Mexico For Drivers With Prior Incidents

People in New Mexico who have been in accidents, received speeding tickets, or had DUIs often struggle to find affordable car insurance. These events identify them as risky drivers to insurance companies, raising the chances of future claims. This issue is worsened in New Mexico due to higher rates of traffic accidents. Insurers use data to set prices, acknowledging a connection between past driving problems and the likelihood of future claims.

Cheapest Car Insurance In New Mexico After A Speeding Ticket

State Farm auto insurance comes in at roughly $120 on average, making it particularly attractive for drivers with speeding violations who need a wallet-friendly solution.

Provider Average Monthly Cost Average Annual Cost
Progressive $194 $2,326
Farm Bureau $240 $2,878
State Farm $120 $1,438
Allstate $210 $2,518
GEICO $190 $2,278

Cheapest Car Insurance In New Mexico After An At-Fault Accident

State Farm’s insurance, at around $125, stands out as the top choice for drivers who have caused accidents. It’s the most affordable option for them.

Provider Average Monthly Cost Average Annual Cost
Farm Bureau $290 $3,478
Allstate $300 $3,598
GEICO $310 $3,718
State Farm $125 $1,498
Progressive $190 $2,278

Cheapest Car Insurance In New Mexico For Drivers After A DUI

With an average cost of about $150, Progressive stands out as the most budget-friendly car insurance for those with a DUI.

Provider Average Monthly Cost Average Annual Cost
Progressive $150 $1,798
GEICO $355 $4,258
State Farm $250 $2,998
Farmers $305 $3,658
Farm Bureau $390 $4,678

Cheapest Car Insurance In New Mexico For Seniors

CSAA offers reasonably priced insurance plans catered to older individuals in New Mexico, with rates starting at approximately $45 monthly on average.

Provider Average Monthly Cost Average Annual Cost

Allstate

$122

$1,462

GEICO

$75

$898

State Farm

$79

$946

Farmers

$100

$1,198

Progressive

$72

$862

Elderly drivers might qualify for discounted car insurance rates because they’re typically perceived as seasoned and cautious, reducing their chances of accidents. Moreover, as many seniors drive less, their risk of collisions and insurance claims decreases.

Some insurance providers offer specific discounts for senior drivers, considering aspects like age, driving habits, and participation in senior driver safety programs. Many insurers encourage seniors to undertake defensive driving courses by providing discounts upon completion, aiming to refresh driving skills and promote safer driving behaviors among older individuals.

 

Average Cost Of Auto Insurance In New Mexico – By Age

Age Average Monthly Cost Average Annual Cost
16 $624 $7,486
17 $382 $4,582
18 $338 $4,054
19 $252 $3,022
21 $200 $2,398
25 $182 $2,182
35 $164 $1,966
40 $126 $1,510
50 $120 $1,438
55 $150 $1,798
65 $118 $1,414
75 $136 $1,630

Average Cost Of Car Insurance In New Mexico – By Gender & Marital Status

Gender Marital Status Average Annual Cost
Female Single $1,400
Male Single $1,440
Female Married $1,498
Male Married $1,524

Average Cost Of Auto Insurance In New Mexico – By Credit Tier

Credit Tier Average Monthly Cost Average Annual Cost
Excellent $104 $1,246
Good $108 $1,294
Poor $170 $2,038

Cheapest Car Insurance In New Mexico By City

City Average Monthly Cost Average Annual Cost
Lovington $139 $1,667
Albuquerque $125 $1,498
Bernalillo $140 $1,678
Roswell $98 $1,174
Hobbs $105 $1,258

Minimum Car Insurance Requirements In New Mexico

Driving in New Mexico comes with specific car insurance requirements. It covers injuries and property damage in accidents. The standard is $25,000 for each person’s injury, $50,000 total for injuries in one accident, and $10,000 for property damage in one accident.

New Mexico also requires Personal Injury Protection (PIP). This helps with medical bills and lost wages after an accident, regardless of fault. It’s a financial safety net.

Alternatively, you can choose “Health Insurance Primary” (HIP). This means your health insurance pays for accident-related medical costs first, instead of PIP. But not all health plans qualify for HIP, so check with your provider.

Car Insurance Discounts In New Mexico

When looking for car insurance, it’s prudent to search for companies that provide customized discounts based on your unique situation. Consulting with your insurance agent can help uncover potential discounts you may not be capitalizing on. Most major car insurance companies generally offer the following types of discounts:

  • Safe Driver Discount: If you possess a clean driving record without any accidents or traffic violations, you could qualify for this discount.
  • Multi-Vehicle Discount: Insuring multiple vehicles under the same policy often results in a discount, which can save you money compared to insuring each vehicle separately.
  • Bundling Discount: Many companies extend discounts to customers who bundle their car insurance with other policies like home or renters insurance.
  • Good Student Discount: Students who maintain good grades might be eligible for discounts on their car insurance.
  • Defensive Driving Course Discount: Completing a defensive driving course can make drivers eligible for discounts on their premiums. These courses teach skills that help drivers avoid accidents and reduce risks on the road.
 

Our Methodology

In my examination, I meticulously gathered and scrutinized information on different auto insurance companies and their offerings. Initially, I outlined critical factors for evaluation, such as coverage varieties, pricing specifics, customer satisfaction levels, and the financial reliability of insurers. Following this, I collected data from reputable sources like insurance company websites, consumer review platforms, and industry analyses.

Once all the data was amassed, I organized it and evaluated each insurance provider based on set criteria, including comparisons of coverage options, pricing structures, discounts, and customer feedback to understand the strengths and weaknesses of each company.

126

Quotes Analyzed

15+

Years Of Industry Experience

22

Brands Reviewed

35+

Research Hours

FAQs

How much is car insurance a month in New Mexico?

Car insurance costs in New Mexico may change from month to month, based on factors like how old you are, your driving history, and what coverage you choose.

What is the minimum car insurance one must have in New Mexico?

Every car insurance policy in New Mexico has to have liability coverage for injuries and property damage, and it must also include mandatory Personal Injury Protection (PIP) coverage.

Which insurance is better in New Mexico?

Deciding on the top insurance company in New Mexico is based on individual preferences, driving behaviors, and insurance requirements. It’s suggested to obtain quotes from multiple insurers to pinpoint the right option for your particular situation.

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