We researched top insurance companies and found that the average cost of car insurance in New Mexico is $484 yearly (about $40 monthly) for minimum coverage and $1,043 per year (about $87 monthly) for full coverage. Your exact rates depend on your age, location, driving record and other factors, but comparing car insurance quotes to find the cheapest insurer may be the best way to save money.
This article covers everything you need to know about car insurance in NM, including:
- Where to get the cheapest car insurance in NM
- New Mexico car insurance rates by city
- New Mexico’s best insurance companies
- Minimum car insurance requirements in New Mexico
Cheapest car insurance in New Mexico
On average, New Mexico residents pay around $484 for a minimum car insurance policy and $1,043 for a full coverage policy. That’s a $559 difference. A full coverage policy includes comprehensive, collision and liability insurance. Whereas a minimum coverage policy includes only the minimum required liability insurance (in New Mexico its 25/50/10).
Best car insurance companies for a cheap full coverage policy
Our research shows that State Farm offers the cheapest full coverage policy in NM. These are the cheapest car insurance companies and their rates for a full coverage policy:
State Farm has the in NM for drivers looking for a full coverage policy, with an average rate of $827 yearly or $69 monthly. GEICO is close behind with policy costs averaging $837 annually, or $70 monthly.
We found that full coverage policies in New Mexico cost $1,043 per year on average, so by choosing the cheapest insurer, you may save up to $216 per year compared to average. That’s why you should always compare quotes from several insurance companies.
Best car insurance companies for a minimum coverage policy
In New Mexico, drivers are required to have 25/50/10 coverage limits before hitting the road. Central Mutual offers the most affordable minimum coverage policy rates in the state, according to our data. These are the cheapest insurance companies for the minimum coverage required in NM:
If you’re looking for the cheapest possible auto insurance in New Mexico, you may decide to opt for minimum coverage. USAA offers the cheapest rates we found, but policies are only available to current or former military members and their families. Besides USAA, Central Mutual offers the cheapest minimum car insurance policies in New Mexico for $406 per year or $34 per month. That’s $78 cheaper than the state average cost of car insurance.
Best car insurance companies for drivers with an accident
Drivers with accidents on their driving record can expect higher insurance rates. State Farm is the cheapest insurer for drivers who have an accident on their record. In New Mexico, these are the cheapest insurance companies for drivers with an at-fault car accident on their record:
According to our research, State Farm offers the cheapest insurance rates for drivers with an accident on their record, averaging $1,005 annually or $84 monthly.
Your insurance cost will likely soar after an at-fault accident. A good way to save is by driving safe to keep your record spotless and comparing car insurance quotes from various insurers.
Compare car insurance costs by city in New Mexico
Your auto insurance rates depend on many factors, including your zip code. Where you live in New Mexico determines how much you can expect to pay for auto insurance. These are the average rates for car insurance in cities across New Mexico:
| City | Yearly premium |
|---|---|
| Blanco | $961 |
| Bloomfield | $1,250 |
| Bosque Farms | $1,467 |
| Capulin | $1,020 |
| Cedarvale | $1,079 |
| Church Rock | $1,009 |
| Eunice | $1,328 |
| Garita | $1,049 |
| Hernandez | $1,096 |
| Hobbs | $1,343 |
| Jemez Springs | $1,101 |
| Maljamar | $1,062 |
| North Hobbs | $1,343 |
| Ojo Caliente | $1,109 |
| Rincon | $969 |
| Ruidoso Downs | $977 |
| San Acacia | $1,016 |
| San Jose | $1,097 |
| Santa Rosa | $1,273 |
| Taiban | $1,018 |
| Ute Park | $1,038 |
| Vadito | $1,115 |
| West Hammond | $969 |
According to our data, drivers in Blanco pay less for car insurance ($961 yearly or $80 monthly) compared to other NM cities. Whereas drivers searching for car insurance in Bosque Farms may run into steeper rates ($1,467 yearly or $122 monthly).
The most popular car insurance companies in New Mexico
What are the largest car insurance companies in your state? According to S&P, these five insurance companies hold the highest market share percentages in the state:
| Insurance company | Market share |
|---|---|
| State Farm | 18.4% |
| Progressive | 14.4% |
| GEICO | 13.7% |
| USAA | 10.8% |
| Farmers | 9% |
Our data shows that State Farm holds the highest market share percentage (18.4%), followed closely by Progressive (14.4%).
Car insurance requirements in New Mexico
In New Mexico, drivers need to follow what is known as the 25/50/10 rule when it comes to their insurance policies. This means that any policy must include the following:
- $25,000 of coverage for bodily injury liability per person
- $50,000 of coverage for bodily injury liability per incident
- $10,000 of coverage for property damage liability per incident
You can always purchase plans with more coverage, but if you want the bare minimum car insurance required to keep you legal on the road, your policy needs the above protection. If you’ve financed your car through a lender, they may require that you purchase collision and comprehensive coverage to protect their investment.
Methodology
Best insurance for a full coverage policy: This data is based on the driving profiles of 35-year-old men and women in NM with a clean driving record, excellent credit score and a full coverage policy (comprehensive, collision and liability).
Best insurance for minimum coverage: This data was compiled using driving profiles from 35-year-old men and women in NM with a clean driving record, excellent credit score and a minimum coverage policy (25/50/10).
Best insurance for drivers with an accident: This data is based on the driving profiles of 35-year-old men and women in NM with a single, at-fault accident, excellent credit score and a full coverage policy (comprehensive, collision and liability).
Sources:
Auto insurance by city
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