Average Car Insurance Cost in New Mexico (2024)
Drivers in New Mexico pay $119 per month on average for car insurance.
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Written byAmy Beardsley
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3+ years writing about auto, home, and life insurance
7+ years in personal finance and technology
Amy specializes in insurance and technology writing and has a talent for transforming complex topics into easy-to-understand stories.
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Edited byCourtney Mikulski
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Courtney MikulskiSenior Editor, Auto
3+ years producing insurance and personal finance content
Main architect of the Insurify Quality Score
Courtney’s deep personal finance knowledge extends beyond insurance to credit cards, consumer lending, and banking. She thrives on creating actionable content.
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Updated November 21, 2024
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Table of contents
Car insurance in New Mexico costs an average of $69 per month for liability coverage and $170 for full-coverage car insurance, which is less expensive than the U.S. national average of $104 for liability and $204 for full coverage. You can find the cheapest coverage for you by comparing quotes from multiple insurers in New Mexico.
New Mexico has the fifth-lowest population density in the U.S. and isn’t prone to many natural disasters, which may help keep car insurance costs down.[1] Areas with low population densities typically benefit from less traffic congestion and a lower risk of car accidents.
Here’s what you need to know about finding car insurance in New Mexico.
Quick Facts
Drivers in New Mexico pay lower average rates than in nearby states like Oklahoma and Texas.
Because New Mexico is an at-fault state, the driver who caused the car accident must cover the other driver’s resulting medical bills and vehicle damage.[2]
Drivers in Albuquerque and Rio Rancho have the highest average car insurance prices in New Mexico.
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What’s the average cost of car insurance in New Mexico?
One of the most significant indicators of how much you’ll pay for car insurance in New Mexico is the type of policy you buy. New Mexico residents shell out an overall average of $1,432 yearly, or $119 monthly, for car insurance. Breaking it down by coverage level, liability insurance coverage is $69 per month, while a full-coverage policy is $170 per month, on average.
Liability insurance covers the other driver’s medical expenses and vehicle repairs if you cause an accident, and full-coverage insurance extends coverage to your own vehicle.[3] Though New Mexico doesn’t require full-coverage insurance, it’s a good idea to consider buying it for vehicle protection.
Here are the average quotes for liability and full-coverage insurance policies in New Mexico from top insurers.
The below rates are estimated rates current as of: Friday, November 1 at 12:00 PM PDT.
Insurance Company ▲▼ | Average Quote: Liability Only ▲▼ | Average Quote: Full Coverage ▲▼ |
|---|---|---|
| State Farm | $32 | $63 |
| USAA | $38 | $76 |
| GEICO | $39 | $78 |
| National General | $55 | $145 |
| The General | $58 | $152 |
| Allstate | $63 | $124 |
| Root | $64 | $108 |
| Progressive | $67 | $133 |
| Farmers | $75 | $148 |
| Nationwide | $76 | $150 |
| Dairyland | $78 | $193 |
| Safeco | $81 | $153 |
| Bristol West | $81 | $240 |
| GAINSCO | $90 | $231 |
| Foremost | $103 | $309 |
| Liberty Mutual | $138 | $240 |
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer's unique driver profile.
Average New Mexico car insurance rates by city
Car insurance rates don’t only vary by state. Different cities within the same state also see price variations due to various factors like population density, crime rates, accident statistics, and weather patterns in a particular ZIP code.
New Mexico drivers can find some of the lowest rates in Clovis and Hobbs, both of which offer rates well below the state average. Albuquerque tops the list for the most expensive area to buy car insurance.
Here are the average car insurance rates in New Mexico by city.
City ▲▼ | Average Quote: Liability Only ▲▼ | Average Quote: Full Coverage ▲▼ |
|---|---|---|
| Clovis | $57 | $156 |
| Farmington | $55 | $123 |
| Hobbs | $66 | $55 |
| Roswell | $61 | $171 |
| Las Cruces | $66 | $151 |
| Santa Fe | $68 | $175 |
| Rio Rancho | $77 | $178 |
| Albuquerque | $199 | $199 |
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer's unique driver profile.
Average New Mexico car insurance rates by age
Insurers factor in your age when determining your car insurance quote. Teen drivers have less experience and pay the most out of all the age groups. Drivers younger than 25 still face high rates. Drivers between the ages of 20 and 24 caused the most accidents in New Mexico in 2021, according to the New Mexico Traffic Crash Annual Report.[4]
Middle-aged drivers benefit from more time behind the wheel and earn some of the best deals for auto coverage. Senior drivers typically face slightly increased rates around age 70 due to aging-related risk factors.
Here are the average monthly rates for New Mexico drivers by age group.
Age ▲▼ | Average Monthly Quote ▲▼ |
|---|---|
| Teens | $321 |
| 20s | $211 |
| 30s | $161 |
| 40s | $144 |
| 50s | $127 |
| 60s | $112 |
| 70s | $118 |
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer's unique driver profile.
How gender affects car insurance rates in New Mexico
Gender and age influence your car insurance premiums. Rates usually decrease with age, but men may pay more than women for auto coverage because they present a higher risk as drivers. In 2021, men in New Mexico had 24% more vehicle accidents than women and were more than twice as likely to die in a crash.
Compare average car insurance rates by age and gender below.
Age ▲▼ | Male ▲▼ | Female ▲▼ |
|---|---|---|
| 16 | $353 | $289 |
| 35 | $169 | $153 |
| 50 | $129 | $124 |
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer's unique driver profile.
How your driving record affects car insurance rates in New Mexico
Your driving record has a significant effect on your car insurance premium because insurers use it to assess the levels of risk you pose. Having traffic violations on your record will result in higher rates. Drivers with clean records pay the lowest average rates for coverage, while drivers with a speeding ticket, at-fault accident, or DUI face higher insurance rates.
Of the fatal accidents in New Mexico in 2021, speeding caused 10%, and driving under the influence (DUI) resulted in 12% of them, according to the New Mexico Traffic Crash Annual Report.
On average, New Mexico drivers with a past driving incident pay $158 per month for car insurance. The severity of your offense will influence how much you pay for coverage. Here are the average rates for coverage by driving record.
Driver Record ▲▼ | Average Quote: Liability Only ▲▼ | Average Quote: Full Coverage ▲▼ |
|---|---|---|
| Clean record | $69 | $170 |
| With accident | $105 | $259 |
| With speeding ticket | $101 | 4250 |
| With DUI | $119 | $293 |
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer's unique driver profile.
Recent Insurify quotes for New Mexico drivers
Drivers in and around New Mexico have found policies from Safeco, USAA, State Farm, and more, through Insurify in the last few days.
*Quotes generated for Insurify users within the last 10 days. Last updated on November 21, 2024
Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from November 21, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
*Quotes generated for Insurify users within the last 10 days. Last updated on November 21, 2024
Rates shown are real-time Insurify user quotes from 100+ insurance companies and Quadrant Information Services data. Insurify’s algorithm excludes anomalous quotes and anonymizes personal details, then displays refined quotes by price, date, and insurer popularity up to 10 days ago from November 21, 2024. Actual quotes may vary based on the policy buyer’s unique driver profile.
Average New Mexico car insurance rates by marital status
Your marital status can influence your car insurance rates in New Mexico. Insurance companies see married people as more stable and less likely to take risks behind the wheel, leading to fewer claims and cheaper policies. It isn’t a huge difference, but single drivers pay in New Mexico pay a bit more for coverage than their married peers.
Compare average quotes by marital status below.
Marital Status ▲▼ | Average Quote: Liability Only ▲▼ | Average Quote: Full Coverage ▲▼ |
|---|---|---|
| Married | $68 | $166 |
| Single | $70 | $172 |
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer's unique driver profile.
Average New Mexico car insurance rates by credit tier
The Personal Insurance Credit Information Act (PICIA) requires New Mexico insurers to follow strict requirements when using credit scores as a factor in car insurance quotes. Credit can’t be the only factor to deny or cancel coverage, but insurers use it to measure reliability and potential risk.[5]
Maintaining your credit score is one of the best ways to lower insurance costs. Drivers with good or excellent credit typically earn lower rates than people with poor credit. Compare average New Mexico car insurance rates by credit tier below.
Credit Tier ▲▼ | Average Quote: Liability Only ▲▼ | Average Quote: Full Coverage ▲▼ |
|---|---|---|
| Excellent | $62 | $152 |
| Good | $69 | $169 |
| Fair | $76 | $186 |
| Poor | $110 | $270 |
Disclaimer: Table data sourced from real-time quotes from Insurify's 50-plus partner insurance providers. Actual quotes may vary based on the policy buyer's unique driver profile.
New Mexico car insurance FAQs
Before you start shopping around for car insurance in New Mexico, you should decide how much auto coverage you need. The following questions should help answer your remaining questions about New Mexico car insurance.
What is the average cost of car insurance in New Mexico?
Car insurance costs an average of $119 in New Mexico. However, average premiums vary by coverage type. Full coverage typically costs around $170 per month, but liability coverage is $69. Age is also a factor, and young drivers often pay the most.
What is the cheapest car insurance in New Mexico?
New Mexico residents can find the cheapest monthly average premiums from State Farm, USAA, and GEICO. The companies offer liability rates of $32, $38, and $39 per month, respectively. To find the cheapest car insurance companies in New Mexico, you should compare quotes from several auto insurers.
Do car insurance rates vary by county in New Mexico?
Yes. Car insurance rates vary by ZIP code, city, and county in New Mexico. Location influences insurance premiums because of differences in traffic density, crime rates, and weather patterns.
What are the best auto insurance companies in New Mexico?
State Farm is the best car insurance company in New Mexico, with an AM Best financial strength rating of A++ (Superior), customizable coverage options, and a high Insurify Quality (IQ) Score of 4.4 out of 5. State Farm policyholders in New Mexico pay $63 per month for full coverage and $32 for liability coverage, on average. Other top insurers include USAA and GEICO.
What are the car insurance requirements in New Mexico?
New Mexico drivers must carry a minimum coverage amount to operate their vehicle legally. To meet New Mexico Motor Vehicle Division minimum requirements, drivers must have at least $25,000 for bodily injury liability for one person, $50,000 for bodily injury per accident, and $10,000 for property damage.[6]
Methodology
Insurify data scientists analyzed more than 90 million quotes served to car insurance applicants in Insurify’s proprietary database to calculate the premium averages displayed on this page. These premiums are real quotes that come directly from Insurify’s 50+ partner insurance companies in all 50 states and Washington, D.C. Quote averages represent the median price for a quote across the given coverage level, driver subset, and geographic area.
Unless otherwise specified, quoted rates reflect the average cost for drivers between 20 and 70 years old with a clean driving record and average or better credit (a credit score of 600 or higher).
Liability-only premium averages correspond to policies with the following coverage limits:
- Bodily injury limits between state-minimum rates and $50,000 per person, $100,000 per accident
- Property damage limits between $10,000 and $50,000
- No additional coverage
- Comprehensive coverage with a $1,000 deductible
- Collision coverage with a $1,000 deductible
Quotes for Allstate, Farmers, GEICO, State Farm, and USAA are estimates based on Quadrant Information Services’ database of auto insurance rates.
Sources
- U.S. Department of Commerce U.S. Census Bureau. "Population Density of the 50 States, the District of Columbia, and Puerto Rico: 1910 to 2020."
- NOLO. "New Mexico Car Accident Laws."
- Insurance Information Institute. "Auto insurance basics—understanding your coverage."
- New Mexico Department of Transportation. "New Mexico Traffic Crash Annual Report."
- New Mexico Insurance Council. "The Personal Insurance Credit Information Act: What New Mexico's Consumers Need to Know."
- New Mexico Motor Vehicle Division. "Insurance."
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Amy BeardsleyInsurance Writer
Amy is a personal finance and technology writer. With a background in the legal field and a bachelor's degree from Ferris State University, she has a talent for transforming complex topics into content that’s easy to understand. Connect with Amy on LinkedIn.
Courtney MikulskiSenior Editor, Auto
3+ years producing insurance and personal finance content
Main architect of the Insurify Quality Score
Courtney’s deep personal finance knowledge extends beyond insurance to credit cards, consumer lending, and banking. She thrives on creating actionable content.
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