There are many factors that affect the cost of auto insurance for New Mexico. The Land of Enchantment drivers typically pay lower rates than the national average. They are charged $385 annually for minimum coverage, and $1,419 for full coverage.
What is the cost of New Mexico car insurance?
There are many factors that affect auto insurance rates in New Mexico. These include the location you live, your marital status, driving record, credit score, and age. Notifying your insurance company of any significant life event such as a change in your daily commute, marital status, or other changes can help you to be proactive.
The average cost for car insurance in the U.S. for minimum coverage is $565 and $1,674 respectively. New Mexico drivers looking for insurance will find that the premiums are generally lower than the average.
New Mexico auto insurance rates by company
You can compare the rates of New Mexico car insurance providers to find the best. You will not only find the coverage that you require, but you also have the option to determine the best rates for you.
| Car insurance company | Minimum coverage: Average annual premium | For full coverage, the average annual premium |
|---|---|---|
| Allstate | $476 | $1,893 |
| Central | $420 | $1,541 |
| Farmers | $389 | $1,278 |
| Geico | $348 | $1,463 |
| Iowa Farm Bureau | $434 | $1,498 |
| MetLife | $416 | $1,374 |
| Progressive | $448 | $1,310 |
| State Farm | $354 | $1,396 |
| USAA | $270 | $1,102 |
New Mexico auto insurance rates by city
It is important to know that the rates you pay for New Mexico car insurance will differ depending on where you live. Here are the average costs for New Mexico’s largest cities.
| City | For full coverage, the average annual premium | Increase of % in the average annual premium |
|---|---|---|
| Albuquerque | $1,614 | 12% |
| Las Cruces | $1,292 | -9% |
| Santa Fe | $1,471 | 4% |
| Rio Rancho | $1,498 | 6% |
| Roswell | $1,438 | 1% |
| Farmington | $1,312 | -8% |
| South Valley | $1,719 | 21% |
| Clovis | $1,399 | -1% |
| Hobbs | $1,465 | 3% |
| Alamogordo | $1,199 | -16% |
| Carlsbad | $1,469 | 4% |
| Deming | $1,235 | -13% |
| Gallup | $1,353 | -5% |
| Los Lunas | $1,552 | 9% |
| Silver City | $1,247 | -12% |
| Portales | $1,360 | -4% |
| Las Vegas | $1,433 | 1% |
| Anthony | $1,315 | -7% |
| Chaparral | $1,316 | -7% |
| Artesia | $1,404 | -1% |
New Mexico auto insurance rates by age
As with all states, the average cost for New Mexico drivers’ insurance is affected by age. New Mexico drivers aged 18 and over pay the highest. Other factors such as the cost of your vehicle can also impact average premium amounts.
| Age | New Mexico’s average annual premium |
|---|---|
| Age 16* | $2,035 |
| Age 18 | $4,274 |
| Age 20 | $2,835 |
| Age 25 | $1,862 |
| Age 30 | $1,603 |
| Age 40 | $1,419 |
| Age 50 | $1,375 |
| Age 60 | $1,341 |
| Age 70 | $1,461 |
Rates for 16-year-old drivers were calculated using a parent’s policy
New Mexico car insurance rates for driving record
New Mexico car insurance rates will rise if you are convicted of a DUI, speeding ticket or are at fault in an accident. Your premiums can rise by almost 50% if you are convicted of a DUI, even if it is your first offense.
| Accident while driving | New Mexico’s average annual premium for full coverage | Increase of % in the average annual premium |
|---|---|---|
| Speeding ticket | $1,682 | 16% |
| Accident | $1,953 | 27% |
| DUI | $2,757 | 49% |
How to Save on New Mexico Car Insurance
There are many ways to lower your New Mexico car insurance rates. There are many things you can do in order to reduce your premiums.
- Compare rates: It’s a great way of saving money to shop around. There are many benefits to comparing multiple carriers and coverage options. Each company has their own method of calculating rates.
- Increase your deductible: A higher deductible will help you save money on your premiums. Your out-of-pocket expenses for collision and comprehensive claims is called a deductible. Your monthly premiums will be lower the more you pay out-of-pocket.
- Discounts: Most carriers offer discounts. These discounts can range from multi-policy bundles to discounts for good grades. You may be eligible to receive discounts that you didn’t know were available by each carrier.
- You might be eligible for a discount if you take a defensive driver course. If you complete a course approved by the carrier, you may get a discount on your premiums.
Questions frequently asked
What amount of New Mexico car insurance do you need?
New Mexico’s minimum requirements for car insurance are determined by your driving habits, lifestyle, and budget. You will need enough coverage to cover your financial needs. In addition to the minimum state requirements, you might also want additional liability coverage depending on your net worth. If you have a loan, lease or other financial obligation, you may need collision and comprehensive coverage. If you finance or lease your vehicle, you may need gap insurance. You will need to be specific about your insurance needs. A licensed agent who is licensed in auto insurance can help you find the best way to meet them.
Is New Mexico a no-fault state?
New Mexico is an at-fault state. It is not a state that is no-fault. In an accident, the driver at fault must use their insurance to pay for property damage and medical expenses.
Is New Mexico required to provide coverage for uninsured motorists?
New Mexican drivers are not required by law to have uninsured motorist coverage. Be aware that New Mexico is the fourth most populous state in terms of the number uninsured motorists. Nearly 22% drivers in New Mexico are uninsured. This could pose a financial risk. This coverage pays for any vehicle damage or medical expenses that may be incurred if you are involved in an accident with someone who doesn’t have insurance.