According to Bankrate’s 2021 study on annual premiums, New Mexico has an average car insurance cost of $1,419. Some of the most historic byways are found in the “Land of Enchantment”. The historic Route 66, which runs east-to-west through New Mexico’s center, has been carrying motorists to their destinations almost a century. As New Mexico has grown in popularity, the number of New Mexican drivers has increased over the past decade. In 2017, the Bureau of Transportation Statistics counted 1.5 million licensed drivers in the state, a 7.9% increase from the number counted in 2007.
New Mexico is a unique region with a culture all its own and plenty of different auto insurers to choose from. It can be difficult to find the right fit in any state. Here are some things you should consider before searching for reliable New Mexico auto insurance.
- How long has the driver been behind the wheel of a car? Drivers who have had at-fault injuries on their record might benefit from a different type of insurance than those with no accidents.
- What kind of coverage do you need? Auto loan borrowers usually require different coverages from those who own their vehicle.
- What information is necessary for coverage? Before speaking to a local agent about insurance, make sure you have the vehicle’s mileage and the VIN and plate numbers.
New Mexico’s best car insurance companies
J.D. Power releases a study every year that examines the best auto insurers on the market. Every year, J.D. Power publishes a study that examines the best auto insurers in the market. The 2021 J.D. The 2021 J.D. Power U.S. Auto Insurance Study reveals which auto insurance companies rise to the top to become the best of Southwest. To help us determine the best insurance companies, we also used ratings from AM Best as well as the Better Business Bureau.
Safeco
Safeco members have access to a range of coverage options. These include ride-sharing insurance for professional drivers, and selective accident forgiveness to recognize good driving records. Founded in 1923, Safeco has a long history to help policyholders feel secure in their choice of provider.
Geico
Geico is an affordable option for auto insurance. It is also a good starting point for new car owners. Geico offers many discounts and allows you to bundle different types of insurance plans for more savings. Geico offers high-risk drivers insurance, so if your driving record includes accidents, Geico may be able to provide a quote.
State Farm
J.D. gives State Farm a high rating It is a well-respected company. There are many discounts available with Power, including discounts for defensive driving, student discounts, and auto discounts.
American Family
American Family offers plans that include discounts to encourage safe driving, as well as a car adapter to track driving to provide individualized discounts up to 20%. American Family offers policyholders a wide range of discounts. As the ninth-largest auto insurer in the United States, drivers can trust that American Family is a reputable insurance provider.
Allstate
Allstate offers comprehensive coverage that can be tailored to meet the needs of all drivers. This includes collision coverage for injuries and medical payments coverage for the driver and passenger. Allstate offers a variety of discounts that can help policyholders lower their savings.
New Mexico’s average car insurance price
The average annual cost of car insurance in New Mexico is $1,419 for full coverage and $385 for minimum coverage. Drivers in New Mexico pay nearly $300 less per year than the national annual average of $1,674 for full coverage, which is not very surprising given New Mexico’s more mild climate.
New Mexico’s minimum insurance requirements are the state minimum
In New Mexico, motorists are required to obtain a state minimum level of liability auto insurance before getting behind the wheel. New Mexico’s minimum liability levels are:
- $25,000 per person for bodily injury liability
- $50,000 per accident for bodily injury liability
- $10,000 per accident for property damage liability
Bodily injury is any person who has been hurt by the driver during an accident. This includes pedestrians as well as motorists. Property damage is any property or personal property that is damaged as a result of a driver’s actions. Although liability auto insurance is the only requirement in New Mexico, it is worth looking at higher coverage limits and additional coverage options to provide extra protection in case of an accident.
How to get the best car coverage
Due to the many factors involved, shopping around for car insurance companies can prove overwhelming. Compare rates and think about obtaining full coverage instead of the minimum. If you are involved in an accident at fault, full coverage will protect you from having to pay large amounts out of pocket. You are only covered up to what the state requires. Any additional costs resulting from an at-fault incident will need to be paid out of pocket.
When searching for car insurance, you will need to consider your personal needs and your geographical location. Your car insurance decision will also be affected by factors such as whether you plan to buy a new vehicle or if you need to add another driver in the future.
- Assess your needs.Rate factors can affect the amount you pay for insurance. These include your budget, past driving record, claims history, credit score and other factors. If you have low credit scores, it may be worth looking for a company that doesn’t use credit scoring to rate you policy. You may also want to search for car insurance companies offering accident forgiveness. This will allow your premiums to be reduced if you are involved in another accident.
- Take into account state factors.When calculating your car insurance cost, it is equally important to include your ZIP code. You may consider adding comprehensive coverage if you live in an area that has a high crime rate. According to the Insurance Information Institute New Mexico is ranked number ten.Third in the countryYou may want to discuss uninsured or underinsured motorist coverage with an agent, given the high number of uninsured drivers in 2015.
New Mexico offers car insurance discounts
There are many ways to get a discount on your auto insurance rates. While most companies offer at minimum a few discounts, some may offer discounts that are more tailored to your lifestyle and needs. To help you find the cheapest car insurance in New Mexico, take a look at a few of the different discount options available:
- Safety DiscountsExtra safety features can help you save money. You can have anti-lock brakes and anti-theft devices installed.
- Bundle discounts:You may get additional savings if you buy more than one policy from the exact same provider.
- Good grades:Full-time students with a minimum B average are eligible for student discounts. This discount can offer significant premium savings.
- Loyalty Discounts:You may be rewarded by some providers for choosing the same provider as your family members. You could get additional discounts if your parents have policies with American Family.
Driving less than the average driver may allow you to save money. Safeco offers low-mileage discounts to recognize drivers who spend less time behind a wheel. There are also telematics-based discounts, like State Farm’s Drive Safe and Save, which reward your safe driving with lower premiums.
Questions frequently asked
Which New Mexico insurance policy is best?
The best car insurance company is going to vary depending on the individual applying. USAA might be a good option for a driver who is an active member or former member of U.S. Military. Safeo is a good option for drivers who are interested in ride-sharing. It is a good idea to get multiple quotes in order to find the right company.
Why should the best insurance provider be for one person but not for another?
There are many auto insurance companies that offer different rates and discounts, as well as a tolerance for high-risk drivers. They also use your credit score to rate you policy. Auto insurance companies assess each case individually because every driver is different and has unique needs. Getting multiple quotes can help you compare companies to find the right fit for your needs.
What information are you required to obtain New Mexico car insurance?
New Mexico requires proof of a driver’s license and ownership to obtain car insurance. Make sure you have the vehicle identification number (VIN), as well as the date of birth and license numbers for all members of your household, on hand.
