New Mexico was third in the country for drivers without insurance. Just over 20% of drivers are uninsured as of 2015. Despite this risk, Farmington’s average car insurance rates are lower than the national average. On average, drivers will pay $354 annually for minimum coverage, and $1312 for full coverage.
You should have car insurance in place to protect your finances in case of an accident. Bankrate examined the average premiums, coverages available, discounts options and third-party rankings of Farmington auto insurance companies in order to help drivers choose the best car Insurance.
Farmington’s best car insurance companies
Bankrate took into account factors like coverages offered and discount opportunities, financial strength, customer services scores, claims experience, and financial strength to determine which best car insurers in Farmington. Quadrant Information Services is used to provide current premium information.
The following are the top options for Farmington, based on our research:
| Insurance company | J.D. J.D. (Southwest region) | Minimum coverage: Average annual premium | For full coverage, the average annual premium |
|---|---|---|---|
| Allstate | 830 / 1,000 | $449 | $1,773 |
| Geico | 834 / 1,000 | $328 | $1,373 |
| MetLife | N/A | $376 | $1,302 |
| USAA | 876 / 1,000 | $254 | $1,077 |
Quadrant Information Services, 2020
Allstate
Allstate provides a single-stop insurance shop experience that offers affordable rates and a variety of insurance products including auto, life, and home. In the 2020 J.D., the company was also third in the Southwest region. The Power U.S. Auto Insurance Study analyzed customer experiences and compared them to factors such as billing processes and claims handling.
Allstate has many discounts for policyholders to reduce their insurance costs, even though its premiums are more expensive than the average Farmington driver. Signing up for automatic payments, insuring a brand new vehicle, or installing safety features such as an anti-theft device may qualify you for a discount.
Geico
Geico provides basic auto insurance coverage, with only a few optional covers like mechanical breakdown coverage or emergency road service coverage. Geico offers a wide range of discounts to help you lower your premium.
Geico was tied for first in 2020 J.D. The Southwest region’s Power U.S. Auto Insurance Study scored Geico 834 out 1000. The 2020 J.D. score was below the industry average. Power U.S. Auto Claims Satisfaction Survey.
MetLife
MetLife provides a variety of insurance products including auto insurance. MetLife recognizes that life can be stressful. Therefore, policyholders have 24/7 access to customer support. You have the option of new car replacement, special parts replacement and enhanced car rental damage coverage.
Metlife received an above-industry-average score in the 2020 J.D. Power U.S. Auto Claims satisfaction Study landed in fifth overall. This shows that policyholders are satisfied with MetLife claims service.
USAA
USAA’s Auto Insurance is available only to military personnel and their families. However, it could be a great choice for your car insurance if they are eligible. USAA claims you can save more than $700 each year by switching to coverage if you are eligible.
USAA offers military service members special discounts in addition to their low premiums. For example, policyholders may receive discounts when they garage their vehicle at a military base or while deployed.
Farmington has the lowest car insurance
Farmington’s average car insurance cost is $354 per year for minimum coverage, and $1,312 per year for full coverage. Farmers pay less insurance than the rest of New Mexico. The statewide average premiums for insurance are $385 annually for minimum coverage, and $1,419 for full coverage. The average cost for car insurance in America is $565 per annum for minimum coverage, and $1,674 for full coverage.
While rates are lower than the national average, some drivers may find that price is a concern when looking for Farmington car insurance. Bankrate compared the average premiums of the 25 largest companies in Farmington to determine the most affordable auto insurance options.
| Insurance company | Minimum coverage: Average annual premium | For full coverage, the average annual premium |
|---|---|---|
| USAA | $254 | $1,077 |
| State Farm | $309 | $1,346 |
| Farmers | $312 | $1,073 |
| Geico | $328 | $1,373 |
| MetLife | $376 | $1,302 |
While finding an affordable auto insurance company may be high up on your priority list, keep in mind that price is only one consideration when it comes car insurance. When choosing an insurance provider, you might also consider the availability of discounts, financial strength, and customer service ratings.
Insurance requirements for Farmington
New Mexico, like most states, requires drivers to have minimum liability insurance in order to drive legally. The minimum coverage levels for New Mexico are:
- Bodily Injury per Person: $25,000
- Bodily Injury per Accident: $50,000
- Property damage: $10,000
New Mexico insurance companies are required to offer uninsured motorist coverage to consumers. However, you can opt out of the coverage by writing. New Mexico is third in the United States for uninsured drivers. This makes uninsured motorist coverage a crucial consideration for Farmington drivers.
The minimum liability limits for an accident may not cover you. You will be responsible for any excess damage that you cause to an at-fault incident.
To provide protection for your vehicle, you may want to add full coverage to your policy. This includes collision and comprehensive coverages. Your lender may require you to have full coverage if you finance or lease your vehicle.
Farmington: Car insurance discounts
Farmington residents are eligible for discounts, which can help them save even more on their car insurance. These are some of the most common Farmington discounts:
- Accident-free discount: Some car insurance companies offer discounts if you don’t have any at-fault incidents on your driving record within a certain time period.
- Multi-car or multi-policy discounts may be available if you have more than one vehicle and you insure them both with the same company. You may also get a discount if you have homeowners, condo owners, or renters insurance policies with the same company that your auto insurance.
- Discounts for students: If you are a student full-time or have an auto policy that covers a student full-time, you may be eligible for a discount if you maintain a certain grade-point average. A “student at-school” discount might help you save on car insurance if your student is away from home and doesn’t have a vehicle.
- Discounts on vehicle safety features: Many companies offer discounts on vehicle safety features such as side curtain airbags or anti-lock brakes.
To find out what discounts your insurance company offers, call the customer service department and ask for clarification.
Questions frequently asked
Which is the best Farmington car insurance company?
Because everyone is different, the best auto insurance company will likely be different. It is a great way to compare quotes from different providers to help you choose the right company. While price is important, you might also consider customer service reviews, claims satisfaction ratings and financial strength.
What is the cost of Farmington car insurance?
Farmington’s car insurance is generally cheaper than the national average cost and the average rate in New Mexico. Farmington’s minimum coverage costs $354 annually, while full coverage costs $13,312 per annum. Your driving record, car type, and the coverage you need may all affect your rates.
What amount of Farmington car insurance do you need?
You must have at least 25/50/10 liability coverage in order to drive legally in New Mexico. Experts recommend that you purchase higher liability limits to protect your finances. To provide vehicle coverage, you may want to consider full coverage. It may be worth speaking to an insurance agent to determine the right amount of coverage.
