New Mexico drivers pay on average $385 per annum for minimum coverage and $1,419 for full coverage. Both are lower than the national average. If you are looking for the best car insurance in New Mexico, USAA and Geico can provide quotes.
Although affordable New Mexico car insurance should be a top priority, it is not wise to cut corners on coverage. According to crash data from 2019, a car accident happens every 11 minutes in New Mexico. Car insurance is required in New Mexico by law. However, it is an important consideration for financial security. Bankrate can help you find New Mexico car coverage that meets your needs and protects against financial ruin after an accident.
New Mexico offers the lowest car insurance rates
Bankrate’s editorial team worked first with Quadrant Information Service to get current premium information from the largest New Mexican insurance companies. When looking for coverage, you should not only consider the cost of New Mexico car insurance. We also examined each company’s policies, discounts, and coverages.
These companies might be worth considering if you are looking for the best New Mexico car insurance but don’t want any compromises on solid coverage.
USAA
USAA is an excellent choice for New Mexico car coverage if you are a veteran, active military member, or a member of your family. J.D. highly rated USAA for its exceptional customer service. Power was not eligible for an official ranking due to its eligibility restrictions. USAA offers discounts for military personnel, such as storage and garaging at military bases and low minimum coverage.
Geico
Geico might be right for you if USAA is not available to you, but you still want the best policy possible for your budget. Geico customers might appreciate the low rates and large discounts such as savings for federal workers, students and safe drivers. Geico policies have limited optional coverages. It may still be worth getting a quote if you need basic coverage at a low price.
State Farm
State Farm is the U.S.’s largest personal auto insurance company. This has earned them a reputation for providing quality coverage and excellent service. State Farm is a great choice for those who enjoy working with agents in local brick-and-mortar locations to help them with their insurance needs. The company offers two safe driving programs. They are well-known for rewarding safe drivers. Steer Clear is for drivers younger than 25 years old, and Drive Safe & Save is for adults. These programs will help you save money while teaching your child safer driving skills.
Farmers
Farmers may have a lower minimum coverage than New Mexico, but its full coverage is still much more affordable. Farmers is a good option if you are looking for a policy with many options and that can be customized. To complete your coverage, you could add ridesharing, car rental reimbursements, towing and roadside help, guaranteed value coverage or custom equipment coverage.
Progressive
Progressive’s minimum coverage premium may not be the most expensive. If you prefer to manage insurance online, Progressive may offer additional savings. Online insurance shopping can save you money. You can also save money by becoming a homeowner even if Progressive does not insure your house.
Minimum coverage requirements for New Mexico drivers
New Mexico has the same requirements for car insurance as other states. You must have at least these minimum limits to be able to drive legally in New Mexico.
- $25,000 bodily injury liability per person
- $50k bodily injury liability per incident
- Ten thousand dollars property damage liability for other parties
New Mexico car insurance companies must offer uninsured motorist coverage. Underinsured motorist coverage is also available. However, you have the right to decline these coverages in writing. These coverages may be acceptable if you are uninsured or underinsured. However, more than 21% of New Mexico drivers have been estimated to be uninsured.
For drivers who are looking for affordable car insurance, minimum coverage insurance is often the best choice. If you are involved in an accident, your insurance might pay you. But, the minimum coverage policy is quite low and you may end up having to pay a lot of extra costs.
If you have a lower limit, you will not be able to get coverage for any vehicle damage. You need to have full coverage. This includes collision and comprehensive. If your vehicle was financed, your lender might require that you have full coverage.
How to get cheap car insurance in New Mexico
New Mexico drivers have many choices for affordable auto insurance.
- Compare quotes: Comparing quotes from various companies can help you find the best coverage at a lower price.
- Discounts: There are many companies that offer discounts that could lower your premium. The best way to save money is to buy your renters, condo, and home insurance from the same company as your auto policy. There are many ways to save money: Telematics discounts and vehicle safety discounts. Teen drivers can also get discounts.
- Driving safely: Tickets, DUI convictions, and auto insurance claims can make you a high-risk driver. This means that you may pay more for insurance. You can avoid rate increases by being defensive and keeping your driving record clean.
- You can increase your deductibles: Comprehensive and collision coverages both have deductibles, even if you have complete coverage. Your deductible is the amount you have to pay out of pocket if you file a claim for vehicle damage. If you raise one or both of your deductibles, your premium will be lower. But it is important that you choose an amount that won’t adversely impact your finances if you file a claim.
New Mexico’s average car insurance policy is less expensive than the national average.
Questions are frequently asked
Which New Mexico insurance policy works best?
Each driver’s needs, wants, and ratings will determine which New Mexico car insurance company is the best. It is possible to identify the best New Mexico car insurance company for you by creating a list of all your requirements. This will allow you to get quotes from several providers.
What is the average price of car insurance in the United States
The average American driver pays $1674 annually for full coverage insurance. New Mexico’s average premium for full coverage is $1,419. Average New Mexican drivers pay $1,419. New Mexico drivers spend slightly more on their car insurance when it comes down to their annual income. American drivers spend 2.4% of their income on auto insurance. New Mexican drivers spend 2.7%.
What happens if you get caught in New Mexico with no insurance?
New Mexico law makes it illegal to drive without insurance. If you are caught driving without insurance, you could face criminal or civil charges. Any injuries or damages you cause in an accident are your responsibility. If you are unable to pay, you could be sued.
Who has home daycare insurance?
Business owners operating out of their homes in the childcare industry will almost always require insurance to remain operational. A home daycare insurance policy may be right for you if your business falls under one of the following categories:
- Religious or nonprofit daycare center
- After- and before-school program
- Summer day camp
- Preschool program
The type of insurance that you need will depend on the state regulations regarding children under your care and the size of the business.
Where can I buy in-home daycare insurance
Insurance policies for home daycare are very unique and may not be offered by standard homeowners insurance providers.
You might also want to switch homeowners insurance providers if you’re considering opening a home-based daycare. This will allow you to bundle coverage and save money. Customers have the option to save money by being loyal and buying additional policies.
Frequently asked questions
Does homeowners insurance include home daycare providers?
The majority of homeowners insurance policies offer only $2,500 coverage for business-related damage.
What is the cost of at-home daycare insurance?
Your exact cost for your at-home care insurance policy will depend on the carrier you choose and your location. However, it will be included in your home insurance costs.
What’s errors and omissions coverage for in-home daycare?
Professional liability insurance also covers errors and omissions. This will pay for any costs incurred due to a lawsuit.