In a Nutshell
The average cost of car insurance in New Mexico varies based on individual circumstances, such as credit score, age, driving history and vehicle. We’ve crunched the data for several different driver profiles and found some of the lowest-cost insurers for basic coverage in the Land of Enrichment.Note from our editor: Maybe you’re searching for car insurance for the first time or want to do some insurance shopping to help lower your monthly premium? This article can serve as a starting point for your car insurance research. There are a lot of factors when it comes to the cost of car insurance, so while you may not see the exact premiums we’ve researched, they can give you an idea of some of the insurers offering the cheapest rates in your state.
From national parks to ghost towns, there are plenty of things to explore in New Mexico. But could you be saving money on car insurance?
We looked at estimated car insurance rates from several insurance companies in New Mexico to calculate the average cost of insurers and determine which insurers offer the cheapest estimated rates for a number of driver needs and profiles.
The rates below are based on minimum coverage for a relatively neutral driver profile — someone with no accidents, tickets or claims, for example — so we could evenly compare insurers (see our full methodology). But there are several factors that affect the cost of car insurance, like your age, driving history, vehicle type, mileage and coverage options, so your rates may be different.
Read on to learn about New Mexico’s average car insurance rates and our findings for the cheapest options.
- Cost of car insurance in New Mexico
- 5 cheapest car insurance companies in New Mexico
- Cheapest state-minimum car insurance in New Mexico
- Cheapest car insurance for good credit in New Mexico
- Cheapest car insurance for poor credit in New Mexico
- Cheapest car insurance for drivers with multiple claims in New Mexico
- Cheapest car insurance for young drivers in New Mexico
- New Mexico auto insurance requirements
- Is usage-based insurance available in New Mexico?
- FAQs about the cheapest car insurance rates in New Mexico
- Methodology
Cost of car insurance in New Mexico
Average monthly premiums for car insurance in New Mexico range from just over $45 up to nearly $95, depending on the type of coverage and driver profile.
Average monthly auto insurance premiums in New Mexico
| Driver or coverage | Avg. monthly cost |
|---|---|
| State-minimum car insurance in New Mexico | $47.36 |
| Drivers with poor credit in New Mexico | $68.93 |
| Drivers with multiple claims in New Mexico | $94.20 |
| Young drivers in New Mexico | $91.45 |
5 cheapest car insurance companies in New Mexico
The rates you see below are for minimum coverage insurance based on a specific New Mexico driver profile, as detailed in our methodology, so your rates could be different. Unless otherwise noted, our driver has a credit score between 680 and 719, is between 36 and 45 years old, has no tickets or coverage gaps, and drives a car valued between $20,000 and $30,000.
And if that profile doesn’t describe you, keep reading. We’ve also calculated the cheapest basic-coverage car insurance rates for drivers with different credit scores, driving records and ages.
1. Central Mutual Insurance
Founded in 1876, Central Mutual Insurance offers policies through local agents and offers optional coverage options such as medical payments, uninsured motorist, collision and comprehensive coverage. Its different policy tiers offer different combinations of extra coverages, but all Central car insurance policies come with roadside assistance.
2. USAA
USAA is available to military members and their families. USAA auto insurance is available nationwide with various discount opportunities, including unique savings for deployed military members. The USAA app allows members to manage their policy from their mobile devices. USAA offers standard and optional coverage options. Read reviews of USAA to learn more.
3. Progressive
One of the largest insurers in the country, Progressive offers a wide range of insurance products spanning auto, home, life, renters, pet and more. On top of standard car insurance coverage options, potential customers can choose optional add-ons such as rideshare, custom parts, trip interruption and rental car reimbursement coverages. Progressive offers many ways to save and has discounts for good driving behavior, loyalty, how you buy your premium and more. Read reviews of Progressive to learn more.
4. Geico
Geico offers a wide range of coverage options and many opportunities to save money for safe driving habits, safety equipment and customer loyalty. Its mobile app allows users to manage their policies, pay bills, request roadside assistance and more. Read reviews of Geico to learn more.
5. Farm Bureau Mutual
Farm Bureau Mutual of Iowa offers insurance through local independent agents in a handful of states. In addition to state-mandated minimum car insurance, the company provides collision, comprehensive and no-fault coverage. The company gives you a few ways to save on your premium with claim-free, good-student, safe driver and paid-in-full discounts.
Cheapest state-minimum car insurance in New Mexico
New Mexico requires drivers to carry a minimum 25/50/10 liability policy. This is considered the state-minimum insurance and is probably the least expensive coverage selection you can make.
The following companies have the lowest estimated rates for drivers interested in state-minimum coverage only.
5 cheapest car insurance companies in New Mexico for state-minimum coverage
| 1 | Central Mutual Insurance | $24.42/month |
| 2 | USAA | $31.81/month |
| 3 | Progressive | $35.94/month |
| 4 | Geico | $37.84/month |
| 5 | Farm Bureau Mutual | $40.35/month |
Cheapest car insurance for good credit in New Mexico
One major factor determining the cost of your car insurance is your credit. Generally, drivers with good credit will find lower premiums for their car insurance than drivers with poor credit.
These companies have the lowest basic-coverage rates for New Mexico drivers with good credit.
5 cheapest car insurance companies in New Mexico for those with good credit
| 1 | Central Mutual Insurance | $22.11/month |
| 2 | USAA | $28.10/month |
| 3 | Progressive | $29.21/month |
| 4 | Geico | $33.47/month |
| 5 | Farm Bureau Mutual | $33.76/month |
Cheapest car insurance for poor credit in New Mexico
Drivers who have poor credit will typically pay more for their car insurance. But your credit isn’t the only thing insurers consider when determining your rate. For example, keeping a clean driving record is another way to help keep your insurance costs low.
The following companies have the lowest estimated basic-coverage rates for drivers considered to have poor credit.
5 cheapest car insurance companies in New Mexico for those with poor credit
| 1 | Central Mutual Insurance | $35.13/month |
| 2 | Geico | $44.11/month |
| 3 | Progressive | $45.38/month |
| 4 | USAA | $46.41/month |
| 5 | Kemper | $47.25/month |
Cheapest car insurance for drivers with multiple claims in New Mexico
If you’ve made a number of claims with your insurance company, you’ll probably have a higher premium than a similar driver with a cleaner driving record or who has made fewer claims with their insurance company.
These companies have the lowest estimated basic-coverage rates for drivers with multiple claims by insurance companies.
5 cheapest car insurance companies in New Mexico for multiple claims
| 1 | Central Mutual Insurance | $24.42/month |
| 2 | Kemper | $64.50/month |
| 3 | Progressive | $74.22/month |
| 4 | Geico | $78.87/month |
| 5 | Farm Bureau Mutual | $83.58/month |
Cheapest car insurance for young drivers in New Mexico
Finally, your age also influences how much you pay for car insurance, as insurance companies tend to view younger drivers as riskier to insure. Over time, as you maintain a safe driving record, your rates should decrease.
Drivers between the ages of 18 and 21 may find the cheapest basic-coverage car insurance rates at the insurers below.
5 cheapest car insurance companies in New Mexico for young drivers
| 1 | Central Mutual Insurance | $49.46/month |
| 2 | Geico | $63.66/month |
| 3 | USAA | $66.45/month |
| 4 | Progressive | $69.55/month |
| 5 | Farm Bureau Mutual | $81.90/month |
New Mexico auto insurance requirements
New Mexico requires a minimum $25,000 per person and $50,000 per accident of bodily injury liability, plus at least $10,000 of property damage liability. If you have a car loan or lease, your coverage responsibilities may be more extensive.
Is usage-based insurance available in New Mexico?
Usage-based insurance is a type of vehicle insurance that allows customers to pay premiums based on their driving behavior. New Mexico drivers may be able to participate in their insurer’s UBI programs to save some money on their car insurance bill.
FAQs about the cheapest car insurance rates in New Mexico
We found that Central Mutual Insurance offers the cheapest car insurance for several different New Mexico driver profiles. Your results may vary based on your individual needs.
Average monthly premiums for car insurance in New Mexico range from just over $45 up to nearly $95, depending on the type of coverage and driver profile.
New Mexico drivers are expected to carry a minimum 25/50/10 auto insurance policy and have their liability proof registered with the New Mexico Insurance Identification Database. Failure to carry the minimum coverage could result in your car being suspended.
Methodology
The estimated rates in this article are the lowest for basic coverage based on the profile of a driver aged 36 to 45 living in New Mexico. Unless otherwise noted, the rates displayed assume a single driver on the insurance policy with no tickets on their driving record and no claims or coverage lapses. The vehicle used in this estimate is valued between $20,000 and $30,000 and has annual mileage of 12,000 to 15,000. Estimated rates for insurance for good credit apply to scores of 720 or higher. Estimated rates for insurance for poor credit apply to scores from 350 to 579. Estimated rates for young drivers include those age 18 to 21. Estimated rates for those with multiple claims are calculated based on two claims.
Note that the rates are provided every six months by Quadrant Information Services. Quadrant Information Services doesn’t include all insurance companies in its rate data. These are estimated rates meant only to provide a frame of reference and comparison. Your rates may vary depending on factors such as age, vehicle driving habits, and history.
The average monthly premium for full coverage car insurance includes bodily injury, property damage, uninsured motorist, personal injury protection, collision and comprehensive coverages. The average monthly premium for state-minimum car insurance includes a New Mexico–mandated 25/50/10 insurance policy.