Cheapest car insurance in New Mexico 2023

Illustration of a license plate with the shape of the state of New Mexico in the center, with text in the style of a license plate number that reads "SAV MOR"Image: Illustration of a license plate with the shape of the state of New Mexico in the center, with text in the style of a license plate number that reads "SAV MOR"

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.
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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

Average monthly premiums for car insurance in New Mexico range from just over $40 up to nearly $90, depending on the type of coverage and driver profile.

Average monthly auto insurance premiums in New Mexico

Driver or coverageAvg. monthly cost
State-minimum car insurance in New Mexico$43.61
Drivers with poor credit in New Mexico$65.04
Drivers with multiple claims in New Mexico$88.10
Young drivers in New Mexico$70.11
Based on our standard driver profile and minimum coverage, unless otherwise noted

5 cheapest car insurance companies in New Mexico

USAA made the list of the cheapest car insurance companies for several driver profiles. 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. . USAA

USAA could offer our New Mexico driver profile minimum-coverage car insurance for as low as $28.14 per month. To qualify for USAA car insurance, you’ll need a USAA membership, which is available to U.S. military personnel, their spouses and children of USAA members. In addition to simple liability coverage, USAA policies can include extras like collision, comprehensive and uninsured/underinsured motorist coverages. It also offers several discount opportunities, including its SafePilot program, which could save drivers up to 30% for tracking their driving habits.

Read reviews of USAA auto insurance.

2. Central Mutual Insurance

Central Mutual Insurance could offer our New Mexico driver profile a basic-coverage monthly policy for as low as $29.96. Central 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 Insurance auto policies come with roadside assistance.

3. Nationwide

With Nationwide, our New Mexico driver profile could be paying about $31.17 per month for basic car insurance. Nationwide offers all standard coverage options, plus special coverages like accident forgiveness, roadside assistance, vanishing deductible and a total loss waiver. It also offers several discount opportunities, including its SmartRide and SmartMiles UBI programs.

Check out reviews of Nationwide car insurance.

4. State Farm

Our New Mexico driver profile could find minimum-coverage car insurance for as little as $35 per month with State Farm. On top of state-minimum coverage options, policies can include additional add-ons like collision, comprehensive, car rental and travel expenses, uninsured motorist, medical payments, emergency roadside assistance and rideshare driver coverage. It also offers several discounts, including a few designed specifically for younger drivers.

Read reviews of State Farm car insurance.

5. Geico

Finally, Geico could offer our New Mexico driver profile a basic policy for as low as $35.24 a month. In addition to liability insurance, choose from add-ons like medical and uninsured motorist coverages, plus specialty coverages like roadside assistance, rental reimbursement and mechanical breakdown. Geico also offers a wide range of possible discounts for things like safety equipment, safe driving, being a good student and being a loyal customer.

Check out our full review of Geico auto insurance.

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

1USAA$28.14/month
2Central Mutual Insurance$29.96/month
3Nationwide$31.17/month
4State Farm$35.00/month
5Geico$35.24/month
Based on our standard driver profile seeking minimum coverage in New Mexico

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

1USAA$24.89/month
2Nationwide$26.44/month
3Central Mutual Insurance$27.13/month
4State Farm$27.21/month
5Geico$31.32/month
Based on our standard driver profile, adjusted to display rates for a New Mexico driver with a credit score of 720 or higher

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

1Nationwide$36.35/month
2Geico$44.84/month
3USAA$50.26/month
4Central Mutual Insurance$51.04/month
5Allstate$62.60/month
Based on our standard driver profile, adjusted to display rates for a New Mexico driver with a credit score below 580

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

1Central Mutual Insurance$29.96/month
2State Farm$56.96/month
3Nationwide$68.54/month
4Allstate$71.14/month
5Geico$71.89/month
Based on our standard driver profile, adjusted to display rates for a New Mexico driver with two claims instead of zero claims

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

1Geico$49.80/month
2USAA$50.36/month
3State Farm$55.42/month
4Central Mutual Insurance$59.71/month
5Nationwide$65.00/month
Based on our standard driver profile, adjusted to display rates for a New Mexico driver age 18–21 instead of 36–45

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

Which company normally has the cheapest car insurance?

We found that USAA offers the cheapest car insurance for several different New Mexico driver profiles. Your results may vary based on your individual needs.

How much is car insurance in New Mexico per month?

Average monthly premiums for car insurance in New Mexico range from just over $40 up to nearly $90, depending on the type of coverage and driver profile.

Is it illegal to not have car insurance in New Mexico?

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.


About the author: Sarah Sidlow is a freelance writer and editor based near Detroit. She has a master’s degree in journalism from Georgetown University. Sarah’s work has appeared in Luxembourg’s national newspaper, Washington City Paper… Read more.