Safe drivers in New Mexico might get reduced rates on auto insurance.
We found that Nationwide and USAA had the least expensive insurance policies for safe New Mexico drivers.
New Mexico’s most cost-effective businesses Good drivers in New Mexico may expect to pay an average of $1,370 per year for auto insurance.
USAA* $1,383
CommUnal of the Central $1,574
*USAA vehicle insurance is only for active duty troops, veterans, and their families, whereas Allied’s average is $1,645.
Insurance rates for New Mexico motorists who have earned speeding fines can be reduced.
A speeding violation in New Mexico can increase your auto insurance rates by 17 percent. The precise premium increase will be determined by the insurer. Even if it costs more, you should look for insurance that fully addresses your concerns.
If you’re looking for vehicle insurance in New Mexico and have been pulled over for speeding, the best locations to start browsing are Nationwide and USAA, which offer the lowest average premiums.
New Mexico’s most cost-effective businesses New Mexico drivers who have received a speeding citation pay an average of $1,576 per year for auto insurance with USAA*, compared to the national average of $1,576.
$1,915 from Central Mutual and $1,645 from Allied.
The average cost of vehicle insurance in the state is $2,470 per year*, however USAA insurance is only accessible to active duty military, veterans, and their families.
Low-Cost Car Insurance in New Mexico for Careless Motorists Who Cause Accidents
Car insurance premiums are likely to increase after an accident in which someone else was hurt. According to our findings, reckless drivers in New Mexico may anticipate a 37% rise in premiums, on average, compared to those who drive safely.
Our research suggests that when it comes to bodily harm liability insurance, Nationwide and Central Mutual provide some of the most affordable policies.
New Mexico’s most cost-effective businesses Cost of yearly auto insurance for at-fault drivers in New Mexico, on average
In all of America, $1,954
Bankers Life $2,084 USAA* $2,154 Central Mutual $2,084
$2,256 from State Farm
The average cost of vehicle insurance in the state is $2,892 per year, but members of the military and their families can only get USAA insurance.
A New Mexico driver’s insurance premium discount for having a DUI is possible.
A DWI conviction may increase your New Mexico vehicle insurance premiums by an average of 53 percent. It is still possible to shop around for the lowest rates on auto insurance by comparing quotes online.
We looked at a number of New Mexico insurance providers and found that Nationwide and State Farm offered the most affordable policies to drivers with a DUI.
New Mexico’s most cost-effective businesses The national average cost of auto insurance after a DUI conviction is $2,357 per year; in New Mexico, that number is almost double.
Insurance, State of $2,576
Mutual of Central States $2,582 Progressive Statewide Average: $2,813 (Mean: $3,211)
A New Mexico Cheap Auto Insurance Is Available Even to Drivers with Poor Credit
Drivers with low credit scores may pay extra for auto insurance in New Mexico. Bad credit drivers in New Mexico pay 54% more than good credit drivers for auto insurance.
If you need low-cost New Mexico car insurance but have bad credit, your alternatives are State Farm and Nationwide.
New Mexico’s most cost-effective businesses Cost of a year’s worth of bad-credit auto insurance in New Mexico.
Nationally $2,034, International $2,439
State-wide, the average cost of car insurance is $3,230, compared to $2,704 for Central Mutual and $2,773 for USAA* drivers.
Adding a child to your car insurance policy in New Mexico may not cost as much as you think.
A family in New Mexico with a young driver may expect to pay an annual premium that is 83% more than that of a comparable family without a teen driver.
Farm Bureau Mutual (Iowa Group) and Allied both provide quotations for low-cost adolescent vehicle insurance in New Mexico.
New Mexico’s most cost-effective businesses The Typical Cost of Car Insurance for Two Parents in New Mexico Estimated yearly New Mexico vehicle insurance premium for a family of four with one teenage driver, aged 16.
Iowa Farm Bureau Mutual $3,135 $3,993 27%
Axis $2,977 $4,278 (44%).
Nationwide $2,676 $3,883 45%
Insurance Agency, State of $2,625 $4,085 (56%),
Indicative Median $2,889 $5,275 83%
New Mexico drivers between the ages of 18 and 25 may be eligible for premium discounts.
It’s a fact of adulthood that essentials like vehicle insurance come with hefty price tags. According to our research, USAA and Nationwide provide the best budget-friendly policies for new drivers in New Mexico.
New Mexico’s most cost-effective businesses In New Mexico, a young driver can expect to pay an average of $1,906 per year for auto insurance with USAA*. $2,708
Key Cooperative Allstate Insurance Company: $2,758 $2,902 Higher than the State Average $2,568 *Only active duty military personnel, veterans, and their families are eligible to get vehicle insurance through USAA.
New Mexico drivers aged 60–80 are eligible for a discount on their auto insurance.
When it comes to auto insurance for seniors in New Mexico, it’s possible that USAA and Nationwide provide the best deals. Senior drivers may wish to check with their insurance companies to see whether completing a defensive driving course can lower their rates.
New Mexico’s most cost-effective businesses New Mexico drivers aged 60, 70, and 80 may expect to pay an average of $1,220 annually for auto insurance via USAA*. State Farm’s $1,417; $1,648
Central Mutual $1,939
State Average $1,556
*Only active duty military personnel, veterans, and their families are eligible to get vehicle insurance through USAA.
Vehicle Average annual rates in New Mexico
Honda CR-V LX $1,430
Chevrolet Trax LS $1,467
Honda Pilot SE $1,473
Subaru Crosstrek $1,484
Subaru Forester 2.5i $1,488
Chevrolet Equinox L $1,490
Volkswagen Tiguan SE $1,498
Nissan Rogue S $1,504
Hyundai Tucson SE $1,522
Toyota RAV4 LE $1,523
Jeep Wrangler JL Sport $1,524
Chevrolet Colorado $1,531
Toyota Highlander LE $1,543
Ford Ranger Lariat $1,544
Kia Sportage EX $1,549
Ford F-150 XL $1,563
Dodge Grand Caravan SE $1,570
Toyota Tacoma SR $1,578
Honda Civic EX $1,586
Mazda CX-5 Grand Touring $1,592
New Mexico’s Bare Minimum Requirement for Auto Insurance
You are required to have motor liability insurance in the state of Nevada. If you cause injury to another person, this insurance will pay for their medical bills and other related costs. Your legal representation costs after a car accident claim are covered by your liability insurance.
Liability insurance with the following specified limits is mandatory for drivers in New Mexico:
$25,000 for bodily harm to a single person
When many people are hurt in an accident, the medical bills may quickly add up to $50,000.
Expenses of $10,000 for one-time property damage
The breakdown is as follows: 25/50/10.
It’s prudent to have more on hand than is really necessary. If you cause an accident with several injuries, you might quickly exceed the minimum limitations. You should carry liability insurance that is at least equivalent to your net worth in case you ever have to pay it out of court.
Do you have any suggestions for supplemental car insurance in the state of New Mexico?
Safeguards against uninsured motorists. Uninsured motorist coverage and underinsured motorist coverage assist with medical costs when you are injured in a collision with another driver who does not have sufficient liability insurance. The following coverages are mandated by law in New Mexico, although you may always refuse them in writing if you like. This safeguard is strongly suggested.
Spending money on healthcare. This coverage will cover medical costs incurred by you and your passengers if a car accident causes injury. But the most that may be paid out is your MedPay limit. You won’t be able to purchase much with just $1,000 in MedPay coverage, for instance.
Coverage for both theft and accidents is built in. Accidents, theft, vandalism, rioting, fire, hail, floods, animal/object collisions, and falling objects are just some of the many risks that these plans cover.
If you have a car loan or lease, your lender or lessor will almost probably require you to have collision and comprehensive insurance.
Car Insurance in New Mexico: A Quick Overview
Coverage Required Minimum in New Mexico
Liability insurance
– $25,000 per person for bodily injury liability
– $50,000 per accident for bodily injury liability
– $10,000 for property damage
Uninsured/Underinsured motorist coverage
Not required
Medical payments
Not required
Collision coverage
Not required
Comprehensive coverage
Not required
Can a digital insurance card be issued in New Mexico?
Police in New Mexico are not required to accept electronic proof of auto insurance, such as an insurance ID card on a mobile phone. New Mexico law mandates that within 24 hours of registering a vehicle, proof of insurance must be sent electronically to the New Mexico Insurance Identification Database. Always have a spare duplicate of your auto insurance card on hand.
Average New Mexico Car Insurance Premiums
The annual average cost of car insurance in New Mexico is $781. Here are some examples of average insurance premiums.
Coverage type Average premium per year in New Mexico
Liability
$495.33
Collision
$290.17
Comprehensive
$178.38
Source: National Association of Insurance Commissioners, 2018 Auto Insurance Database Report
These factors may influence the cost of car insurance in New Mexico.
In New Mexico, insurers might consider these factors among others including driving record, claims history, and car type when calculating your price.
Factor Allowed in New Mexico?
Age
Yes
Credit
Yes
Education & occupation
Yes
Gender
Yes
Marital status
Yes
ZIP code
Yes
Source: American Property Casualty Insurance Association. Other factors will be used to calculate your rates, including driving record and the amount of coverage you want.
How Many NM Motorists Drive Uninsured?
The Insurance Research Council reports that more than 22% of New Mexico drivers are uninsured. The only states with greater rates of uninsured drivers are Mississippi, Michigan, and Tennessee. That’s why it’s a good idea to invest in insurance that can help pay for the harm they do, such as medical payments, collision, and/or uninsured motorist coverage.
The Repercussions of Driving Without Insurance
In New Mexico, if you are caught driving without insurance, you might face a fine of up to $300 and the suspension of your vehicle registration.
When is it acceptable to declare a vehicle a complete loss in New Mexico?
In New Mexico, if your car is substantially damaged in an event like an accident or a flood, your insurer may declare it a total loss if it would be “uneconomical to repair.”
Problems with New Mexico Insurance? Please Aid Us
The Public Regulation Commission oversees the insurance industry in New Mexico and approves rates. Problems with insurance providers are also investigated. If you have an issue that has not been resolved to your satisfaction, you may file a complaint with your car insurance company on their website.
Methodology
Quadrant Information Services provided us with quotations from many insurance companies so that we could choose the most affordable New Mexico car insurance options. Except where noted otherwise, all costs are based on insuring a brand-new Toyota RAV4 driven by a 40-year-old woman with a perfect driving record at the minimum levels of liability insurance required by law (commonly referred to as 100/300/100). The monthly payment also includes $500 deductible all-risk insurance coverage.
Statistics for New Mexico were compiled using data from the following insurance providers: Allied, Allstate, Central Mutual, Farm Bureau Mutual (Iowa Group), Farmers, Geico, Nationwide, Progressive, State Farm, Kemper, and USAA.