Cheapest Car Insurance In New Mexico For 2024
Progressive is recognized for its dependable and competitively priced minimum coverage auto insurance in New Mexico, with rates starting at $30 per month.
We’ve saved shoppers an average of $600 per year on their car insurance.
Though affordable car insurance may seem hard to find in New Mexico, it’s not impossible. Progressive is a well-known name in insurance, offering competitive prices and various levels of coverage to fit your needs.
As the cost of living rises, finding the right coverage at the best price is key. Whether you’re a new driver, a daily commuter, or a family looking for ways to save, understanding rate factors and knowing where to locate the best deals can help. This guide, based on over a decade of study, will help you navigate the New Mexico insurance market.
Cheapest Car Insurance Companies In New Mexico
Cheapest Car Insurance In New Mexico For Good Drivers
New Mexico residents who drive responsibly can benefit from GEICO’s insurance, which costs around $50 monthly.
| Provider | Average Monthly Cost | Average Annual Cost |
|
Kemper |
$114 |
$1,366 |
|
$87 |
$1,042 |
|
|
Nationwide |
$90 |
$1,078 |
|
GEICO |
$50 |
$598 |
|
Farmers |
$110 |
$1,318 |
In New Mexico, car insurance prices for safe drivers can vary depending on their driving history, age, and preferred coverage. Generally, individuals with a clean driving record may qualify for lower premiums because insurers perceive them as less risky. They may also be eligible for discounts for maintaining a good driving record. Safe drivers should compare quotes from multiple insurers to find competitive rates and coverage options that meet their requirements.
Cheapest Car Insurance In New Mexico For Drivers With Poor Credit
In New Mexico, GEICO is praised for its low-cost insurance options for drivers with poor credit, averaging $100 per month.
| Provider | Average Monthly Cost | Average Annual Cost |
|
Farm Bureau |
$172 |
$2,062 |
|
State Farm |
$182 |
$2,182 |
|
Farmers |
$150 |
$1,798 |
|
Nationwide |
$135 |
$1,618 |
| GEICO |
$100 |
$1,198 |
In New Mexico, car insurance rates are influenced by credit scores. Insurers assess risk based on credit history, potentially resulting in higher premiums for lower scores. Drivers with poor credit are often viewed as higher-risk for claims. Nonetheless, they can lower their insurance costs by shopping around for quotes and taking advantage of discounts.
Cheapest Car Insurance In New Mexico For Young Drivers
Young adults in New Mexico typically find more economical car insurance rates than teenagers. With a focus on safer driving, they experience fewer accidents and claims, which leads insurance providers to offer them lower premiums.
Cheapest New Mexico Car Insurance For 16-Year-Olds
Central Insurance’s rates for sixteen-year-olds start at $366 per month, making them a top choice.
| Provider | Average Monthly Cost | Average Annual Cost |
| Geico | $445 | $5,332 |
| Nationwide | $543 | $6,518 |
| Iowa Farm Bureau | $556 | $6,673 |
| Central Insurance | $366 | $4,382 |
| USAA | $396 | $4,748 |
Cheapest New Mexico Car Insurance For 17-Year-Olds
If you’re seventeen and looking for affordable insurance, USAA averages around $308 in premiums.
| Provider | Average Monthly Cost | Average Annual Cost |
| Geico | $391 | $4,690 |
| Iowa Farm Bureau | $421 | $5,046 |
| Nationwide | $530 | $6,361 |
| USAA | $308 | $3,693 |
| Central Insurance | $334 | $4,009 |
Cheapest New Mexico Car Insurance For 18-Year-Olds
USAA offers the most cost-effective insurance rates for 18-year-olds, typically at $255 per month.
| Provider | Average Monthly Cost | Average Annual Cost |
| Geico | $336 | $4,025 |
| Iowa Farm Bureau | $389 | $4,658 |
| Nationwide | $521 | $6,244 |
| USAA | $255 | $3,059 |
| Central Insurance | $303 | $3,637 |
Cheapest New Mexico Car Insurance For 21-Year-Olds
The average monthly premium at USAA for 21-year-olds is $153, offering savings on insurance costs.
| Provider | Average Monthly Cost | Average Annual Cost |
| Central Insurance | $227 | $2,715 |
| Progressive | $263 | $3,158 |
| Nationwide | $291 | $3,486 |
| USAA | $153 | $1,835 |
| Geico | $213 | $2,557 |
Cheapest Car Insurance In New Mexico For Minimum Coverage
Progressive offers New Mexico competitive rates for basic car insurance, averaging $30 monthly.
| Provider | Average Monthly Cost | Average Annual Cost |
| State Farm |
$45 |
$538 |
|
Progressive |
$30 |
$358 |
|
GEICO |
$60 |
$718 |
|
Farmers |
$45 |
$538 |
|
Allstate |
$90 |
$1,078 |
New Mexico requires drivers to carry minimum car insurance to drive legally, which generally includes liability coverage for bodily injury and property damage. Bodily injury liability covers medical expenses and legal fees if you cause an accident that injures others, while property damage liability pays for repairing or replacing others’ property or vehicles that you damage. These coverage minimums are set by state law and may vary based on your driving record or vehicle type. It’s important to know these regulations for adequate financial protection.
Cheapest Car Insurance In New Mexico For Full Coverage
For drivers in New Mexico, GEICO provides the most affordable full coverage car insurance, with monthly premiums starting at $50.
| Provider | Average Monthly Cost | Average Annual Cost |
|
Kemper |
$114 |
$1,366 |
|
State Farm |
$87 |
$1,042 |
|
Nationwide |
$90 |
$1,078 |
|
GEICO |
$50 |
$598 |
|
Farmers |
$110 |
$1,318 |
New Mexico drivers can choose full coverage car insurance, which exceeds the state’s minimum liability insurance requirements by including collision and comprehensive coverage. Collision coverage pays for repairing your car after an accident, regardless of fault, while comprehensive coverage protects against non-accident-related incidents like theft or fire. Opting for full coverage provides financial stability and peace of mind, ensuring preparedness for various risks. Reviewing policy specifics, including coverage limits and deductibles, is essential to ensuring it meets individual requirements effectively.
Cheapest Car Insurance In New Mexico For Drivers With Prior Incidents
Finding affordable car insurance in New Mexico can be challenging for those with a history of accidents, speeding tickets, or DUIs. Insurers consider them high-risk, resulting in higher premiums to manage potential claims. This challenge is particularly evident in New Mexico due to its frequent traffic incidents. Insurers base their pricing strategies on statistical analyses showing a link between past driving incidents and an increased chance of future claims.
Cheapest Car Insurance In New Mexico After A Speeding Ticket
State Farm is the top pick for drivers with speeding tickets due to their average premiums of $120.
| Provider | Average Monthly Cost | Average Annual Cost |
| Progressive | $194 | $2,326 |
| Farm Bureau | $240 | $2,878 |
| State Farm | $120 | $1,438 |
| Allstate | $210 | $2,518 |
| GEICO | $190 | $2,278 |
Cheapest Car Insurance In New Mexico After An At-Fault Accident
State Farm is a wallet-friendly option for drivers with speeding violations, with average premiums at $125.
| Provider | Average Monthly Cost | Average Annual Cost |
| Farm Bureau | $290 | $3,478 |
| Allstate | $300 | $3,598 |
| GEICO | $310 | $3,718 |
| State Farm | $125 | $1,498 |
| Progressive | $190 | $2,278 |
Cheapest Car Insurance In New Mexico For Drivers After A DUI
Drivers with DUI offenses can save significantly with Progressive’s average premium of $150.
| Provider | Average Monthly Cost | Average Annual Cost |
| Progressive | $150 | $1,798 |
| GEICO | $355 | $4,258 |
| State Farm | $250 | $2,998 |
| Farmers | $305 | $3,658 |
| Farm Bureau | $390 | $4,678 |
Cheapest Car Insurance In New Mexico For Seniors
In New Mexico, GEICO provides seniors with a financially sensible choice at $72 per month, on average.
| Provider | Average Monthly Cost | Average Annual Cost |
|
Allstate |
$122 |
$1,462 |
| Progressive |
$75 |
$898 |
|
State Farm |
$79 |
$946 |
|
Farmers |
$100 |
$1,198 |
|
GEICO |
$72 |
$862 |
Car insurance premiums are often lower for older drivers, who are considered experienced and cautious. Many seniors drive less, decreasing their accident risk. Insurers sometimes provide senior discounts and may offer further savings for completing a defensive driving course aimed at improving safety.
Average Cost Of Auto Insurance In New Mexico – By Age
| Age | Average Monthly Cost | Average Annual Cost |
| 16 | $624 | $7,486 |
| 17 | $382 | $4,582 |
| 18 | $338 | $4,054 |
| 19 | $252 | $3,022 |
| 21 | $200 | $2,398 |
| 25 | $182 | $2,182 |
| 35 | $164 | $1,966 |
| 40 | $126 | $1,510 |
| 50 | $120 | $1,438 |
| 55 | $150 | $1,798 |
| 65 | $118 | $1,414 |
| 75 | $136 | $1,630 |
Average Cost Of Car Insurance In New Mexico – By Gender & Marital Status
| Gender | Marital Status | Average Annual Cost |
| Female | Single | $1,400 |
| Male | Single | $1,440 |
| Female | Married | $1,498 |
| Male | Married | $1,524 |
Average Cost Of Auto Insurance In New Mexico – By Credit Tier
| Credit Tier | Average Monthly Cost | Average Annual Cost |
| Excellent | $104 | $1,246 |
| Good | $108 | $1,294 |
| Poor | $170 | $2,038 |
Cheapest Car Insurance In New Mexico By City
| City | Average Monthly Cost | Average Annual Cost |
| Lovington | $139 | $1,667 |
| Albuquerque | $125 | $1,498 |
| Bernalillo | $140 | $1,678 |
| Roswell | $98 | $1,174 |
| Hobbs | $105 | $1,258 |
Minimum Car Insurance Requirements In New Mexico
In New Mexico, drivers must carry minimum car insurance, including liability at 25/50/10: $25,000 per injured person, $50,000 per accident, and $10,000 for property damage. The state also requires uninsured/underinsured motorist coverage at $25,000 per person and $50,000 per accident, and Personal Injury Protection (PIP) for medical costs and lost wages. The HIP option may be used in place of PIP if the driver’s health insurance is eligible.
Car Insurance Discounts In New Mexico
Checking for car insurance discounts can reduce your premiums, and your agent may spot additional savings. Some common discounts are:
- Safe Driver Discount: For accident-free drivers.
- Multi-Vehicle Discount: Insuring multiple vehicles on one policy can save you money.
- Bundling Discount: Combining policies like auto and home insurance often lowers costs.
- Good Student Discount: Students with good grades can enjoy lower rates.
- Defensive Driving Discount: A defensive driving course might qualify you for a discount.
Our Methodology
In my research, I used a structured method to gather and analyze information on various car insurance providers and their policies. I began by identifying important factors to consider, such as coverage options, pricing, customer satisfaction, and financial stability. Then, I gathered data from reliable sources like insurance company websites, consumer reviews, and industry reports. Once collected, I organized the data into categories and assessed each insurer based on specific criteria. This involved comparing coverage options, premium rates, discounts available, and customer feedback to determine the advantages and disadvantages of each provider.
Quotes Analyzed
Years Of Industry Experience
Brands Reviewed
Research Hours
FAQs
How much is car insurance a month in New Mexico?
In New Mexico, the monthly expense for car insurance can differ, influenced by factors such as age, driving history, and chosen coverage.
What is the minimum car insurance one must have in New Mexico?
Car owners in New Mexico must maintain auto insurance that offers liability coverage for injuries and property damage, plus mandatory Personal Injury Protection (PIP).
Which insurance is better in New Mexico?
In New Mexico, the best insurance choice depends on individual preferences, coverage requirements, and driving style. Comparing quotes across insurers can lead you to the most suitable policy.
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