Best Cheap New Mexico Car Insurance Quotes
Enter your New Mexico zip code below to view companies that have cheap auto insurance rates.
UPDATED: Nov 19, 2019
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For drivers in New Mexico, one of the big things that determine car insurance rates is where you keep your vehicle. Areas with more people or even just a higher incidence of claims like Albuquerque, Artesia, and Santa Fe tend to have more expensive auto insurance rates, whereas areas with less congestion tend to receive slightly lower rates.
The next table ranks the highest-priced places in New Mexico to buy auto insurance in.
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Premium amounts are approximated as vehicle location can change premium rates substantially.
The car, truck, or SUV needing coverage is one of the largest considerations that determines the availability of economical auto insurance in New Mexico. Vehicles with higher performance, a lack of safety features, or an increased likelihood of liability claims will cost significantly more to insure than safer models.
The information below features coverage costs for the more affordable automobiles to buy insurance for.
|Insured Vehicle||Estimated Cost for Full Coverage|
|Ford Escape XLS 2WD||$814|
|Honda CR-V EX-L 4WD||$835|
|Chevrolet Traverse LT 2WD||$856|
|Hyundai Tucson GLS 2WD||$885|
|Ford F-150 STX Regular Cab 2WD||$893|
|Honda Odyssey EX W/Rear Entertainment||$943|
|Toyota Camry LE||$964|
|Toyota Highlander Sport 4WD||$985|
|Chevrolet Impala LTZ||$1,020|
|Hyundai Elantra SE Touring Station Wagon||$1,022|
|Kia Forte EX 4-Dr Sedan||$1,037|
|Toyota Sienna Limited AWD||$1,041|
|Jeep Grand Cherokee Limited 4WD||$1,051|
|Ford Fusion Sport 4-Dr Sedan||$1,041|
|Chevrolet Malibu LTZ||$1,051|
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Price data assumes single female driver age 50, no speeding tickets, no at-fault accidents, $500 deductibles, and New Mexico minimum liability limits. Discounts applied include safe-driver, claim-free, homeowner, multi-policy, and multi-vehicle. Premium costs do not factor in zip code location which can raise or lower premiums noticeably.
Looking at the data, we can infer that vehicles like the Ford Escape, Honda CR-V, Chevrolet Traverse, and Hyundai Tucson are going to be some of the most economical vehicles to insure for drivers in New Mexico.
Comparison of full coverage and liability-only policies
Finding the best cheap New Mexico car insurance quotes is the goal of most vehicle owners, and one of the best ways to find cheap insurance is to not buy full coverage. The example below visualizes the comparison of premium costs with full coverage compared to only the New Mexico minimum liability coverage. The premiums are based on a clean driving record, no claims, $500 deductibles, drivers are single, and no additional discounts are factored in.
If averaged for all ages, physical damage coverage on your policy costs an extra $2,027 per year more than just buying liability only. Many people question if buying full coverage is a good investment. There is no clear-cut rule that works best for making the decision to drop physical damage coverage, but there is a general school of thought. If the yearly cost for physical damage coverage is 10% or more of replacement cost minus your deductible, then it could be time to drop full coverage.
Which auto insurance company is best in New Mexico?
Selecting the top insurance company can be a challenge considering how many companies provide coverage in New Mexico. The company rank data in the next section may help you decide which car insurance companies you want to consider when buying insurance in New Mexico. These ratings include the largest auto insurers in America, so companies that may only write in New Mexico are not taken into consideration for this list.
|Company||Value||Customer Service||Claims||Customer Satisfaction||A.M Best Rating||Overall Score|
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Data Source: Insure.com Best Car Insurance Companies
How to find the best cheap New Mexico car insurance quotes
The list below shows some thrifty suggestions that can help you buy more affordable coverage.
- Buy a vehicle with excellent safety ratings
- Staying accident-free helps keep rates low
- Buying home and auto insurance together can earn discounts
- Earn discounts for being claim-free
- You will pay more if you get tickets or have at-fault accidents
- Comparison shop at least once a year
That last piece of advice is very significant, as was stressed in this piece. Coverage rates can be adjusted at any time, so don’t be afraid to buy from a different company if a cheaper price is available.
Many drivers have brand loyalty and that’s fine, but it isn’t a good idea if that devotion results in you overpaying hundreds of dollars a year. In just a few minutes you could compare rates and find cheaper car insurance in New Mexico.
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