New Mexico Car Insurance Rates
Projected auto insurance rates in New Mexico for 2018 are $1,240 annually for full coverage insurance. Comprehensive, collision insurance, and liability coverage cost around $276, $504, and $320, respectively. Albuquerque, South Valley, and Santa Fe have the most expensive rates, and the two companies who insure the most vehicles in New Mexico are State Farm and Geico.
Average rate for full coverage: $1,240
Price estimates for type of insurance:
40-year-old driver, full coverage with $500 deductibles, and good driving record
Cost of Car Insurance in New Mexico
For a driver in their 40's, New Mexico insurance rates range from as cheap as $380 for just the minimum liability insurance to a much higher rate of $2,674 for a driver who has had serious violations or accidents.
These price differences illustrate why anyone shopping for car insurance should compare rates quotes for a specific zip code and their own personal driving habits, rather than using rates averaged for all U.S. states.
Use the form below to get accurate rates for your location.
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Recommended Companies for Cheap New Mexico Insurance
The chart estimates New Mexico auto insurance prices for various situations. The cheapest price with discounts is $712. Drivers choosing higher $1,000 deductibles will pay about $1,062. The average price for a driver age 40 with no violations using $500 deductibles is $1,240. Using more expensive $100 deductibles for physical damage coverage will cost more, up to $1,584. If you have multiple accidents and violations you could be charged around $2,674. The price for full coverage insurance for a 16-year-old driver can climb as high as $4,556.
Car insurance rates in New Mexico also range considerably based on your choice of vehicle, your risk profile, and deductibles and policy limits.
The city you live in also has a big influence on auto insurance rates. Areas with less crime and congestion could have rates as low as $900 a year, while Albuquerque and South Valley may have prices as high as $1,700. Even areas within a few miles of each other in the same city can have a wide range of rates.
These geographic rate differences emphasize the significance of getting rates based on where you live in New Mexico.
Your choice of car insurance company definitely affects the cost of coverage. In each state, every insurer has their own rate formula, and prices can be substantially lower or higher based on indivdual risk characteristics.
In New Mexico, auto insurance prices range from $670 with USAA to as much as $3,145 with Sentry. Other companies like Allied, Safeco, and Farm Bureau Mutual are neither the lowest or highest. That is probably not the exact rates you would pay, as your vehicle make and model, your motor vehicle report, and your location in New Mexico have to be considered.
|Rank||Company||Market Share||Average Rate|
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Source: National Association of Insurance Commissioners (NAIC) 2015 Market Share Report and The Zebra
Opting for high physical damage deductibles can reduce prices by up to $530 a year, while increasing your policy's liability limits will increase prices. Switching from a 50/100 bodily injury limit to a 250/500 limit will raise prices by up to $288 extra every 12 months. View Rates by Deductible or Liability Limit
Your choice of vehicle has a significant impact on the price of auto insurance coverage in New Mexico. Choosing to drive a lower-cost and safer model will save money on insurance thanks to lower cost for replacement parts and lower severity of accident injuries.
The next table shows auto insurance estimates for the top vehicles insured in New Mexico.
|Make and Model||Premium||% to Avg|
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Annual estimated premium for full coverage, $500 deductibles, driver age 40 with clean driving record.
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An older driver with no driving violations and high physical damage deductibles may only pay around $1,200 every 12 months on average, or $100 per month, for full coverage. Prices are highest for teenagers, where even without any violations or accidents they will be charged as much as $4,500 a year. View Rates by Age
If you have a few points on your driving record or you caused a few accidents, you are probably paying at least $1,500 to $2,000 extra every year, depending on your age. High-risk driver insurance is expensive and can cost around 44% to 135% more than the average rate. View High Risk Driver Rates
Because prices have so much variability, the only way to figure out your exact price is to compare prices and see how they stack up. Every auto insurance company utilizes a different rate formula, so rate quotes will be varied between companies.
New Mexico Auto Insurance Articles
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Rate Tables and Charts
Rates by Driver Age
Full coverage, $500 deductibles
Rates by Deductible
Full coverage, driver age 40
Rates by Liability Limit
Full coverage, driver age 40
Rates for High Risk Drivers
Full coverage, $500 deductibles, two speeding tickets, and one at-fault accident
If a financial responsibility filing is required, the additional charge below may also apply.
Potential Rate Discounts
If you qualify for discounts, you may save the amounts shown below.
|5-yr Accident Free||$93|
|5-yr Claim Free||$80|
|Paid in Full/EFT||$58|
Discounts are estimated and may not be available from every company or in every state.