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:

Comprehensive $276
Collision $504
Liability $320

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.

Liability Only $380
Full Coverage $1,240
High Risk $2,674

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.

Enter your New Mexico zip code below to view companies that have cheap auto insurance rates.

Companies will appear below. Or click to load full page.

Recommended Companies for Cheap New Mexico Insurance

Searching Companies

View Chart as Image

New Mexico car insurance rate comparison chart
Column chart showing New Mexico car insurance prices range from $712 to $4,556 for full coverage

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.

View Chart as Image

New Mexico insurance rates by city

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.

New Mexico Auto Insurance Companies by Market Share and Average Rate
RankCompanyMarket ShareAverage Rate
1State Farm20.54%$1,323
2Geico12.83%$1,608
3Farmers Insurance12.51%$1,289
4Progressive9.75%$1,520
5USAA8.37%$670
6Allstate8.08%$2,361
7Liberty Mutual5.20%$2,504
8The Hartford3.72%$1,339
9Sentry Insurance2.84%$3,145
10Loya2.30%N/A
Get Your Rates Quote Now

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.

New Mexico Auto Insurance Rates for Popular Vehicles
Make and ModelPremium% to Avg
Chevrolet Silverado$1,3085.2%
Dodge Ram$1,3447.7%
Ford Escape$1,030-20.4%
Ford Focus$1,198-3.5%
Ford Fusion$1,3145.6%
Ford F-150$1,166-6.3%
GMC Acadia$1,142-8.6%
GMC Sierra$1,2883.7%
Honda Accord$1,156-7.3%
Honda Civic$1,3548.4%
Honda CR-V$1,002-23.8%
Honda Pilot$1,178-5.3%
Hyundai Sonata$1,2561.3%
Kia Optima$1,2803.1%
Nissan Altima$1,2762.8%
Nissan Rogue$1,2440.3%
Toyota Camry$1,2641.9%
Toyota Corolla$1,236-0.3%
Toyota Prius$1,148-8%
Toyota RAV4$1,168-6.2%
Get Rates for Your Vehicle Quote Now

Annual estimated premium for full coverage, $500 deductibles, driver age 40 with clean driving record.
View additional vehicles

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

Compare Rates Now

Rates by Driver Age

New Mexico Insurance Rates by Driver Age
Driver AgePremium
16$4,556
20$2,860
30$1,296
40$1,240
50$1,130
60$1,110

Full coverage, $500 deductibles

Rates by Deductible

New Mexico Car Insurance Rates with Different Deductibles
DeductiblePremium
$100$1,584
$250$1,422
$500$1,240
$1,000$1,062

Full coverage, driver age 40

Rates by Liability Limit

New Mexico Car Insurance Rates with Different Liability Limits
Liability LimitPremium
30/60$1,240
50/100$1,304
100/300$1,384
250/500$1,592
100 CSL$1,336
300 CSL$1,512
500 CSL$1,640

Full coverage, driver age 40

Rates for High Risk Drivers

New Mexico Car Insurance Rates for High Risk Drivers
AgePremium
16$6,508
20$4,542
30$2,740
40$2,674
50$2,550
60$2,528

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.

SR-22 Surcharge $172

Potential Rate Discounts

If you qualify for discounts, you may save the amounts shown below.

DiscountSavings
Multi-policy$66
Multi-vehicle$64
Homeowner$17
5-yr Accident Free$93
5-yr Claim Free$80
Paid in Full/EFT$58
Advance Quote$62
Online Quote$88
Total Discounts$528
Rate after discounts $712

Discounts are estimated and may not be available from every company or in every state.

You May Also Enjoy These Articles