New Mexico Car Insurance

Last Updated on December 19, 2019

If you want to save money on car insurance, then you need to compare quotes online today. By comparing quotes, you can ensure you’re getting the best deal on your car insurance mexico auto insurance

Car insurance companies in America are fairly competitive, and all insurance companies offer comparable rates. However, based on the thousands of car insurance quotes our site has provided to drivers in New Mexico, we’ve found that certain companies consistently offer cheaper rates than average.

GEICO, Allied, Farm Bureau, Farmers, and Progressive, for example, all tend to offer cheaper-than-average car insurance premiums to drivers in New Mexico.

Overall, drivers in New Mexico pay relatively low rates for car insurance compared to the rest of the country. However, drivers insured by certain companies can save even more money. Shop around to pick the New Mexico car insurance company with the right price and coverage for your needs.

Expect to Pay More for Car Insurance in Albuquerque

Drivers in Albuquerque tend to pay slightly higher prices for car insurance than drivers in other parts of the state. The reason is simple: you’re more likely to make a claim in an urban area than a rural area. There are more opportunities to get into a collision. Some parts of the city have higher crime rates than others. In the eyes of your insurance company, you’re significantly more likely to make a claim when living in Albuquerque than living in, say, Alamogordo.

If you live in Albuquerque or in a nearby Albuquerque metropolitan area city like Rio Rancho, then you can expect to pay slightly higher prices for car insurance than if you lived in a smaller town or rural area. This difference is particularly noticeable if you live in a ZIP code with high rates of vehicle crime – like break-ins or thefts. Your New Mexico car insurance company takes your ZIP code into consideration when calculating insurance premiums.

The Best Car Insurance for Teen Drivers in New Mexico

New Mexico’s graduated driver licensing (GDL) program is mandatory for all drivers under age 18. There are three stages of the GDL program, including your instructional permit (available at age 15), your provisional driver’s license (available at age 15 ½), and your full driver’s license (available after holding your provisional license for 12 months).

Typically, your car insurance will not need to be upgraded when driving on your instructional permit – assuming you’re driving with an adult in a vehicle that’s already covered by insurance. Teen drivers with an instructional permit don’t require special insurance to be added to the family vehicle. Once you’re driving on your own, however, you’ll need to buy your own insurance policy (assuming you’re driving your own vehicle) or upgrade your family insurance policy (assuming you’re driving a family vehicle).

No particular New Mexico car insurance company offers cheap car insurance for teen drivers. As a teenage driver in New Mexico, you can expect to pay significantly higher rates for car insurance than any other demographic. Shopping around for car insurance can help, but you’re still going to pay some of the highest car insurance rates in the state. Make sure you take advantage of New Mexico car insurance company discounts – like good student discounts – to lower your costs.

Auto Insurance Requirements In New Mexico

As a New Mexico driver, you are responsible financially for any and all property damages and personal injuries that are a result of an auto accident for which you are at fault. For this reason, New Mexico is a “tort” state.

Before you can register a car in New Mexico, you must show proof of responsibility, usually automobile liability insurance with minimum limits of 25/50/10 (see the chart below).

Also, in addition to these limits of liability insurance, you must have Uninsured/Underinsured Motorist coverage on your policy. You can elect to not carry this, but it has to be submitted in writing. Make sure you understand that if you are struck by an uninsured or underinsured motorist, your liability insurance will not cover any expenses to you or your vehicle.

New Mexico motor vehicle operators may choose even more protection by adding on collision, comprehensive, medical payments, and increasing the levels in their liability and uninsured/underinsured motorist policy.

Coverage Type Required? Minimum Coverage Amount Required
Bodily Injury Liability Yes $25,000 per person

$50,000 per accident

Property Damage Liability Yes $10,000
Uninsured Motorist Bodily Injury No $25,000 per person

$50,000 per accident

Personal Injury Protection No

Auto Insurance for Leased Vehicles in New Mexico (NM)

Most leasing companies in New Mexico typically require drivers to maintain insurance coverage which exceeds the minimums set by New Mexico state law. This is to protect you financially, as well as your leasing company, should they be held partly responsible. Most leasing companies will recommend the following amounts of insurance coverage:

  • Bodily injury liability coverage: $100,000 per person/$300,000 per accident
  • Property damage liability coverage: $50,000
  • Comprehensive and collision coverage: $500 maximum deductible

New Mexico Auto Insurance Contacts

New Mexico Taxation & Revenue Department: Motor Vehicle Division
PO Box 1028
Joseph Montoya Building
Santa Fe, NM 87504
New Mexico Division of Insurance 
P.E.R.A. Building, 4th Floor
1120 Paseo de Peralta
Santa Fe, NM 87501

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