Best Car Insurance in New Mexico
Last Updated on April 29, 2021
New Mexico drivers pay similar rates to car insurance to the average American. Statistically, the average driver in New Mexico pays around $1,501 per year for full coverage car insurance. Nationwide, the average is closer to $1,450 per year.
Fortunately, there are plenty of ways to save. Some New Mexico drivers shop around with dozens of providers before settling on one. Others take advantage of discounts and other savings opportunities.
What’s the best car insurance in New Mexico? Which companies are known for offering the best value, cheapest rates, and best overall auto insurance in the state? Keep reading to find out everything you need to know about the best car insurance in New Mexico.
Table of Contents:
- The 10 Best Auto Insurance Companies in New Mexico
- New Mexico Auto Insurance Requirements
- Driving Without Insurance in New Mexico
- Car Insurance in New Mexico with a DUI
- Car Insurance in New Mexico with At-Fault Accidents
- Car Insurance in New Mexico with Speeding Tickets
- Car Insurance in New Mexico for Young Drivers
- Car Insurance in New Mexico with Poor Credit
- SR-22 Insurance in New Mexico
Top 10 Auto Insurance Companies in New Mexico
Small and large insurance companies serve drivers across New Mexico. You can buy a good insurance policy from a nationwide provider. You can also buy effective policies from smaller, locally-based providers.
Looking for the best car insurance companies in New Mexico? Consider requesting a quote from any of the following insurance companies.
- USAA: USAA is the best-value car insurance in almost every state. Despite offering some of America’s cheapest car insurance premiums, USAA excels at customer service and claims satisfaction. The main downside? You can only buy USAA car insurance if you’re a member, and membership is restricted to members of the military and certain qualifying family members. If you qualify for USAA membership in New Mexico, then you could pay as little as $1,024 per year for full coverage car insurance in New Mexico, hundreds of dollars less than the statewide average.
- State Farm: America’s largest car insurance company is State Farm, so it makes sense the company has a strong presence in New Mexico. State Farm offers competitive prices on minimum liability insurance and full coverage car insurance. Expect to pay just a little more than USAA with State Farm in New Mexico, with average premiums priced at around $1,081 per year.
- GEICO: GEICO trails only State Farm as America’s second-largest car insurance company. Like State Farm, GEICO charges competitive rates while giving drivers the amenities they expect with a large insurer. If you want a big box insurance experience at a reasonable rate, then GEICO is one of the better options in New Mexico, with rates priced at around $1,121 per year.
- Farm Bureau: As a member of the New Mexico Farm and Livestock Bureau, you can buy a car insurance policy from Farm Bureau. Membership is open to anyone – including farmers and non-farmers alike. Farm Bureau has great ratings in all corners of New Mexico, including strong ratings for customer service, claims satisfaction, and pricing. Our average driver profiles received a quote of around $1,146 per year with Farm Bureau in New Mexico, although rates vary widely depending on several factors.
- Progressive: Progressive has some of the cheapest car insurance rates in New Mexico, with some drivers paying less than they would with any other company on this list. The average Progressive policyholder in New Mexico pays roughly $1,167 per year for car insurance with Progressive.
- Farmers: Farmers is one of the largest car insurance companies in the United States, and the company is popular in both rural and urban areas of New Mexico. You get the amenities of a large insurance company combined with competitive rates. Rates are priced at around $1,189 per year, making Farmers competitive with other insurers listed above.
- Allstate: Our average model driver profiles received an estimate of $1,221 per year from Allstate in New Mexico, with cheaper rates available for drivers who qualify for discounts. Allstate is one of the top ten largest car insurance companies in the United States, and they insure thousands of drivers across New Mexico.
- MetLife: MetLife has a strong presence in New Mexico. The company is particularly popular for senior drivers and drivers who want cheap car insurance. MetLife offers some of the cheapest liability insurance in New Mexico along with good-value full coverage car insurance. Although they’re not as cheap as competing options above, MetLife remains one of the best car insurance companies in New Mexico, with rates starting at around $1,281 per year.
- Nationwide: Nationwide offers a similar experience to GEICO, State Farm, Progressive, and other major insurers listed above. You can buy auto insurance and other insurance policies through the company, making it ideal for customers wanting to bundle. With average premiums of around $1,296 per year, Nationwide combines affordable with decent customer service and claims satisfaction in New Mexico.
- American Family: Although not as well-known as its competing providers above, American Family maintains competitive prices in all corners of New Mexico. American Family is particularly affordable for drivers able who take advantage of discounts. Expect to pay around $1,430 per year with American Family in New Mexico, with the price dropping substantially with bundling, safe driving discounts, and other perks.
New Mexico Insurance Requirements
New Mexico, like most states, requires drivers to carry a certain minimum amount of liability insurance to legally drive on public roads. Drivers who cannot prove they carry valid coverage will face penalties.
New Mexico requires drivers to carry a minimum liability car insurance policy of 25/50/10, which includes:
- $25,000 of bodily injury liability coverage per person
- $50,000 of bodily injury liability coverage per accident
- $10,000 of property damage liability coverage
If you are leasing or financing your vehicle, then your lender may require full coverage car insurance. Because you do not fully own your vehicle, you need to maintain collision and comprehensive coverage.
Many New Mexico drivers also buy optional coverage like medical payments coverage, uninsured and underinsured motorist coverage, and other optional add-ons.
Driving Without Insurance in New Mexico
Drivers caught without insurance in New Mexico could face serious penalties. Insurance proves you are financially responsible for any accidents you cause. If you cannot prove you have insurance, then the state could suspend your driving privileges.
The penalties for driving without insurance in New Mexico include:
- Fine of up to $300
- Imprisonment up to 90 days
- Potential suspension of registration
The fine increases by up to $1,000 if you do not immediately surrender your license plates and vehicle registration. Some courts may also fine drivers additional penalties. Drivers who have been caught without insurance multiple times could face up to six months in prison, among other penalties.
To register a vehicle in New Mexico, you must submit proof of insurance to the Motor Vehicle Division (MVD). If your insurance lapses, or if you cancel your policy, then your insurer will notify the MVD of the lapse, and the MVD could suspend your license if you are unable to prove you have alternative coverage.
Car Insurance in New Mexico with DUI
As you might expect, a DUI raises rates in New Mexico. Being convicted of driving under the influence (DUI) or driving while intoxicated (DWI) tells insurers you’re a high-risk driver. That means higher insurance premiums for three to seven years after your conviction.
However, some insurers rate risk in different ways. Some insurers continue to offer competitive rates after a single DUI conviction:
- USAA: $1,552 per year
- GEICO: $1,689 per year
- State Farm: $1,713 per year
- Nationwide: $1,741 per year
- Allstate: $1,791 per year
Car Insurance in New Mexico with At-Fault Accidents
At-fault accidents tell insurers you’re a risky driver to insure. To be convicted of an at-fault accident, you must have been found to be 50% at fault or higher in a collision. The more at-fault accidents you have on your driving record, the higher your insurance premiums will be.
However, some insurers in New Mexico overlook a single at-fault accident if it’s minor. Others put less weight on driving history. Request a quote from any of the following insurers if you have one or more at-fault accidents in New Mexico:
- State Farm: $1,444 per year
- USAA: $1,453 per year
- GEICO: $1,491 per year
- Allstate: $1,521 per year
- Progressive: $1,611 per year
Car Insurance in New Mexico with Speeding Tickets
New Mexico has plenty of wide, open spaces. It’s easy to forget how fast you’re going. If you get a speeding ticket in New Mexico, then your insurer rates could rise a little – or they could rise a lot. Depending on the severity of the incident and the number of previous citations, you could pay anywhere from 2% to 25% higher insurance premiums after a speeding ticket.
Fortunately, insurers treat speeding tickets in different ways. Request a quote from any of the following insurers if you have speeding tickets on your record in New Mexico:
- USAA: $1,144 per year
- State Farm: $1,194 per year
- GEICO: $1,199 per year
- Progressive: $1,282 per year
- Farm Bureau: $1,319 per year
Car Insurance in New Mexico for Young Drivers
Drivers under 25 in New Mexico are statistically the riskiest drivers to insure. They cause more accidents – and more serious accidents – than any other drivers on the road.
Fortunately, some insurers continue to welcome young drivers by charging comparatively cheap rates. Request a quote from any of the following insurance companies in New Mexico if you’re under age 25:
- USAA: $1,883 per year
- State Farm: $1,892 per year
- GEICO: $1,909 per year
- Allstate: $2,095 per year
- Progressive: $2,213 per year
Car Insurance in New Mexico with Poor Credit
Your credit score influences car insurance premiums. Drivers with a bad credit score will always pay higher rates for car insurance than drivers with a good credit score, all else being equal.
However, some insurers care about credit score less than others. Some high-risk insurers specialize in insuring drivers with no credit score, for example. Other insurers put less emphasis on credit score compared to your driving history. Check quotes with the following insurers if you have a bad credit score:
- USAA: $2,022 per year
- GEICO: $2,131 per year
- Farm Bureau: $2,190 per year
- Progressive: $2,321 per year
- State Farm: $2,404 per year
SR-22 Insurance in New Mexico
New Mexico is one of six states with no SR-22 insurance system. In other states, high-risk drivers must obtain SR-22 insurance to legally drive. You might need to file an SR-22 after a lapse in coverage, a DUI, or an at-fault accident, for example. The SR-22 is a certificate of financial responsibility.
New Mexico does not use the SR-22 system. However, drivers must still meet minimum liability requirements in the state at all times, which means you must carry a policy with at least 25/50/10 liability coverage.
If you fail to maintain the minimum liability insurance required in New Mexico, then the MVD may suspend your license and registration. They could send you a Notice of Noncompliance. Your registration and license will continue to be suspended until you prove you have valid coverage.
Similarly, drivers convicted of a DUI or DWI in New Mexico will face severe penalties – including license suspension, jail time, community service, and monetary fines. However, drivers do not need to file an SR-22 after a DUI or DWI conviction in New Mexico.
Conclusion: How to Find the Best Auto Insurance in New Mexico
New Mexico has average car insurance premiums compared to the rest of the United States. However, by taking advantage of discounts and shopping between providers, drivers can reduce the price of car insurance sharply.
Request a quote from any of the companies listed above to obtain the best auto insurance in New Mexico.