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Finding Cheap Car Insurance in New Mexico

New Mexico car owners should be prepared for a wide range of potential problems, including floods, tornadoes, and wildfires, not to mention uninsured drivers. And even the best driver can cause a terrible accident.

Auto insurance can be expensive, but you can save by shopping around. We’ve evaluated seven major insurance companies in New Mexico to find the best rates, so you can get an idea of ​​where to start your search.

Related: The best car insurance companies

Cheap Car Insurance in New Mexico for Good Drivers

Good drivers pay less for their car insurance than motorists with claims, accidents and tickets on their record.

Consider getting quotes from Geico and State Farm if you are a good driver in New Mexico. If you’re in the military, a veteran, or a family member, USAA is a good choice for low rates.

Related: The best cheap car insurance

Cheap car insurance in New Mexico for drivers with a speeding ticket

Getting a speeding ticket can hurt your wallet. Not only will you have to pay a fine, but you will probably pay more for car insurance. A speeding ticket raises rates by 18% on average in New Mexico, according to Forbes Advisor analysis.

However, State Farm is only increasing fares by an average of 7%, and USAA and Geico are imposing average increases of just 11%. Try citations from State Farm, Geico and USAA (if eligible) at renewal time after a speeding ticket.

Cheap car insurance in New Mexico for drivers who have caused an injury accident

Causing an accident that results in injury raises rates by an average of 37% in New Mexico. That’s over $600 more. But you can still find competitive rates for your situation by comparing car insurance quotes.

If you’re looking for cheaper auto insurance in New Mexico, try State Farm and Geico. USAA auto insurance, reserved for veterans, military personnel and their families, also offers competitive rates.

Cheap car insurance in New Mexico for drivers with a DUI

New Mexico’s average car insurance rate increases by an average of 48% after a DUI conviction. However, not all insurers raise their rates so much after a DUI.

For example, State Farm only increases rates by 7% on average and Progressive by only 10% after a DUI, so consider getting quotes from them if you have a DUI conviction on your record.

Cheap car insurance in New Mexico for drivers with bad credit

Having bad credit is a major auto insurance cost driver in New Mexico. Our analysis of major state insurers found that car insurance companies charge drivers with bad credit 52% more than drivers with good credit, or nearly $900 more per year.

If you’re looking for cheap car insurance in New Mexico, try Geico and State Farm. USAA also offers great rates for New Mexico drivers with poor credit, but the company only offers auto insurance to veterans, military personnel and their families. Even with less than stellar credit, auto insurance discounts could help offset the higher rate you’re paying.

Cheap car insurance in New Mexico for adding a teen driver

Adding a teenager to an auto insurance policy can more than double your premiums, but rates vary by insurance company. That’s why it pays to compare quotes from multiple insurance companies.

Geico and Farm Bureau offer great rates for parents adding a teenager to their insurance in New Mexico, so get quotes from them first. USAA is another option for those who qualify with a military affiliation.

Related: Best Cheap Car Insurance for Teenagers

Cheap car insurance in New Mexico for young drivers aged 18-25

Even young drivers can find cheap car insurance in Mexico by comparing quotes. If you are a veteran, military member, or eligible family member, see USAA rates. Otherwise, Geico and State Farm have rates for young drivers well below the state average for the age group.

Cheap Car Insurance in New Mexico for Drivers Age 65 and Older

Seniors generally pay more for their auto insurance in their late 60s. If you’re a senior driver in New Mexico looking for affordable rates, try quotes from Geico, State Farm, and USAA (if you qualify).

Related: Best car insurance for seniors

Cheapest Vehicles for Insurance in New Mexico

In New Mexico, the Honda CR-V LX, Chevrolet Trax LS and Honda Pilot S are the three least expensive vehicles for insurance, based on average rates for the top 50 selling 2021 models. The 20 cheapest are below.

The most expensive insurance cars in New Mexico among popular models are the Tesla Model S Performance ($3,352 per year) and the Volvo XC90 T8 Inscription ($2,177 per year).

Related: The most and least expensive cars to insure nationwide

Minimum car insurance required in New Mexico

You must have automobile liability insurance in Nevada. This type of insurance reimburses damages and injuries that you cause to others. Liability insurance also covers your legal defense if someone takes legal action against you due to a car accident.

Car owners in New Mexico must carry liability insurance with limits of at least:

  • $25,000 for bodily injury to a person
  • $50,000 for bodily injury to several people in an accident
  • $10,000 for property damage in an accident

This is written as 25/50/10.

It’s a good idea to buy more than the minimum required. If you cause an accident and there are multiple injuries, you could quickly exceed the minimum limits. A good rule of thumb is to carry enough liability insurance to cover your net worth, so that the insurance pays for the lawsuit judgments, not you.

What else should I have?

Coverage for uninsured/underinsured motorists. These types of insurance reimburse medical expenses when you are hit by someone without liability insurance (uninsured motorist coverage) or someone who does not have enough liability insurance (underinsured motorist coverage). By law, auto insurance companies in New Mexico must offer you these types of coverage, but you can decline them in writing. Generally, these are good types of coverage to buy.

Medical payments (MedPay). This coverage pays medical expenses for you and your passengers if you are injured in a car accident, regardless of who caused the accident. But that only pays up to your MedPay limit, which might be low. The $1,000 MedPay coverage, for example, won’t go very far.

Collision and full coverage. If you want coverage to pay for your own car repairs, these types of insurance cover a wide range of issues, such as car accidents, car theft, vandalism, riots, fires, hail, floods , collisions with animals and falling objects.

If you have an auto loan or lease, your loan or leasing company will most likely require you to have collision and comprehensive coverage.

Summary: Car Insurance Required in New Mexico

Can I show my insurance ID card from my phone?

New Mexico police are not required to accept electronic proof of auto insurance, such as an insurance ID card on a mobile phone. When you register a vehicle, you will be required to provide proof of insurance and this should be received electronically by the New Mexico Insurance Identification Database Within 24 hours. It’s a good idea to keep a copy of your auto insurance card handy in your car.

Average auto insurance premiums in New Mexico

Drivers in New Mexico pay an average of $781 per year for car insurance. Here are the average premiums for common types of coverage.

Factors Allowed in New Mexico Auto Insurance Rates

In addition to your driving record, previous claims, and vehicle model, New Mexico auto insurance companies may use these factors when calculating customer rates.

How many uninsured drivers are there in New Mexico?

About 22% of New Mexico drivers do not have car insurance, according to the Insurance Research Council. This is the fourth highest rate of uninsured drivers in the nation (behind Mississippi, Michigan and Tennessee). That’s why it’s good to have your own insurance to cover any problems they may cause, including MedPay, collision damage waiver, and/or uninsured motorist coverage.

Penalties for driving without car insurance

If you are convicted of driving without proof of insurance in New Mexico, you could be fined up to $300 and your vehicle registration could be suspended.

When can a vehicle be totaled?

If your vehicle is severely damaged as a result of an issue such as an accident or flood, auto insurance companies in New Mexico may declare the vehicle a total loss if it is “not profitable to do so”. to fix “.

Troubleshoot insurance issues

The New Mexico Public Regulatory Commission is responsible for enforcing insurance laws and approving rates. It also investigates complaints against insurance companies. If you have an unresolved issue with an auto insurance company, you can file a complaint online.

Methodology

To find the cheapest auto insurance companies in New Mexico, we used rates from Quadrant Information Services, an insurance data and analytics provider. Rates are based on a female driver with a clean record insuring a Toyota RAV4 with $100,000 per person liability coverage, $300,000 per accident and $100,000 property damage liability coverage, uninsured motorist coverage and any other coverage required in the state. The rate also includes collision and all perils with a deductible of $500.

The companies we evaluated in New Mexico were Allstate, Farm Bureau Mutual, Farmers, Geico, Progressive, State Farm, and USAA. Rate analysis was performed in October 2021.

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