December 1, 2021

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Best New Mexico Car Insurance Providers (2021)

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Like nearly every state in the country, New Mexico requires all drivers to have car insurance. In this review, we’ll help you find the best New Mexico car insurance provider for your vehicle and budget. We’ll also explain state minimum coverage requirements and review average car insurance rates in the Land of Enchantment.

Our review team ranked the best car insurance companies in the nation based on coverage, industry standing, availability, costs, and more. Now, we’ve used the same criteria to determine the top providers in New Mexico.

If you’re trying to find the cheapest auto insurance in New Mexico, the best thing to do is request free quotes from multiple providers. You can get started right away by entering your zip code below.

 

In this article:

Cheapest Car Insurance Companies In New Mexico

According to our rate estimates for full-coverage insurance, USAA, State Farm, and Nationwide are among the more affordable options in New Mexico.

Car Insurance Provider Average Annual Cost Estimate
USAA $874
State Farm $1048
Nationwide $1130
Progressive $1325
Central Mutual $1388

Car insurance rates are different for each individual, as they’re based on factors such as your age, marital status, driving records, gender, and location. Looking at state averages will not tell you exactly how much your New Mexico car insurance will cost, but it can give you an idea of how expensive it is relative to other states.

The following table shows the average car insurance payments for the most common types of car insurance in New Mexico, as collected in 2018 by the National Association of Insurance Commissioners (NAIC).

Type Of Coverage Average Annual Expenditure
Liability coverage $577
Collision coverage $311
Comprehensive coverage $214
Total Cost $1,102

*To calculate average expenditures, NAIC assumed that all insured vehicles would carry liability coverage but not necessarily collision or comprehensive. Total cost per year measures what consumers actually spent.

The average cost of car insurance in New Mexico is higher than the nationwide average, which was $1,056 in 2018.

In New Mexico, a 24-year-old driver can pay 44 percent more for full coverage car insurance than a 34-year-old driver. 

Age New Mexico Annual Car Insurance
24 $1992
35 $1385
 

According to our rate estimates, men pay slightly more for car insurance in New Mexico than women. 

Gender New Mexico Annual Car Insurance
Female $1374
Male $1396
 

New Mexico allows car insurance companies to use credit reports to predict risk levels. In the state, someone with poor credit can pay 69 percent more than someone with good credit. 

Credit Rating New Mexico Annual Car Insurance
Good $1385
Fair $1608
Poor $2346
 

Having an accident on your record can raise your rates by as much as 43 percent in New Mexico, and a DUI by at least 55 percent.

Driving Record New Mexico Annual Car Insurance
Clean $1385
Speeding Ticket $1666
At-Fault Accident $1980
DUI $2153
 

5 Best New Mexico Car Insurance Companies

The table below shows our top five picks for New Mexico car insurance. Many of our highest-rated national providers made the list. Every company mentioned below performed well in the J.D. Power 2020 U.S. Auto Insurance Satisfaction StudySM for the Southwest region, which includes Arizona, Colorado, Nevada, New Mexico, and Utah.

 

*Not all companies were included in our rate estimates for each state. You may also notice that some car insurance companies are listed above those with higher star ratings. This is because our star ratings take into account nationwide factors, while our ranking looks specifically at what insurance providers are best for car insurance in New Mexico.


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Geico’s low rates and consistently high customer satisfaction marks helped it earn our recommendation as the best overall provider in the U.S. We also named it the best provider for New Mexico drivers because of its strong performance in the J.D. Power Satisfaction Study for the Southwest region. In the study, Geico tied for first place, scoring 834 out of a possible 1,000 points. It tied with American Family Insurance, which is not available to drivers in New Mexico.

Geico also scores well by national satisfaction metrics. It holds an A+ rating from the Better Business Bureau (BBB) and many positive customer reviews. It’s also rated A++ for financial strength by AM Best, meaning it has the financials to back its policies. And filing claims is quick and easy using the Geico claims mobile app.

Geico doesn’t just offer strong service, but also low-cost policies. Geico has numerous discounts, such as:

  • Multiple policy discount
  • Multiple vehicle discount
  • Federal employee discount
  • Safety features discount
  • Good student discount
  • Good driver discount
  • Military discount
  • Defensive driving discount

Based on our research, Geico is the best place to start shopping for New Mexico car insurance policies.

Geico Pros Geico Cons
Superior financial strength rating and A+ rating from the BBB Average quotes experience
Many choices for coverage available in 50 states Usage-based app not available in all states
High level of customer satisfaction  
Easy-to-use Geico mobile app  
 

Learn more about the company by reading our full Geico review.


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USAA actually scored higher than Geico in the J.D. Power Satisfaction Study for the
Southwest region, with a total of 876 out of 1,000 points. However, it is not eligible for ranking because it is not available for all drivers. USAA membership is restricted to military members and their immediate families. If you do not meet either of these criteria, you will need to search for an insurance policy elsewhere.

The limited availability is one of the reasons we ultimately rate Geico higher than USAA for New Mexico car insurance. However, if a USAA policy is available for you, it should be your first consideration. Drivers who choose USAA often pay the lowest premiums, especially if they are able to take advantage of USAA’s discount opportunities, which include:

  • Annual mileage discount: Drivers over the age of 19 can receive a discount for driving a low number of miles each year.
  • Good student discount: Full-time students with a GPA of at least 3.0 receive a discount.
    New vehicle discount: You’ll receive a discount for insuring vehicles that are less than three years old.
  • Automatic payment discount: You’ll earn up to three percent off for scheduling automatic payments.
  • Family discount: If you have family members who are also insured through USAA, you can receive premium reductions.
  • Military garaging discount: Drivers who store their vehicles on a military base receive up to 15 percent off comprehensive coverage.
  • Premier driver discount: A discount is provided to drivers that go without an accident or ticket for five years.
  • Defensive driving discount: A discount is offered to drivers that complete a defensive driving course.
  • Driver training discount: Drivers under the age of 21 can receive a discount by taking a driver training course.

USAA has an A++ financial strength rating from AM Best, indicating a superior ability to pay out customer claims.

USAA Pros USAA Cons
Affordable rates and numerous discounts Only available for military and their families
Good option for military and young drivers  
Superior financial strength rating and A- rating from the BBB  
 

To learn more information about this provider, read our full USAA insurance review.


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Like USAA, The Hartford insurance is not available to everyone. To enroll in a policy from The Hartford, potential customers must have an AARP membership. To those who are AARP members, The Hartford may offer the lowest rates for New Mexico car insurance.

The company does well in terms of customer satisfaction. It holds an A+ rating from the BBB and has a 4.8 out of 5.0-star rating on Trustpilot. New Mexico drivers also seem to appreciate The Hartford’s service and claims processes, as it scored 829 out of 1,000 points in the J.D. Power Satisfaction Study for the region, putting it in fourth place overall and above the regional average of 827.

We also recommend The Hartford because of its variety of plan benefit options, which include

  • 24-hour roadside assistance plans
  • Legal representation for accidents
  • Customer repair service program
  • No-deductible windshield repair service
  • Emergency expense coverage
  • Disappearing collision deductible
  • Accident forgiveness
  • Deductible waiver

Plans offered by The Hartford come with a lifetime renewability guarantee, which means that once you have an insurance policy in place, you can never be denied coverage as long as you continue to pay your premiums and maintain a valid driver’s license.

The Hartford Pros The Hartford Cons
Variety of plan options in all 50 states High rates for young drivers
Rate locked for 12 months and lifetime renewability AARP membership required
Excellent financial strength rating and A+ rating from the BBB  
Discounted rates for people over age 50  
 

Read our full Hartford insurance review to learn more.


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Allstate works through a network of local agents to provide coverage, which is likely one of the reasons it did so well in the J.D. Power Satisfaction Study for the region. It ultimately ranked third, behind Geico and American Family. With a score of 830 out of 1,000, it did better than the regional average of 827.

While our research indicates that, on average, Allstate tends to be more expensive than some of our other recommendations, this isn’t the case for all customers. Those who can take advantage of Allstate’s many discounts may be able to get excellent New Mexico car insurance without paying a significantly higher rate. Allstate discounts include:

  • Multiple policy discount
  • Multiple vehicle discount
  • New vehicle discount
  • Good student discounts for drivers under 25
  • Safety features discount
  • Anti-theft device discount
  • Early signing discount
  • Automatic payment discount
  • Paperless billing discount
  • Pay-in-full discount
  • Safe driving discount

If you don’t drive very often, Allstate may be a good choice because of its Drivewise program. This program offers mileage-based discounts and rewards policyholders based on driving data collected through a plugin device. Just signing up for the program comes with a three-percent policy discount.

Allstate Pros Allstate Cons
Works through a network of local agents to provide coverage in all 50 states Can be expensive
Superior financial strength rating by AM Best and A+ rating with the BBB Mixed customer service reviews
Mileage-based discount program  
 

Learn more about this company by reading our full Allstate insurance review.


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Young drivers looking for New Mexico car insurance coverage would do well to consider a State Farm policy. Based on our research, it’s the best insurer for students because of its many discount offers, such as:

  • Safe driving discounts: Gives a discount for having a clean driving record with no accidents or moving violations for three years
  • Driver training discount: Gives a discount for completing a defensive driving course or a driver’s education course
  • Student discounts: Offers discounts to students away at school as well as students with good grades
  • Safe vehicle discounts: Provides discounts for vehicles that have modern safety features and anti-theft mechanisms
  • Loyalty discounts: Provides up to 20 percent off for insuring multiple vehicles and 17 percent off for bundling your home and auto insurance policies

While State Farm did not rate as highly for the region in the J.D. Power Satisfaction Study, it still made a strong showing, ending up in fifth place overall with 826 out of 1,000 points. State Farm does score well according to other customer review metrics. For example, it holds an A+ rating from the BBB.

State Farm Pros State Farm Cons
Largest auto insurer in the country, available in 48 states Reported errors with autopay
Many discounts for teens and students Not taking new customers in Massachusetts or Rhode Island
Positive customer reviews Higher rates than some competitors
Easy online quotes process  
Superior financial strength rating and A+ rating from the BBB  
 

Learn more about this company by reading our full State Farm insurance review.


New Mexico Car Insurance Requirements

New Mexico car insurance requirements state that all drivers maintain a 25/50/10 liability insurance policy. This means:

  • $25,000 bodily injury liability per person
  • $50,000 bodily injury liability per accident
  • $10,000 property damage liability per accident

New Mexico is an at-fault state. This means that if you are responsible for an accident, your insurance provider will not cover damages to your vehicle unless you have a comprehensive car insurance policy. It is also a good idea for drivers to maintain medical coverage, collision, and uninsured/underinsured motorist coverage, though these are not required by New Mexico state law.

Driving without the state minimum insurance is illegal and can result in the following penalties in New Mexico:

  • First offense: Receive a fine up to $300, imprisonment up to 90 days, and suspension of registration
  • Second offense: Receive a fine up to $1,000, prison up to 6 months, and suspension of registration

In addition to legal consequences, your personal assets could be in danger if you get into an accident and are uninsured. Because New Mexico is not a no-fault state, the other driver could sue you for damages if you are uninsured or if your insurance does not pay the full cost of damages, repairs, and medical bills.


What To Know About Driving In New Mexico

Based on data collected by the Insurance Institute for Highway Safety (IIHS), New Mexico drivers traveled an average of 18,710 miles per licensed driver in 2018. This is more than in most states and may be one of the reasons that the state has a higher-than-average rate of auto fatalities.

The study found that there were 391 auto deaths in New Mexico in 2018, which was 18.7 deaths per 100,000 people living in the state. This is much higher than the national average of 11.2 deaths per 100,000 people.

Be careful when driving in New Mexico. Don’t drive while tired or intoxicated, always wear your seatbelt, and be prepared for driving on desert roads.


Final Thoughts

For New Mexico car insurance, we recommend drivers look into policies from Geico, USAA, The Hartford, Allstate, and State Farm. Each of these providers offers low rates for the area, and all performed well in regional customer satisfaction surveys.

Of course, if you’re looking for the lowest possible rate, the only way to find it is to compare personalized quotes. Use the free tool below to get started.

 

FAQ: New Mexico Car Insurance


Methodology

In an effort to provide accurate and unbiased information to consumers, our expert review team collects data from dozens of auto insurance providers to formulate rankings of the best insurers. Companies receive a score in each of the following categories, as well as an overall weighted score out of 5.0 stars.

  • Industry Standing: Insurers with strong financial ratings and customer-first business practices receive the highest scores in this category.
  • Availability: We consider availability by state as well as exclusions for specific groups of drivers.
  • Coverage: This rating is based on types of insurance available, maximum coverage limits, and add-on policies.
  • Cost and Discounts: Our research team reviews auto insurance rate estimates generated by Quadrant Information Services for a variety of drivers in every state. Companies with lower prices and many car insurance discount opportunities receive the best scores.
  • Customer Service: We comb through customer reviews and consumer feedback studies from experts like J.D. Power.
  • Technology: Auto insurers with mobile apps, advanced online services and telematics are more likely to meet consumer needs.
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