Car insurance costs in New Mexico vary greatly depending on various factors, including the type of coverage you choose, coverage limits, your address and personal factors. Geico offers the cheapest annual rates for full coverage car insurance in New Mexico at $1,406 annually.
We’ve compiled this detailed guide to help you choose the right car insurance in New Mexico. The team at CarInsurance.com has done all the hard work by researching and analyzing insurance prices for different kinds of drivers.
Keep reading to learn how car insurance works in New Mexico and how much you need.
- Geico provides the most affordable annual rates for full coverage car insurance in New Mexico, costing $1,406 per year.
- In New Mexico, insurance costs differ depending on factors such as coverage limits, age and location, with key factors including the make/model of your vehicle and your driving history
- Minimum liability coverage in New Mexico costs $421 annually for limits of 25/50/10, while liability-only coverage costs $658 per year for limits of 50/100/50.
- In New Mexico, driving incidents can significantly increase premiums, with a speeding ticket raising rates by up to 22%, a DUI raising rates by 45%, and an at-fault accident by up to 37%.
How much is car insurance in New Mexico?
According to CarInsurance.com data, drivers in New Mexico pay about $171 per month for full coverage car insurance.
Understanding the average insurance cost can help you plan your budget. Remember, car insurance rates vary widely, depending on the type of car you drive, your driving history and other personal factors.
Average cost of auto insurance in New Mexico by coverage level
Car insurance costs in New Mexico can differ based on the coverage limit. To legally drive, New Mexico residents must adhere to the minimum liability limits of 25/50/10.
Liability-only insurance policies are the most affordable option and provide the minimum coverage required in New Mexico. However, they don’t offer much protection.
While liability insurance protects you from financial loss by covering legal defense and damages if you’re found responsible for causing injury or property damage to others, it doesn’t protect your vehicle or passengers.
On the other hand, full coverage car insurance costs more but provides a lot more protection. It covers damage to your car in accidents, theft, natural events and animal collisions. If you have full coverage, you can be reassured that you’re well-protected.
Full coverage comprises liability, comprehensive, collision and any other coverage required by your state.
In the table below, see the car insurance premiums in New Mexico for three different coverages.
| Coverage Level | Avg. Monthly Cost | Avg. Annual Cost |
|---|---|---|
| State Minimum – Liability Only BI/PD | $35 | $421 |
| Liability Only – 50/100/50 BI/PD | $55 | $658 |
| Full Coverage – 100/300/100 Liability BI/PD with $500 Comp/Coll Deductible | $171 | $2,049 |
State minimum car insurance in New Mexico
New Mexico laws mandate that all drivers carry insurance with minimum liability limits of $25,000 for bodily injury liability per person, $50,000 for bodily injury liability per accident and $10,000 for property damage liability.
The state minimum car insurance cost in New Mexico is $421 a year. However, this basic coverage only offers limited protection. New Mexico drivers can choose to add more coverage, such as comprehensive and collision insurance, raise their liability limits and include personal injury protection or other insurance coverage, for better protection.
Drivers in New Mexico must purchase the minimum required car insurance to operate their vehicles on the road.
Liability-only car insurance in New Mexico
Liability-only car insurance costs $658 in New Mexico for coverage limits of 50/100/50, according to CarInsurance.com data.
This policy covers the cost of damages caused to others but not damages to the policyholder’s vehicle or passengers. While it is less expensive than a full coverage plan, liability-only insurance does not protect against an accident or theft of the insured vehicle.
Full coverage car insurance in New Mexico
On average, premiums for full coverage car insurance in New Mexico cost $2,049 per year for the limits of 100/300/100 – $100,000 in bodily injury coverage, $300,000 in bodily injury coverage per accident and $100,000 in property damage coverage.
When it comes to car insurance, experts recommend opting for full coverage with the highest liability limits you can afford. It includes liability, comprehensive and collision coverage with a deductible. Full coverage car insurance protects you from unexpected events on the road. with a deductible.
Calculate the cost of car insurance in New Mexico
Insurance rates can differ depending on your ZIP code because what’s affordable in one area might be expensive in another.
Insurance companies assess various factors, such as crime rates, traffic conditions, car theft incidents and population density, to evaluate the level of risk in different areas and determine car insurance premiums.
As a result, residents in higher-risk neighborhoods in New Mexico pay more for premiums than those in lower-risk areas.
Use our simple tool to see how much you’ll have to pay for car insurance. Just type in your ZIP code, and you’ll get quotes for different coverage options quickly.
New Mexico car insurance rates by ZIP Code
For 30 year old Male ( Liability - Minimum)
Estimate car insurance in New Mexico by car model
In New Mexico, car insurance costs depend on the type of car you drive. If you have a luxury or electric vehicle that’s more expensive to repair, you’ll pay higher insurance rates than someone with a car that’s cheaper to repair.
For example, luxury brands like Maserati, BMW, Porsche and Audi tend to have higher insurance costs. On the other hand, more affordable brands like Subaru, Hyundai, Honda and Mazda typically come with the cheapest insurance cost.
Find out how much you’ll pay for car insurance for your vehicle make and model in New Mexico.
Insurance rates by car model
Guide: How to estimate car insurance using our car insurance estimator tool
Car insurance rates by age group in New Mexico
As you age, the cost of your car insurance might change. As a young driver, you’ll pay more than an experienced, older driver. This is because younger drivers are more prone to accidents. The Insurance Institute for Highway Safety reports that the crash rate for teen drivers is four times higher than for drivers 20 years old or older.
Car insurance companies know teen drivers are less experienced and riskier to insure. New Mexico drivers aged 30 to 60 have the lowest average auto insurance rates at $1,990 annually.
New Mexico drivers aged 16-19 pay $4,361 more for insurance premiums than drivers aged 30-60.
See the average rates by age group below:
- For teen drivers: Teens aged 16-19 can expect to pay $6,351 per year for a full coverage car insurance policy.
- For young adults: Drivers aged 20-25 can expect to pay $2,982 a year for a full coverage policy.
- For average-aged drivers: Drivers aged 30 to 60 can expect to pay $1,990 per year in New Mexico.
- For senior drivers: Drivers age 65 and older can expect to pay $2,044 per year.
Check out our detailed guide on average car insurance rates by age
Rates based on driver profile, history and habits in New Mexico
Having a DUI, speeding ticket or being at fault in an accident can substantially increase your insurance rates. In New Mexico, a DUI conviction often results in higher premiums and you may see an increase of up to 45% as insurers perceive you as a high-risk driver.
Similarly, if you get a speeding ticket in New Mexico, you’ll likely see an increase in your car insurance premium by up to 22% upon your policy renewal. Typically, you’ll pay more for three years. However, your rate increase also depends on state laws, your insurance company and your driving record.
Find below how much your car insurance rate increases depending on driving incidents:
- Speeding ticket: Up to 22% increase
- DUI conviction: 45% increase
- At-fault accident (bodily injury and property damage): 37% increase
Even if you’ve received a traffic ticket, you can still save money by comparing insurance quotes.
Car insurance cost in New Mexico for high-risk drivers
In New Mexico, if you’re a high-risk driver, you’ll pay more for car insurance. Factors such as past accidents, speeding tickets, and having a low credit score can increase your insurance costs.
High-risk drivers can lower their insurance premiums by comparing price quotes from different insurance companies. Each company offers different prices, so shopping around and finding the best deal that fits your needs is a good idea.
Use this tool to determine which company has the best prices for drivers with speeding tickets, DUIs, or at-fault accidents on their driving records.
Select your state and risk factor below to see the insurance company and its
average annual full coverage rates.
| Company Name | Insurance Rates |
|---|---|
| USAA | $1,601 |
| State Farm | $1,919 |
| Progressive | $2,288 |
| Geico | $2,551 |
| Nationwide | $3,005 |
| Iowa Farm Bureau | $3,774 |
| Kemper | $4,050 |
| Farmers | $4,292 |
| Allstate | $4,375 |
Learn more: The 10 most important factors that affect car insurance rates
Explore car insurance costs in your neighboring states
Compare car insurance quotes in New Mexico
In New Mexico, drivers can save on car insurance by comparing prices from different companies. Many factors affect how much you pay, like your driving history and the type of car you drive. Luckily, there are plenty of choices to help you find good insurance that fits your budget.
Begin your search for the top car insurance policy in New Mexico by getting quotes from multiple insurance providers and comparing them.
Below is a breakdown of car insurance companies in New Mexico and their average annual premiums.
| Company | State Minimum | 50/100/50 | 100/300/100 |
|---|---|---|---|
| Geico | $380 | $538 | $1,406 |
| Central Insurance | $192 | $406 | $1,517 |
| Progressive | $357 | $530 | $1,557 |
| State Farm | $321 | $512 | $1,669 |
| Nationwide | $545 | $765 | $1,806 |
| Farmers | $575 | $1,226 | $2,740 |
| Allstate | $788 | $862 | $2,834 |
| Iowa Farm Bureau | $396 | $604 | $2,912 |
| Kemper Insurance | $467 | $763 | $3,268 |
| USAA | $198 | $399 | $1,054 |
Car insurance rates by city in New Mexico
Kirtland Air Force Base is New Mexico’s most expensive city for car insurance at an average cost of $2,332 annually. Alamogordo is the state’s least expensive city, with an average car insurance rate of $1,742 annually.
Car insurance premiums differ across cities in New Mexico and are influenced by traffic conditions. Cities with heavier traffic often experience more frequent accidents and insurance claims, which results in higher insurance costs.
Rates can also be influenced by factors such as uninsured motorist statistics, expenses related to repairs and medical treatment, as well as the overall crime rate in the city.
Find below the average annual car insurance cost for drivers in some of New Mexico’s major cities.
Select your city below to see the insurance company and its average full coverage rates.
| Company Name | Insurance Rates |
|---|---|
| USAA | $1,173 |
| Central Insurance | $1,492 |
| Geico | $1,657 |
| Progressive | $1,852 |
| Nationwide | $1,969 |
| State Farm | $2,132 |
| Allstate | $3,149 |
| Farmers | $3,259 |
| Iowa Farm Bureau | $3,424 |
| Kemper | $3,582 |
How much does car insurance cost in New Mexico per month?
In New Mexico, a full coverage car insurance policy with 100/300/100 limits typically costs about $171 per month.
For some people, it is better to pay car insurance monthly because it gives them more flexibility in their budget. They can spread the cost over a longer period of time and don’t have to worry about a large lump sum payment.
While paying your car insurance in full upfront at renewal can sometimes get you a discount, the best choice will depend on your situation.
| Coverage Level | Avg. Monthly Rates |
|---|---|
| State Minimum – Liability Only BI/PD | $35 |
| Liability Only – 50/100/50 BI/PD | $55 |
| Full Coverage – 100/300/100 Liability BI/PD with $500 Comp/Coll Deductible | $171 |
Final thoughts on choosing car insurance in New Mexico
There’s no one best car insurance for everyone. Some drivers are willing to pay a bit more for outstanding customer service, some want the lowest rates, others prefer carriers who can handle claims and payments through mobile apps and some prefer agents.
Ultimately, understanding your needs to find the best policy at the most competitive price is critical. Shop around for a good deal that provides peace of mind when hitting the open road in New Mexico.
Resources & Methodology
Sources
- Insurance Institute for Highway Safety. “Teenagers.” Accessed March 2025.
- USAA. “How credit affects insurance premiums.” Accessed March 2025.
Methodology
CarInsurance.com commissioned Quadrant Information Services to get car insurance rates in New Mexico. The average premiums are based on the sample profile of a 40-year-old male and female driving a Honda Accord LX with a good insurance score and a clean driving record.
The rates are for different coverage limits. It includes:
- Full coverage car insurance with a coverage limit of $100,000 in bodily injury per person, $300,000 in bodily injury coverage per accident, $100,000 in property damage coverage per accident and a $500 collision/comprehensive deductible.
- Liability-only car insurance rates with a limit of 50/100/50.
- State minimum coverage limit of 25/50/10.
To evaluate the rates, we have compared 53,409,632 insurance quotes from 75 company groups across 34,588 ZIP codes. The average premiums are for comparison purposes only; your exact rates may vary.
Note: USAA is only available to military community members and their families.
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