Non-owner car insurance covers people who drive but don’t own a car. This type of insurance provides liability coverage, which means it will cover any damages or injuries that you may cause to others while driving someone else’s vehicle. It’s important as it offers peace of mind and financial protection, saving you from potential out-of-pocket expenses from accidental liabilities.
Non-owner car insurance is usually cheaper than standard car insurance since it doesn’t cover a New Mexico driver’s vehicle. The cost varies depending on factors such as driving record, age, years of driving experience and location.
- Non-owner car insurance costs an average of $24 a month in New Mexico for the coverage limit of 25/50/10.
- The non-owner car insurance rate is $293 per year—lower than liability-only coverage of $658 for New Mexico drivers.
- Central Insurance offers the cheapest non-owner car insurance rates in New Mexico at an average cost of $10 per month.
Do I need non-owner car insurance in New Mexico?
Non-owner car insurance in New Mexico is important for renting or borrowing cars. It helps cover costs if you’re at fault in an accident while driving a car you don’t own, so you’re not stuck paying for damages out of pocket. Also, it can work alongside the car owner’s insurance to offer additional coverage.
One common scenario where non-owner car insurance comes into play is when individuals frequently rent cars for personal or business use. Instead of purchasing insurance through the rental car company, which can be expensive, non-owner car insurance can provide similar coverage at a more affordable cost.
Additionally, keeping continuous insurance coverage, such as non-owner insurance when you’re between vehicles, can help keep your insurance premiums lower in the future. It offers coverage if you’re involved in an accident and deemed at fault. However, it does not cover the vehicle you are driving.
Average non-owner car insurance cost in New Mexico
Non-owner car insurance costs $24 a month or $293 per year in New Mexico for coverage limits of 25/50/10.
This rate may be higher or lower based on your driving profile, age, location and insurance company.
Cheapest non-owner car insurance companies in New Mexico
CarInsurance.com’s analysis shows that Central Insurance offers the most affordable non-owner car insurance rates in New Mexico, at $10 per month. Other insurers like State Farm and Iowa Farm Bureau also offer affordable premiums.
Non-owner auto insurance rates can differ depending on your driving history, ZIP code and coverage requirements. You should compare quotes from multiple insurers to find the best rate for your needs.
The table below highlights the cheapest non-owner car insurance companies in New Mexico.
| Company | Annual full coverage rates | Monthly full coverage rates |
|---|---|---|
| Central Insurance | $119 | $10 |
| State Farm | $149 | $12 |
| Iowa Farm Bureau | $175 | $15 |
| Kemper | $266 | $22 |
| Farmers | $397 | $33 |
| Progressive | $410 | $34 |
| Geico | $448 | $37 |
| Nationwide | $486 | $41 |
| USAA* | $188 | $16 |
Note: *USAA is only available to military community members and their families.
Non-owner car insurance in New Mexico, by age and gender
Non-owner car insurance costs in New Mexico vary by age and gender. If you add a male teen driver to your car insurance, expect to pay an average of $1,266 monthly, whereas if you add a 16-year-old female, you’ll pay $1,203 per month, based on CarInsurance.com’s analysis.
Young drivers, both male and female, typically pay higher insurance rates. Inexperienced drivers are more likely to be involved in accidents, which increases the risk for insurance companies. As drivers age, they gain more experience behind the wheel and thus pay lower rates compared to teen drivers in New Mexico.
See how much you’ll pay for non-owner car insurance by age and gender in the table below.
| Driver age | Male | Female |
|---|---|---|
| Teens (16-19) | $882 | $843 |
| Young Adults (20-24) | $444 | $436 |
| Adults (25-60) | $291 | $296 |
| Seniors (65-75) | $323 | $315 |
Compare non-owner car insurance rates in neighboring states
Non-owner auto insurance in the biggest New Mexico cities
In Alamogordo the average cost of non-owner auto insurance is $22 per month or $261 per year, and Farmington drivers pay $22 a month for the same coverage.
Insurance rates vary by city in New Mexico. Car insurance companies consider the rate of accidents, theft, and vandalism in a particular area when determining the premiums for non-owner car insurance.
The cost of living is another factor that influences non-owner car insurance rates. Cities with higher costs of living in New Mexico generally pay higher insurance premiums, including non-owner car insurance.
The table below shows how much you’ll pay for non-owner car insurance based on your city.
| City | Annual full coverage rates | Monthly full coverage rates |
|---|---|---|
| Alamogordo | $261 | $22 |
| Farmington | $266 | $22 |
| Clovis | $285 | $24 |
| Roswell | $287 | $24 |
| Carlsbad | $293 | $24 |
| Hobbs | $301 | $25 |
| Las Cruces | $305 | $25 |
| Santa Fe | $329 | $27 |
| Rio Rancho | $374 | $31 |
| Albuquerque | $392 | $33 |
Affordable non-owner insurance in New Mexico, by ZIP code
A 40-year-old New Mexico driver living in ZIP 87942 pays $251 a year or $21 per month for non-owner car insurance, whereas insurance rates in the ZIP code 87943 is $252 a year or $21 per month for a driver age with a clean driving record.
When should you consider buying non-owner car insurance in New Mexico?
Non-owner car insurance provides coverage for drivers who don’t own a car but still need insurance while driving someone else’s vehicle. This insurance primarily covers liability, helping you pay for any damages or injuries you may cause to others in the event of an accident.
In addition to covering accidents, non-owner car insurance can help fill in gaps, offering extra protection on top of the car owner’s existing policy. It gives the car owner peace of mind, knowing their insurance rates won’t increase because of an accident caused by someone else.
For example, if you’re driving a friend’s vehicle with only basic liability coverage, your non-owner insurance can help cover the extra costs if the damages exceed their policy’s coverage limits.
Keeping continuous insurance coverage is key to securing lower rates in the future. This includes having non-owner car insurance when you don’t own a vehicle. Insurance companies often see gaps in coverage as a sign of high risk, which could lead to higher premiums.
Maintaining non-owner car insurance during this time proves your commitment to continuous coverage, helping to keep your insurance rates more affordable in the long run.
Final thoughts on non-owner car insurance in New Mexico
Non-owner car insurance is an excellent choice in New Mexico if you occasionally rent or borrow vehicles, use a car-sharing service or need to file an SR-22 form.
It is a good option for those who often rent or borrow vehicles as it offers liability coverage when driving someone else’s car and can supplement the car owner’s existing insurance policy.
By maintaining continuous coverage with a non-owner car insurance policy, you can keep your rates lower in the future. If you regularly use rented or borrowed vehicles, get quotes from multiple insurance companies to ensure you get the best deal.
Resources & Methodology
Methodology
CarInsurance.com gathered data on non-owner car insurance rates from Quadrant Information Services. The rates are for non-owner state minimum liability only and the coverage limit varies by state.
To determine non-owner car insurance rates for different companies, CarInsurance.com used a sample profile of a 40-year-old male and female driver who owns a Honda Accord LX with no traffic violations on his record. We compared 53,409,632 insurance quotes across 34,588 ZIP codes from 170 insurance companies in the U.S.
Insurance company: Based on the analysis, we have created lists of the companies that offer non-owner insurance.
Age group: Non-owner car insurance rates are calculated by evaluating the sample profile for different age groups.
- Teens: Age 16-19
- Young adults: Age 20-24
- Adult drivers: Age 25-60
- Senior drivers: Age 65-75
To get non-owner car insurance rates for different cities and age groups we have compared 53,409,632 car insurance quotes across 34,588 ZIP codes from 75 company groups nationwide. These are sample rates and should only be used for comparison purposes.
These are sample rates and should only be used for comparison purposes.
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