Updated: December 1, 2024
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New Mexico drivers pay an average of $1,189 annually for full coverage car insurance, while minimum coverage averages $522.
Several factors impact your premium, including age, coverage level, location, driving record and credit history. When selecting your policy, find a balance between affordability and protection.
New MexicoCar InsuranceCostsWhy Trust MoneyGeek? We analyzed data and quotes from Quadrant Information Services and the New Mexico Office of Superintendent of Insurance to get precise average costs for various drivers in the state.
These rates reflect the average cost of car insurance in New Mexico as of November 2024.
New Mexico's average full coverage car insurance cost is $1,189 annually or roughly $99 monthly. To assess and find the best option for you, compare car insurance quotes.
Below are the average costs of full and minimum coverage policies in New Mexico, showing what you might pay monthly and yearly for auto insurance.
| 100/300/100 Full Cov. w/$1,000 Ded. | $1,189 | $99 |
| 100/300/100 Liability Only | $630 | $53 |
| State Minimum Liability Only | $522 | $43 |
Compared to the national average cost of car insurance, New Mexico's rates are lower. For full coverage with a $1,000 deductible, the state average annual premium is $1,189, while the national average is $1,358. For minimum coverage, the state average is $522 annually, cheaper than the national average of $628.
Several factors influence car insurance premiums in New Mexico, including traffic density, accident and vehicle theft rates, and the cost of living. Uninsured drivers, crime rates in some areas and weather also affect insurance costs.
Car insurance premiums vary by company, even within the same state. GEICO is the cheapest full coverage option in New Mexico, at $814 per year. Allstate charges the most expensive average annual premium, at $1,514.
Compare car insurance quotes from different companies to find the most affordable insurer. Shopping around ensures you get a better price for the protection you need.
| GEICO | $814 | $68 |
| Progressive | $859 | $72 |
| State Farm | $1,046 | $87 |
| Farmers | $1,148 | $96 |
| Nationwide | $1,216 | $101 |
| Kemper | $1,438 | $120 |
| Iowa Farm Bureau | $1,480 | $123 |
| Allstate | $1,514 | $126 |
In New Mexico, car insurance costs vary based on the coverage level. Minimum coverage averages about $43 a month, while full coverage with a $1,000 deductible is around $99 monthly. Although more expensive, full coverage insurance is recommended for better protection.
Adding comprehensive and collision coverages will raise your premium, but you can lower costs by choosing a higher deductible, like $1,000. This deductible applies to each comprehensive and collision claim you file.
| State Minimum Liability Only | $522 | $43 |
| 100/300/100 Liability Only | $630 | $53 |
| 300/500/300 Liability Only | $709 | $59 |
| State Minimum Liability w/ Full Cov. w/$1,500 Ded. | $1,021 | $85 |
| State Minimum Liability w/ Full Cov. w/$1,000 Ded. | $1,081 | $90 |
| 100/300/100 Full Cov. w/$1,500 Ded. | $1,130 | $94 |
| 100/300/100 Full Cov. w/$1,000 Ded. | $1,189 | $99 |
| 300/500/300 Full Cov. w/$1,500 Ded. | $1,208 | $101 |
| State Minimum Liability w/ Full Cov. w/$500 Ded. | $1,224 | $102 |
| 300/500/300 Full Cov. w/$1,000 Ded | $1,268 | $106 |
| 100/300/1000,000 - 500 comp_coll | $1,332 | $111 |
| 300/500/300 Full Cov. w/$500 Ded. | $1,411 | $118 |
New Mexico's minimum car insurance requirements consist of $25,000 for bodily injury per person, $50,000 for bodily injury per accident and $10,000 for property damage per accident. There's no mandate for uninsured/underinsured motorist coverage, personal injury protection or medical payments.
$25,000 for bodily injury liability per person
This is the minimum amount required in New Mexico to cover the medical expenses of one person injured in an accident you cause.
$50,000 for bodily injury liability per accident
New Mexico requires this amount for injuries per accident, covering expenses when multiple people are injured.
$10,000 for property damage liability per accident
This coverage pays for damage you cause to another person's property in a car accident in New Mexico.
Location affects car insurance costs. For instance, full coverage in Las Cruces averages $916 per year, while it's $1,210 in Albuquerque. Factors like accident rates, crime and the risk of natural disasters in your area influence your premiums.
| Albuquerque | $1,210 | $520 |
| Las Cruces | $916 | $405 |
Age plays a big role in car insurance costs in New Mexico. Young drivers aged 22 to 29 pay the highest rates, averaging $1,434 annually.
As drivers age and gain experience, premiums drop. Those between 30 and 59 pay about $1,189 annually, while drivers 60 and older enjoy the lowest rates at $1,164.
| 22-29 | $1,434 | $119 |
| 30-59 | $1,189 | $99 |
| 60 + | $1,164 | $97 |
Age and gender impact car insurance rates in New Mexico. A 16-year-old male driver added to a family policy typically faces an average annual cost of $2,615 — the highest premium among all ages. For individual policies, premiums rise to around $5,643. Teens under 18 generally can't purchase car insurance without a guardian co-signer.
The average annual cost of full coverage car insurance is $932 for a 2012 model and $1,173 for a 2022 model. This increase is due to the higher actual cash value of newer cars, expensive repairs and greater theft risk.
Experts recommend comprehensive and collision coverages for newer models, which offer better protection for your investment in case of accidents or theft.
| 2012 Vehicle | $932 | $78 |
| 2022 Vehicle | $1,173 | $98 |
Your vehicle's actual cash value (ACV) is the basis for the payout on comprehensive or collision claims. It's determined by the vehicle's market value minus depreciation. Your insurance will reimburse you up to the car's ACV, less any deductible, in case of damage or total loss.
The average cost of car insurance in New Mexico varies greatly based on driving record.
How much you pay for car insurance depends on the severity of the violations. In New Mexico, tickets, accidents or DWIs stay on your record for a set time and keep raising your premiums while they remain. For example, a DWI can affect your rates for up to seven years.
Check the table by coverage and age group to see the average insurance costs for different driving records. This will help you understand how infractions impact your rates.
| Clean | $1,189 | $99 |
| Ticket | $1,414 | $118 |
| At-fault Accident | $1,661 | $138 |
| DUI | $1,770 | $147 |
New Mexico drivers experience big differences in car insurance costs based on credit scores. Those with excellent credit pay around $786 annually, while drivers with poor credit pay about $1,328.
Insurers use credit scores to assess financial responsibility, with a good credit score ranging from 670 to 739, very good from 740 to 799 and excellent 800 and above. Lower credit scores are seen as riskier, leading to higher premiums.
| Excellent | $786 | $66 |
| Good | $910 | $76 |
| Fair | $1,031 | $86 |
| Below Fair | $1,163 | $97 |
| Poor | $1,328 | $111 |
These are the key factors influencing the average cost of car insurance in New Mexico:
Compare car insurance quotes to find coverage that meets your needs and budget.
To get affordable car insurance in New Mexico, compare rates from different insurers, raise your deductible and use available discounts for maximum savings.
Compare multiple quotes
Reviewing various insurance offers can help you find the most affordable car insurance in New Mexico, potentially saving hundreds of dollars annually.
Maintain a clean driving record
A clean driving record with no accidents or traffic violations can significantly lower your insurance rates, as insurers consider you a lower risk.
Increase your deductible
Opting for a higher deductible can reduce your premium, but ensure you can afford the out-of-pocket costs if an accident occurs.
Bundle insurance policies
Bundling car insurance with other policies like home or renters insurance can lead to discounts and more affordable premiums.
Look for discounts
Insurers may offer discounts for various reasons, such as safe driving, multiple vehicles or being a good student, which can help find cheaper rates.
Choose a car that's cheap to insure
Selecting a vehicle that is less expensive to insure can contribute to overall lower insurance costs, especially in New Mexico.
Review your coverage regularly
Regularly reassess your coverage needs to ensure you're not overpaying for insurance you don't need while still being adequately protected.
We answer common questions about the average cost of car insurance in New Mexico, offering insights into factors that influence premiums and how to reduce your premium.
To legally drive in New Mexico, you need at least $25,000 in bodily injury coverage per person, $50,000 per accident, and $10,000 for property damage per accident. These minimum car insurance requirements ensure compliance with state laws.
In New Mexico, full coverage auto insurance typically costs around $1,189 annually, or about $99 each month. If you're considering minimum coverage, expect to pay approximately $522 per year, which breaks down to $43 per month.
A 22-year-old in New Mexico might pay around $1,434 yearly for a full coverage policy with a 100/300/100 limit and a $1,000 deductible, which is about $119 monthly. A 100/300/100 liability-only policy averages $755 annually or $63 per month, while minimum coverage costs roughly $618 per year, or $51 monthly.
For budget-conscious drivers in New Mexico, the cheapest car insurance companies for minimum coverage include Progressive at $353 per year and State Farm at $394 annually.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
