In New Mexico, full coverage car insurance averages $1,189 yearly, while minimum coverage is about $522. These rates are $107 and $73 less, respectively, than the national average — making insurance in the Sunshine State more wallet-friendly.
Average Cost of Car Insurance in New Mexico
Updated: December 24, 2024
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Key Takeaways
Drivers in the Sunshine State pay 8% less for full coverage car insurance compared to the national average.
Minimum coverage in the state is also 12% cheaper than what drivers pay on average nationwide.
The average cost for full coverage is $1,189, while minimum coverage costs $522, making it one of the more affordable states for car insurance.
How Much Is Car Insurance in New Mexico?
| Full Coverage | $1,189 | $1,296 | -8% |
| State Minimum Liability Only | $522 | $595 | -12% |
Read More: Average Cost of Car Insurance
New Mexico Car Insurance Rates by Coverage Level
Your choice of coverage level changes your car insurance rate in the Sunshine State. Go for higher liability limits or full coverage, and your rate goes up, but a bigger deductible could bring your premium down. Here are the average costs for minimum coverage and full coverage in New Mexico, with different deductibles and liability limits.
| 300/500/300 | Full Coverage | $1,411 | $500 |
| 100/300/100 | Full Coverage | $1,332 | $0 |
| 300/500/300 | Full Coverage | $1,268 | $1,000 |
| State Minimum | Full Coverage | $1,224 | $500 |
| 300/500/300 | Full Coverage | $1,208 | $1,500 |
| 100/300/100 | Full Coverage | $1,189 | $1,000 |
| 100/300/100 | Full Coverage | $1,130 | $1,500 |
| State Minimum | Full Coverage | $1,081 | $1,000 |
| State Minimum | Full Coverage | $1,021 | $1,500 |
| 300/500/300 | Liability Only | $709 | $0 |
| 100/300/100 | Liability Only | $630 | $0 |
| State Minimum | Liability Only | $522 | $0 |
Read More: Liability vs. Full Coverage Car Insurance
Average New Mexico Car Insurance Cost by City
Car insurance rates in New Mexico can change due to crime, traffic, weather, and repair costs. For example, Albuquerque's full coverage rate is $1,210, while Las Cruces offers it at $916. Compare these rates with other cities by checking the table below.
| Albuquerque | $1,210 | -37% | $520 | -53% |
| Las Cruces | $916 | -52% | $405 | -63% |
Average New Mexico Car Insurance Cost by Age
In New Mexico, your age can make your car insurance more expensive. Young drivers, like those who are 25, often pay more because they're seen as riskier. On average, 25-year-olds pay over 20% more for state minimum coverage and over 20% more for full coverage than 40-year-olds. Compared to 65-year-olds, they pay around 16% more for minimum and 23% more for full coverage.
| 25 | $1,434 | $618 |
| 40 | $1,189 | $522 |
| 65 | $1,164 | $534 |
In most places, how old you are can change your car insurance cost. But in California, Massachusetts, and Hawaii, your age doesn't affect the price of minimum coverage.
Car Insurance Costs in New Mexico for Young Drivers by Gender
Young drivers in New Mexico face higher car insurance costs due to the increased risk from higher accident rates. On average, drivers aged 18 to 25 pay $1,673 per year when added to a family policy, which is 26% less than an individual policy at $2,105.
Gender also influences car insurance rates for young New Mexico drivers. Female drivers aged 18 to 25 pay an average of $2,015 per year, which is 9% less compared to male drivers who pay $2,196. Below, you'll find the average car insurance costs for individual and family policies for young drivers in New Mexico, broken down by gender.
Car Insurance Costs in New Mexico for Young Women
An 18-year-old woman in the Sunshine State can be added to a family car insurance policy for an average of $1,688. Choosing an individual policy instead can hike the rate up to $3,546.
| 18 | $3,546 | $1,688 | -52% |
| 19 | $2,407 | $1,948 | -19% |
| 20 | $2,193 | $1,785 | -19% |
| 21 | $1,858 | $1,514 | -19% |
| 22 | $1,770 | $1,723 | -3% |
| 23 | $1,565 | $1,523 | -3% |
| 24 | $1,501 | $1,460 | -3% |
| 25 | $1,281 | $1,255 | -2% |
Car Insurance Costs in New Mexico for Young Men
An 18-year-old man in New Mexico typically pays $3,935 for individual full coverage car insurance. By joining a family policy, the cost drops to $1,873, saving 52% annually.
| 18 | $3,935 | $1,873 | -52% |
| 19 | $2,669 | $2,130 | -20% |
| 20 | $2,430 | $1,952 | -20% |
| 21 | $2,028 | $1,631 | -20% |
| 22 | $1,906 | $1,840 | -3% |
| 23 | $1,675 | $1,617 | -3% |
| 24 | $1,593 | $1,536 | -4% |
| 25 | $1,330 | $1,297 | -3% |
Average New Mexico Car Insurance Cost by Driving Record
In New Mexico, a driving mishap could bump up your car insurance by a hefty sum. For instance, causing an accident might push your full coverage to about $1,661, while a DUI could take it to $1,770. Even just a ticket can increase your rate to around $1,414. We've laid out how these numbers stack up against the average for Sunshine State drivers with a spotless record.
| At-Fault Accident | $1,661 | -13% | $726 | -34% |
| DUI | $1,770 | -7% | $796 | -27% |
| Ticket | $1,414 | -26% | $603 | -45% |
Read More: [High-Risk Car Insurance in New Mexico](https://www.moneygeek.com/insurance/auto/high-risk-car-insurance-new mexico/)
Average New Mexico Car Insurance Cost by Credit Score
Your credit-based insurance score is key for insurers when setting car insurance prices in New Mexico. Rates for full coverage can vary widely, with average annual premiums of $982 for drivers with excellent credit to $1,695 for people with poor credit.
| Excellent | $983 | -48% | $342 | -69% |
| Good | $1,142 | -40% | $390 | -64% |
| Fair | $1,297 | -32% | $440 | -60% |
| Below Fair | $1,474 | -23% | $487 | -56% |
| Poor | $1,695 | -11% | $536 | -51% |
CREDIT SCORES AND YOUR PREMIUM
A credit score between 670 and 739 indicates financial dependability and may result in lower insurance premiums for drivers in New Mexico. However, credit-based insurance scores are not allowed for pricing in Hawaii, Massachusetts, Maryland, California, and Michigan. In North Carolina, Oregon, Washington, Utah, and Nevada, credit scores can only be used in specific situations.
Average New Mexico Car Insurance Cost by Company
Car insurance costs can vary a lot by company, even in the same place. In New Mexico, GEICO has the most affordable average annual full coverage at $814. Allstate charges the most, with their average premium being 87% higher than GEICO's.
| GEICO | $814 | $429 |
| Progressive | $859 | $353 |
| State Farm | $1,046 | $394 |
| Farmers | $1,148 | $531 |
| Nationwide | $1,216 | $602 |
| Kemper | $1,438 | $562 |
| Iowa Farm Bureau | $1,480 | $404 |
| Allstate | $1,514 | $900 |
Read More: [Cheapest Car Insurance Companies in New Mexico](https://www.moneygeek.com/insurance/auto/cheapest-car-insurance-new mexico/)
Average New Mexico Car Insurance Cost by Vehicle Age
In New Mexico, newer cars have higher insurance premiums due to their value and repair costs. The average annual premium for full coverage on a new model is $1,173, while a 10-year-old model averages $932.
| 10-Year-Old Vehicle | $932 | $425 |
| New Model Vehicle | $1,173 | $413 |
ACTUAL CASH VALUE
The actual cash value (ACV) represents your car's worth before any damage. In comprehensive or collision claims, insurers use ACV to determine the maximum payout for repairs or replacement, subtracting any deductible. This process ensures the claim aligns with the vehicle's fair market value.
Read More: Used Car Insurance
New Mexico Car Insurance Rates Explained
In New Mexico, car insurance rates vary from the national average. We'll show you why costs are high or low and what determines the price for full coverage and state minimum policies.
Is Car Insurance Expensive in New Mexico?
Car insurance in New Mexico is affordable, with an average full coverage cost of $99 per month. It's about 8% cheaper than the national average for full coverage policies.
Read More: Why Car Insurance is So Expensive
Car Insurance Costs in New Mexico vs. National Average
National Average Cost
Full Coverage Car Insurance
$108
New Mexico Average Cost
Full Coverage Car Insurance
$99NM Car Insurance Is Cheap:$9 saved
This is 8% less expensive.
Why Are Car Insurance Rates Expensive in New Mexico?
New Mexico's car insurance rates are high due to urbanization, severe weather, and strict legal requirements. These factors lead to more claims and higher costs. Choosing an affordable plan can help manage these expenses. For more detailed information, explore car insurance options.
Read More: Car Insurance Rates by State
Estimating Your Car Insurance Costs in New Mexico
While average car insurance rates in the Sunshine State reflect broader trends, your personal rate depends on your unique details. When estimating costs, consider your driving record, vehicle type, and coverage level for an accurate quote.
Driving Record
A spotless driving record can lead to discounts on car insurance. Avoid traffic violations and accidents to keep your rates low.
Age and Gender
Younger drivers and males typically face higher rates. If you're in these groups, shop around for insurers that offer competitive pricing for your demographic.
Credit History
Insurers often use credit scores to determine risk. Work on improving your credit score for a chance at lower insurance premiums.
Vehicle Type
Insurance costs can vary with vehicle type. Opt for a car that's less expensive to insure, such as one with a strong safety record.
Location Within New Mexico
Living in areas with lower crime and accident rates in New Mexico can reduce your insurance costs. Consider this when moving or shopping for insurance.
Coverage Level
Higher coverage levels lead to higher premiums. Choose the right balance of coverage to ensure affordability while staying protected.
Marital Status
Married individuals may receive lower rates due to perceived stability. Check if your insurer offers a discount for being married.
State Law
New Mexico has specific insurance requirements. Familiarize yourself with these to ensure you're not overpaying for unnecessary coverage.
Read More: New Mexico Car Insurance Calculator
Minimum Car Insurance in New Mexico
In New Mexico, the average cost for state minimum car insurance is $522, less than the national average of $595. This basic coverage is more affordable when compared to full coverage options. Below is a table detailing New Mexico's minimum insurance requirements.
New Mexico Car Insurance Requirements
In New Mexico, the state minimum for car insurance includes $25,000 for each injured person, up to $50,000 per accident, and $10,000 for property damage per accident.
Liability Limits | Description |
|---|---|
$25,000 for bodily injury liability per person. | New Mexico requires a minimum of $25,000 for bodily injury liability per person to cover medical expenses if you're at fault in an accident. |
$50,000 for bodily injury liability per accident. | The state mandates $50,000 for bodily injury liability per accident, ensuring coverage for multiple injured parties in a single incident. |
$10,000 for property damage liability per accident. | A minimum of $10,000 is required for property damage liability per accident to cover repairs or replacement of damaged property. |
Read More: [State Minimum Car Insurance Requirements in New Mexico](https://www.moneygeek.com/insurance/auto/state-laws-minimum-requirements-new mexico/)
How to Lower Car Insurance Costs in New Mexico
To save on New Mexico car insurance, compare rates, increase your deductible and grab all discounts.
- 1
Compare Multiple Quotes
Researching multiple insurance providers can help you find the cheapest car insurance in your state, potentially saving you hundreds of dollars annually.
- 2
Lower Your Risk Profile
A better credit score or clean driving record without at-fault accidents or moving violations can significantly lower insurance premiums because insurers view you as a lower risk.
- 3
Adjust Your Coverage
Reviewing coverage needs can help ensure you're paying only for the coverage you need. For example, drivers who can afford it can lower costs with increased deductibles, and low-mileage drivers can decrease costs with usage-based policies.
- 4
Ask for Discounts
Inquire about discounts for safe driving, good grades, anti-theft devices, completing a state-approved defensive driving course and bundling policies, as these can lead to drastically lower premiums.
- 5
Consider the Car You Drive
Driving a car that's less expensive to insure, such as one with good safety ratings, can lead to lower insurance costs.
Read More: How to Reduce Your Car Insurance Costs
Auto Insurance Rates in New Mexico: Bottom Line
In New Mexico, full coverage car insurance averages $1,189 yearly, cheaper than the $1,296 national average. Factors like driving history, car model, and coverage amount affect rates. Overall, the state offers more affordable car insurance options compared to many others.
New Mexico Car Insurance Rates: FAQ
Discover what affects car insurance costs in the Sunshine State. Learn how to find affordable rates easily.
What are the minimum car insurance requirements in New Mexico?
In New Mexico, the minimum car insurance requirements include bodily injury liability of $25,000 per person and $50,000 per accident, as well as property damage liability of $10,000 per accident. This basic coverage is legally necessary to drive in the state. Additional coverage types like uninsured motorist coverage are optional.
The cost for this minimum coverage in New Mexico will vary based on various factors, such as driving history, vehicle type, and the insurance provider. Drivers must carry proof of this insurance to avoid penalties.
What is the average cost of full coverage and minimum coverage auto insurance in New Mexico?
In New Mexico, the average cost for full coverage auto insurance is $1,189 annually, while state minimum coverage averages about $522 per year. These rates are below the national averages for each coverage level.
What is the average cost of car insurance for a 25-year-old in New Mexico?
The average cost of full coverage car insurance for a 25-year-old in New Mexico is $1,434, while state minimum coverage averages around $618. These rates are slightly below the state averages.
New Mexico Auto Insurance Cost: How We Determine Average Rates
We used a sample driver profile with the following attributes to determine average car insurance rates in New Mexico:
- 40-year-old male
- 2012 Toyota Camry LE
- Clean driving record
- 12,000 miles driven annually
We modified this driver profile by age, vehicle, credit score and driving record to determine averages for different driver profiles and needs.
Coverage Levels and Deductibles
Unless otherwise noted, average rates on this page are for a full coverage policy with comprehensive and collision coverage, a $1,000 deductible for each and the following liability limits (100/300/100):
- $100,000 in bodily injury liability per person
- $300,000 in bodily injury liability per accident
- $100,000 in property damage liability per accident
When minimum coverage is specified, we used the following minimum liability-only limits as mandated by New Mexico:
- $25,000 for bodily injury liability per person
- $50,000 for bodily injury liability per accident
- $10,000 for property damage liability per accident
Learn more about MoneyGeek's car insurance methodology.
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.