Updated: November 18, 2024
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Choosing the best car insurance in New Mexico depends on your individual requirements. MoneyGeek ranked Progressive as the best overall, State Farm for minimum coverage and Nationwide for families with teen drivers. Each excels in tailored categories, ensuring you find the optimal fit.
MoneyGeek also analyzed the cheapest car insurance in New Mexico if cost is your primary consideration, regardless of service quality.
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Why Trust MoneyGeek? We created an insurance scoring system for providers in New Mexico based on customer satisfaction, claims experience, essential coverages, affordability and financial stability using six independent sources.
These recommendations were updated in March 2024 to reflect the current best car insurance options in New Mexico.
Progressive stands out as the premier car insurance company in New Mexico, boasting the top MoneyGeek score of 92 out of 100. The scores in this analysis span from 92 to 62, reflecting a range of insurance providers and offerings. It's important for consumers to note that this is based on MoneyGeek’s baseline scoring system, and individual scores may vary according to specific driver profiles.
How does MoneyGeek score companies?
MoneyGeek scores highlight the importance of customer satisfaction and affordability while also giving considerable weight to claims experience and offered coverages. These metrics indicate an insurer's overall performance, guiding consumers to make informed decisions about their insurance needs.
Iowa Farm Bureau is an insurer in New Mexico without a score because it couldn't be rated on all five scoring components. Although detailed insights are available, its performance in customer satisfaction is commendable.
| Progressive | 92 | $778 |
| State Farm | 89 | $973 |
| GEICO | 85 | $803 |
| Nationwide | 83 | $1,117 |
| Farmers | 83 | $1,024 |
| Kemper | 66 | $1,438 |
| Allstate | 62 | $1,501 |
| Iowa Farm Bureau | No Data | $1,142 |
MoneyGeek found that Progressive is the best option in New Mexico for those seeking the best full coverage car insurance.
Progressive stands out for its strong combination of affordability and coverage. It outshines competitors with its well-rounded performance across several key metrics, securing it a top position among insurers.
In New Mexico, consumers can encounter a range of insurance providers, each offering varying costs and customer service experiences. For those interested in cost savings, MoneyGeek also evaluated insurers offering the cheapest full coverage car insurance in New Mexico.
Ranks No. 1 for cost, with an average annual premium of $778 for full coverage.
Offers rare coverages like custom parts coverage, plus common coverages.
Does not excel in customer satisfaction.
Average claims handling.
Does not offer OEM coverage.
Progressive stands out for its exceptional coverage and affordability scores, making it a leading choice for auto insurance. It includes both common coverages: roadside assistance and rental car and/or travel reimbursement, enhancing reliability. Progressive offers a range of other coverages, such as accident forgiveness, proving its commitment to customer convenience. Despite lacking some coverages, Progressive's high MoneyGeek scores indicate it remains a top-tier option for consumers.
Among Progressive’s unique, rare coverages, custom parts coverage is widely applicable, ensuring that enthusiasts with customized vehicles are protected. Its gap insurance is particularly beneficial, protecting customers from the financial strain of car value depreciation. It's essential for drivers financing their vehicles, as it covers the difference between the loan amount and the car's depreciation. With scores of affordability (30 out of 30) and coverage (10 out of 10) at the forefront, Progressive offers a well-rounded package that caters to diverse insurance needs.
MoneyGeek found that Nationwide is the best option in New Mexico for car insurance focused on customer service. These top insurers offer excellent service and competitive rates:
Nationwide stands out for its impressive combination of high customer satisfaction and claims handling scores. Although its annual premium is moderately higher than State Farm's, you're investing in a more consistent and dependable service experience.
In New Mexico, the variety of companies offering car insurance emphasizes the importance of strong customer service and efficient claims processing. Companies with higher satisfaction in these areas ensure that customers experience less stress during what can already be a challenging time following an accident or claim. It is important for an insurance company to prioritize these factors as they ultimately define the overall insurance quality and value to policyholders.
Exceptional claims handling, ranking No. 1.
Offers rare coverages like identity theft coverage.
Offers common coverages such as roadside assistance and rental car reimbursement.
Ranks No. 1 for key coverages.
Does not excel in customer satisfaction.
Nationwide secures a high MoneyGeek score thanks to its exceptional satisfaction and claims handling scores. A major advantage of Nationwide is that it offers both common coverages: rental car and/or travel reimbursement and roadside assistance. However, it lacks rideshare insurance, which may be a slight downside for some customers.
In addition to common coverages, Nationwide provides identity theft coverage. This rare and widely applicable offering safeguards you and your household against identity fraud, a growing concern in today's digital age. The company also offers gap insurance to cover the difference if your car's worth is less than what you owe after a total loss. Accident forgiveness ensures that your rates don't skyrocket after your first at-fault accident. These coverages, aligned with Nationwide's high satisfaction (36 out of 45) and claims handling (30 out of 30) scores, make the company a robust option for your car insurance needs.
MoneyGeek found that State Farm is the best option in New Mexico for drivers seeking minimum coverage car insurance.
State Farm stands out due to its high marks in customer satisfaction and claims handling, which are significant factors in its overall MoneyGeek score. With an annual cost of $366, State Farm has competitive pricing for minimum insurance required by law in New Mexico, ensuring drivers meet state guidelines affordably.
In New Mexico, it's tempting to opt for cheap minimum coverage car insurance. However, minimum coverage may not fully protect you in the event of an accident. It could expose you to significant out-of-pocket expenses for damages or injuries exceeding your policy limits. Hence, despite potential savings, you need to consider the potential long-term financial risks of carrying only the minimum insurance coverage required.
Offers common discounts: bundling, multiple car and safe driving.
Ranks No. 2 for customer satisfaction.
Ranks No. 2 for claims handling.
Ranks No. 3 for affordability, with an average annual premium of $366 for minimum coverage.
State Farm, scoring 90 out of 100, leads the pack with exceptional scores in affordability (39 out of 40) and claims handling (19 out of 20), cementing its high MoneyGeek score. With an average annual premium of just $366, policyholders enjoy considerable coverage without a hefty price tag. Customers can benefit from discounts like anti-theft system and defensive driving, enhancing their savings.
State Farm offers a comprehensive suite of discounts, including all the most common ones: bundling, good student, multiple car and safe driving, showcasing its commitment to providing a range of options for clients. It also provides anti-theft system and defensive driving discounts, lowering premiums further. Unique discounts such as new vehicle and daytime running lights are particularly beneficial. The new vehicle discount applies to models from 1994 onwards, helping to offset the costs of insuring newer cars, and the daytime running lights discount rewards drivers of cars with this safety feature, promoting safer driving conditions.
Affordability remains a standout feature for State Farm, with a near-perfect score (39 out of 40). This, combined with top-tier scores in satisfaction (18 out of 25), claims handling (19 out of 20), coverage (8 out of 10) and stability (5 out of 5), solidifies State Farm's leading position, indicating a reliable choice for consumers seeking excellent value and comprehensive coverage.
Driver age is a significant factor in car insurance rates in New Mexico. MoneyGeek found that the best option for teens is Nationwide, with a score of 97 out of 100. It excels in satisfaction and offers an annual premium of $1,409. For young adults, Progressive leads with a score of 92 out of 100 and a lower annual premium of $1,021. Progressive also ranks as the top pick for seniors, having the same score of 92. It features the most affordable annual premium of $820. These insurers provide suitable coverages at cost-effective rates for different age groups.
Best for Teens: Nationwide
Best for Seniors: Progressive
Best for Young Adults: Progressive
MoneyGeek found that Nationwide is the best option in New Mexico for car insurance for teens, offering a balance of affordability and quality service.
Nationwide distinguishes itself with its high MoneyGeek score, attributed to superior satisfaction, claims handling and a competitively affordable annual premium. For parents or guardians seeking cheap car insurance for a teen in New Mexico, Nationwide provides a cost-effective rate of $1,409 per year when adding a teen to a family policy.
In New Mexico and other states, adding a teen to a car insurance policy is notably more expensive because teenagers are statistically riskier drivers. This leads to higher claim probabilities and, consequently, higher insurance costs for providers who pass these costs onto policyholders. This cost difference underscores the value of choosing insurers like Nationwide that cater to the needs of young drivers without compromising on quality or service.
Offers good student discount for savings on policies.
Ranks No. 1 in claims handling.
Ranks No. 1 for affordability, with an average annual premium of $1,409 for full coverage.
Offers rare coverages like identity theft coverage, enhancing protection.
Does not excel in customer satisfaction, ranking No. 6.
Lacks distant student and driver's education discounts, missing potential savings.
Nationwide's high MoneyGeek score of 97 out of 100 hinges on perfect scoring in coverage (10 out of 10) and claims handling (20 out of 20), showcasing its reliable service and extensive protection options. Nationwide also proves valuable for families with teens by offering common discounts like good student, demonstrating its commitment to affordable rates for young drivers. This discount offers savings for responsible young drivers under 25, reinforcing Nationwide's dedication to fostering a culture of safety and education on the roads.
Nationwide extends beyond the basics with rare coverages that have widespread application, including identity theft coverage, which aids in protecting against personal fraud. Its total loss deductible waiver protects you financially in case your car is declared a total loss after an accident, paying for your comprehensive and collision insurance. With these coverages, Nationwide carves out a significant advantage for drivers seeking robust protection.
MoneyGeek found that Progressive is the best option in New Mexico for seniors seeking auto insurance.
Progressive distinguishes itself with high scores in customer satisfaction and coverage options, making it the premier choice for senior drivers. The most significant factors influencing Progressive's MoneyGeek score include satisfaction and affordability metrics. Notably, to access cheap car insurance for a senior in New Mexico, an individual would expect to pay more than what younger age groups might pay, with Progressive's annual premium for seniors clocking in at $820.
It's important to understand that the cost of car insurance for seniors isn't more expensive than that for middle-aged adults in New Mexico, according to MoneyGeek's analysis. Premium rates in the analysis are for seniors in their 60s. However, as drivers reach their 70s and 80s, there's a tendency for premiums to increase — a consideration that reflects the risk variables insurers factor into their pricing without implying diminished capability or value.
Offers roadside assistance and rental car/travel reimbursement.
Ranks No. 1 for cost, with an average annual premium of $820 for full coverage.
Ranks No. 5 for customer satisfaction.
Progressive's exceptional MoneyGeek score of 92 out of 100 is attributed to perfect scores in coverage and affordability, highlighting the insurer's comprehensive options and economic value. With an average annual premium of $820, Progressive does not offer a senior discount specifically. However, its broad range of rare discounts, such as automatic payment and various common discounts like safe driving, ensures opportunities for savings across different customer groups.
Progressive stands out for its comprehensive coverage options. Its roadside Assistance makes unexpected breakdowns manageable with on-the-spot repairs or towing. Further easing the stress of accidents, its rental car and/or travel reimbursement provides a safety net for transportation continuity, an essential convenience especially valuable for seniors who rely on their vehicles for independence. These services, supported by a high satisfaction score of 30 (out of 35) and a claims handling score of 18 (out of 20), underscore Progressive's dedication to customer care and reliability.
MoneyGeek found that Progressive is the best option in New Mexico for young adults looking for car insurance, boasting the highest MoneyGeek score in the state. Here are the top two providers:
Progressive stands out with its exceptional blend of affordability, customer satisfaction and claims handling, which are the most influential factors in MoneyGeek's scoring system. For drivers in their 20s, the annual cost of a Progressive policy in New Mexico is $1,021, which is an attractive price point considering young adults often face higher rates.
To secure cheap car insurance for a young adult in New Mexico, expect to pay slightly more than more experienced drivers. This is typically due to insurers viewing young adults as higher-risk motorists because of their limited driving experience, which is statistically associated with a higher likelihood of filing claims. This pattern holds true in New Mexico and other states.
Ranks No. 1 for cost, with an average annual premium of $1021 for full coverage.
Offers good student and distant student discounts.
Customer satisfaction could be improved, ranking No. 5.
Progressive's remarkable MoneyGeek score of 92 out of 100 is due to its perfect coverage score of 10, top marks in affordability (30 out of 30) and claims handling (18 out of 20). Progressive caters well to young drivers with school-related discounts like distant student and good student. With common coverages like rental car and/or travel reimbursement and roadside assistance included, Progressive offers essential protection. Even though it lacks driver's education, its strengths in other areas compensate for this. It also provides accident forgiveness, which prevents rates from increasing after your first car accident, proving Progressive's commitment to long-term customer satisfaction. With these offerings, Progressive demonstrates a comprehensive approach to coverage that meets the diverse needs of drivers.
MoneyGeek found that State Farm is the best option in New Mexico for drivers with offenses looking for car insurance.
State Farm stands out for its high scores across all categories, especially in satisfaction and affordability, which are significant contributors to its overall MoneyGeek score. This provider's competitive premiums and strong performance make it a top choice for drivers with speeding tickets, at-fault accidents and DUIs. For such drivers in New Mexico, obtaining car insurance with State Farm is priced at $1,150 annually, reflecting the realities of seeking cheap car insurance as a high-risk driver in New Mexico.
Insurance premiums typically increase after traffic violations due to the higher risk these drivers represent to insurers. Whether it's a ticket, accident or DUI, these incidents suggest a greater chance of future claims, prompting insurers to adjust rates accordingly. Since risk assessment is a cornerstone of insurance underwriting, providers in New Mexico and other states adjust their premiums to mitigate potential losses associated with high-risk drivers.
Ranks No. 2 for claims handling.
Ranks No. 2 for cost, with a $1,150 annual premium for full coverage with offenses.
Offers common coverages: roadside assistance and rental car/travel reimbursement.
Doesn't excel in customer satisfaction.
Lacks rare coverages: accident forgiveness and new/better car replacement.
State Farm excels in customer satisfaction (32 out of 35) and affordability (29 out of 30), driving its high MoneyGeek score. With common coverages like roadside assistance and rental car and/or travel reimbursement, State Farm equips those with a spotted driving record with protections that could be particularly helpful. Its average annual premium of $1,150 showcases State Farm's affordable rates for drivers with offenses, further bolstered by its strong affordability Score.
State Farm offers critical coverages to support drivers with a poor driving history. Roadside assistance is essential if you face unexpected breakdowns. It covers mechanical labor, towing, and other emergency help. Rental car and/or travel reimbursement ensure drivers have transportation during vehicle repairs, mitigating the inconvenience after accidents. These offerings, combined with its new vehicle, safe driving and bundling discounts, solidify State Farm's position as a provider that tailors services to a diverse client pool, particularly benefiting those seeking robust support amid driving challenges.
MoneyGeek found that Farmers is the best option in New Mexico for drivers with new cars looking for auto insurance.
Farmers stands out due to its high MoneyGeek score, which reflects top marks in various categories such as customer satisfaction and claims handling. Importantly, MoneyGeek recognized Farmers for offering new car replacement and/or better car replacement coverages, providing an essential financial shield for those who might find themselves saddled with the cost of replacing a new car post-accident. The annual cost for Farmers is $1,353. This investment can save money in the long run, as insurers with new or better bar replacement could cover the cost of a new car rather than the depreciated value in the event of a total loss.
Ranks No. 1 for claims handling.
Ranks No. 1 for cost, with an average annual premium of $1,353 for full coverage.
Offers new car replacement, a valuable option for drivers with a new car.
Does not excel in customer satisfaction.
Does not offer gap insurance, a key coverage.
Farmers shines in the insurance landscape, primarily due to its perfect affordability (30 out of 30) and the coverage (10 out of 10) scores, reflecting highly on its overall strong MoneyGeek score of 92 out of 100. Although Farmers does not list gap insurance among its coverages, the inclusion of other valuable options ensures a robust policy for the discerning driver. The average annual premium for a policy with Farmers is approximately $1,353.
A cornerstone of Farmers' offerings is the comprehensive range of coverages that cater to diverse needs. Its new car replacement coverage covers the cost of a brand-new car of the same make and model when your car is totaled. The company also offers accident forgiveness, ensuring it won't raise your rates after your first accident in three years. These standards are manifested in the satisfaction score of 28 (out of 35) and claims handling Score of 20 (out of 20), guaranteeing that customers receive attentive service and value for money. Although it only scored 4 out of 10 for stability, Farmers is still a reliable presence in the market.
MoneyGeek found that USAA is the best option for car insurance for military members in New Mexico, with an impressive MoneyGeek score poised well above the competition.
For those with a military background seeking top-notch customer service and affordability in car insurance, USAA stands out in New Mexico. USAA caters exclusively to current and former military members and their families. It achieves an excellent balance of quality service and cost-effectiveness, as reflected in its MoneyGeek score. With an annual premium of $546, it provides a valuable option for those who prioritize a mix of service and price. Those focused on rates should also explore the cheapest car insurance in New Mexico for military drivers.
Ranks No. 1 for customer satisfaction.
Ranks No. 1 for cost, with an average annual premium of $546 for full coverage.
Offers common coverages such as roadside assistance and rental car and/or travel reimbursement.
Ranks No. 2 for key coverages.
Does not excel in customer satisfaction.
Does not offer rare coverages like accident Forgiveness or rideshare insurance.
USAA stands out with its top-tier MoneyGeek score, largely driven by its perfect ratings in satisfaction (35 out of 35) and affordability (30 out of 30). Exclusively serving military families, USAA maintains an average annual premium of $546.
USAA provides a range of tailored insurance options that are valuable to drivers. Roadside assistance, an essential coverage, offers practical support such as towing and jump-starting your vehicle, ensuring help is available during unexpected roadside events. For those moments when your car is out of commission, USAA's rental car and/or travel reimbursement steps in, covering alternative transportation costs and mitigating the inconvenience. Accident forgiveness rewards safe driving; with USAA, going five years without an accident allows you to breathe easier, protecting your rates from going up after your first at-fault accident. These proactive and supportive coverages demonstrate why USAA's comprehensive offerings maintain high rankings in claims (17 out of 20) and coverage (8 out of 10).
New Mexico's leading car insurance companies offer a balance of affordability, strong financial stability and a consistent track record of exceptional customer service. At MoneyGeek, we've done the legwork to help you find these top-tier insurers. If you want to undertake personal research, there are at least four essential steps to follow to ensure a well-informed decision.
Excellent customer service is crucial for car insurers in New Mexico, as it ensures a smooth and supportive experience during stressful times. Prospective clients should consult independent data providers like JD Power and the NAIC for unbiased evaluations of a company's performance. According to MoneyGeek's research, Nationwide stands out with a customer satisfaction score of 36 (out of 45) and a claims handling score of 30 (out of 30), reflecting its commitment to service excellence.
Comparing quotes in New Mexico allows you to find the most affordable car insurance without compromising on service. Personal background factors heavily influence premiums; hence, individual research is essential. MoneyGeek's analysis identifies State Farm as the best for minimum coverage, with an annual premium of $366, offering a balance of cost-effectiveness and reliable service.
Selecting the right coverages from a car insurer is a pivotal decision for New Mexico drivers. It's important to assess which insurers provide coverage tailored to your needs. MoneyGeek's research awards a perfect coverage score of 10 to Allstate, Progressive, Nationwide and Farmers, indicating that they offer comprehensive options, including rental car and/or travel reimbursement, roadside assistance, gap insurance and original equipment manufacturer coverage.
The financial stability of a car insurer is a key indicator of its ability to pay out claims. Drivers should prioritize companies with strong financial health. According to MoneyGeek, GEICO and State Farm both achieved a perfect stability score of 5, indicating the highest financial strength rating of A++ from A.M. Best, assuring customers of their exceptional financial reliability.
The best car insurance options for you largely depend on your specific needs and preferences. We’ve answered some of the most common questions to help you make the right purchase.
Progressive has been determined to be the top provider of the best car insurance in New Mexico, with a MoneyGeek score of 92 out of 100. Key contributors to its top position are its perfect affordability score of 30 out of 30 and full coverage score of 10 out of 10. Progressive's annual premium is $778.
State Farm is recognized as the best for cheap car insurance in New Mexico, with an annual premium for minimum coverage at $366 and a MoneyGeek score of 90 out of 100. While minimum coverage policies are the most affordable, they provide less protection than full coverage policies. You can still find affordable full coverage options by comparing quotes.
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.
