In New Mexico, Progressive offers the most affordable minimum coverage for low-income drivers with clean records, regardless of credit standing, including high-risk drivers. State Farm offers the cheapest rates for those with at-fault accidents.
Cheapest Low-Income Car Insurance in New Mexico
Updated: February 5, 2025
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Key Takeaways
While New Mexico doesn't have a low-income car insurance program, affordable options are available to meet state minimum coverage requirements.
For many low-income drivers, the cheapest insurance options are Progressive, GEICO and State Farm.
To save on car insurance, low-income drivers should compare different providers and look for discounts.
Cheapest Car Insurance Companies for Low-Income Drivers in New Mexico
| Progressive | Young Drivers | $33 |
| Progressive | Adults | $29 |
| Progressive | Seniors | $30 |
| Progressive | Drivers With a Speeding Ticket | $35 |
| Progressive | Drivers With a DUI | $32 |
| State Farm | Drivers With an Accident | $41 |
| Progressive | Bad Credit | $38 |
*All rates in this table, except for adults, are based on a modified profile of a 40-year-old driver with good credit and a clean record insuring a 2012 Toyota Camry. The age ranges are 22 to 29 for young drivers, 30 to 59 for adults and 60+ for seniors.
Compare Cheap Low-Income Car Insurance Providers
Use the table below to find the most affordable provider that matches your driver profile and preferred coverage level.
Data filtered by:Results filtered by:
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Age Range:30-59
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Driving Record:Clean
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Credit Score:Good
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Coverage Level:State Minimum Liability Only
| Progressive | $29 | $353 |
| State Farm | $33 | $391 |
| GEICO | $36 | $429 |
| Farmers | $37 | $449 |
| Iowa Farm Bureau | $44 | $524 |
Cheapest Car Insurance for Families With Low Income in New Mexico
State Farm offers the lowest rates for low-income families with teens in New Mexico. Married couples pay $56 monthly, while single parents pay $90. Nationwide is the most affordable option for couples without teens at $34.
Data filtered by:Results filtered by:
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Family Type:Married Couple with Teen
| State Farm | $676 | $56 |
| Allstate | $743 | $62 |
| Nationwide | $756 | $63 |
| Progressive | $787 | $66 |
| GEICO | $865 | $72 |
| Farmers | $1,085 | $90 |
| Kemper | $1,450 | $121 |
*Rates for couples and single parents with teens apply to a 16-year-old driver. Those for a married couple without children are based on a 40-year-old male with good credit and a clean driving record.
Tips to Save On Car Insurance for Low-Income Drivers
Here are some ways to lower your auto insurance premiums:
- 1
Choose minimum coverage
Minimum coverage is typically the most affordable way to fulfill legal obligations. However, it offers limited protection and doesn't cover all expenses in at-fault accidents.
- 2
Compare quotes
Gather quotes from several providers to find the most affordable option. For a thorough evaluation, use provider websites, independent brokers, provider agents and online comparison platforms.
- 3
Look for discounts
Insurance companies offer discounts for good students, safe driving records and military service. Completing a defensive driving course online can reduce premiums substantially in certain areas.
- 4
Increase your deductible
Raising the deductible on collision or comprehensive coverage can cut your rates. Make sure you can afford the higher cost if you need to make a claim.
- 5
Consider pay-per-mile insurance
Pay-per-mile insurance offers a low base rate with a per-mile charge, saving low-mileage drivers by charging only for the distance they travel.
- 7
Get a cheaper car
A car's make, model and year impact insurance costs based on repair and replacement costs. Opting for a cheaper car to insure, such as an older, dependable model, can greatly reduce premiums.
Minimum Car Insurance Requirements in New Mexico
New Mexico drivers need to meet these minimum car insurance requirements:
- $25,000 in bodily injury liability per person
- $50,000 in bodily injury liability per accident
- $10,000 in property damage liability per accident
If you're leasing or financing a car, you'll need a split of 100/300/100 liability coverage and comprehensive and collision protection.
WHY MINIMUM COVERAGE MAY NOT BE RIGHT FOR YOU
Minimum car insurance covers only the other driver's expenses if you're at fault in an accident. You'll still be responsible for your car's damage and legal fees. If you drive often and can afford it, consider higher coverage.
Cheap Low-Income Car Insurance in New Mexico: Bottom Line
Progressive is the most affordable car insurance provider for most low-income drivers in New Mexico. State Farm is a top choice for drivers with accidents. To secure the best deal, explore providers using different methods.
Low-Income Auto Insurance in New Mexico: FAQ
Low-income drivers can find affordable car insurance. Get answers to common questions on saving money.
What is the cheapest car insurance for low-income drivers in New Mexico?
Minimum coverage is generally the most budget-friendly option for low-income drivers. Progressive offers the lowest minimum coverage rate in New Mexico at $29 monthly, and GEICO provides the cheapest full coverage at $68.
Does New Mexico have a state-supported low-income car insurance program?
New Mexico has no state-supported program to help low-income drivers get car insurance.
Does your income affect the cost of car insurance in New Mexico?
In New Mexico, income doesn't directly affect car insurance premiums.
How We Chose the Cheapest Car Insurance for Low-Income Drivers
Study Overview
MoneyGeek evaluated New Mexico auto insurance rates using data from the New Mexico Office of Superintendent of Insurance and Quadrant Information Services.
Data Acquisition, Depth and Analysis
MoneyGeek analyzed 328,384 quotes from 14 companies across 370 ZIP codes to determine the average cost of car insurance for drivers with low income in New Mexico.
Sample Driver Profile
We used a sample driver profile with the following attributes to determine average car insurance rates for low-income drivers in New Mexico:
- 40-year-old male
- 2012 Toyota Camry LE
- Clean driving record
- 12,000 miles driven annually
To determine rates for specific driver profiles, we adjusted factors such as age, family status, driving history and credit standing.
Our study defines seniors as 60 or older, young drivers as 22 to 29 and adults as 30 to 59. Married couples with a child include 40-year-old male and female drivers with a 16-year-old teen. Single parents with children are 40-year-old male or female drivers with a 16-year-old teen.
Coverage Levels and Deductibles
Our data shows rates for minimum coverage, which follows the requirements set by New Mexico law and offers affordable options for low-income drivers.
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.