Best car insurance companies in New Mexico

Fact-checked with HomeInsurance.com

    Article Highlights

    For drivers looking for the best car insurance in New Mexico, we have provided an overview of the top providers by market share. Our report includes a look at what the average rates are for New Mexico and how these rates are affected by your driving record. You can also compare rates by provider and major cities in New Mexico.

    The average New Mexico driver pays $1,381 per year for insurance, which breaks down to about $115 each month for 12 months of coverage. In comparison, the national average car insurance rate in the United States is $1,555 per year for a 12 month, full coverage policy. The average minimum coverage rate across the U.S. is $545 for a 12 month premium.

    While these rates may be useful in your comparison-shopping, please keep in mind that the following rates represent averages for New Mexico and may not reflect your actual premium quote.

    New Mexico Quickfacts

    • Cheapest carrier for full coverage in New Mexico is USAA: $1,184
    • Cheapest carrier for minimum coverage in New Mexico is USAA: $292
    • Carrier with highest customer satisfaction in New Mexico: USAA
    • Number of uninsured drivers in New Mexico: 20.8%
    • New Mexico is on the lower end for car insurance rates

    Average cost of car insurance in New Mexico

    Clean record 1 speeding ticket 1 accident
    Full coverage$1,374$1,663$1,999
    Minimum coverage$370$450$561

    Quadrant data services, 2020

    Best car insurance companies in New Mexico

    Average annual premiums by insurance carrier

    Company Full coverage rate Minimum coverage rate
    Allstate$1,344$541
    GEICO$1,476$343
    Farmers$1,461$423
    Progressive$1,448$421
    State Farm$1,387$346
    USAA$1,184$292
    Iowa Farm Bureau$1,674$385
    Central$1,400$430

    Quadrant data services, 2020

    Car insurance rates in New Mexico by city

    City Full coverage annual rate Minimum coverage annual rate
    Albuquerque$1,536$441
    Las Cruces$1,204$333
    Rio Rancho$1,435$419
    Santa Fe$1,403$379
    Roswell$1,363$327

    Quadrant data services, 2020

    Methodology

    Coverage Utilizes Quadrant Information Services to analyze quoted rates from thousands of zip codes across all 50 states, using the top 15 carriers by premiums written by state. Quoted rates are based around the profiles of a 30 year male and female with clean driving records, good credit and the following full coverage details:

    • $100k bodily injury liability per person
    • $300k bodily injury liability coverage per crash
    • $100k property damage liability coverage per crash
    • $500 collision coverage deductible
    • $500 comprehensive coverage deductible

    Minimum coverages were applied to match state requirements. Both drivers used a new, financed 2018 Toyota Camry, commuting 5 days a week and driving 12,000 miles per year.

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