The Cheapest Car Insurance in New Mexico for 2022

NerdWallet analyzed auto insurance rates to find you the cheapest car insurance in New Mexico for a variety of ages and driving histories.
Dec 9, 2021

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Auto insurance is an important purchase, but finding cheap car insurance in New Mexico isn’t always easy. That’s why it’s important to compare rates from multiple insurers.

The average cost of full coverage car insurance in New Mexico is $1,505 per year, or about $125 per month, according to NerdWallet’s analysis. Minimum coverage in New Mexico is $413 per year on average, but we found you can likely get a cheaper policy. For example, Central Insurance offers the cheapest rates in New Mexico at $232 per year, on average, for minimum coverage car insurance for a 35-year-old driver with a clean driving record.

Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our writing and data analyses. You can trust the prices we show you because our data analysts take rigorous measures to eliminate outliers and inaccuracies in pricing data, which include rates from every locale in the country where coverage is offered and data is available. When comparing rates for different coverage amounts, ages and backgrounds, we change only one variable at a time, so you can easily see how each factor affects pricing.

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Cheapest car insurance company overall in New Mexico

$97/month

4.5

NerdWallet rating 

Cheapest for minimum coverage

Central Insurance

$19/month

Not yet rated.

Cheapest for young drivers

Central Insurance

$161/month

Not yet rated.

Cheapest for drivers with poor credit

$97/month

4.5

NerdWallet rating 

How we chose the cheapest companies in New Mexico

NerdWallet’s editorial team analyzed car insurance rates from 10 auto insurers in New Mexico and found the five cheapest options for drivers in several age brackets and with different histories, all driving a 2019 Toyota Camry L. For minimum coverage, we looked at rates that reflect the minimum requirements in New Mexico. For full coverage, we used the below coverage limits:

  • $100,000 bodily injury liability per person.

  • $300,000 bodily injury liability per accident.

  • $50,000 property damage liability per accident.

  • $100,000 uninsured motorist coverage per person.

  • $300,000 uninsured motorist coverage per accident.

  • Collision coverage with a $1,000 deductible.

  • Comprehensive coverage with a $1,000 deductible.

Cheapest for 20-year-old drivers

Drivers in their 20s may have to get a lot of quotes to find the best cheap car insurance. Prices can be sky-high for younger 20-somethings, but tend to come down as drivers get more experience on the road. Still, some companies routinely have better insurance rates for young drivers, so it's best to shop around to find them.

Cheapest full coverage car insurance in New Mexico for 20-year-olds

Drivers in New Mexico with clean driving records may want to consider the following companies, which had the lowest average rates:

  1. Central Insurance: $1,931 per year, or about $161 per month.

  2. Geico: $2,202 per year, or about $184 per month.

  3. State Farm: $2,215 per year, or about $185 per month.

  4. Farm Bureau Financial Services: $2,627 per year, or about $219 per month.

  5. Progressive: $2,796 per year, or about $233 per month.

Cheapest minimum coverage car insurance in New Mexico for 20-year-olds

Drivers in New Mexico who want just the state minimum coverage may want to check with these companies, which had the lowest average rates:

  1. Central Insurance: $453 per year, or about $38 per month.

  2. Geico: $586 per year, or about $49 per month.

  3. State Farm: $640 per year, or about $53 per month.

  4. Allstate: $858 per year, or about $72 per month.

  5. Progressive: $909 per year, or about $76 per month.

Cheapest auto insurance in New Mexico for 20-year-olds with poor credit

Drivers with poor credit in New Mexico should look at the following insurers with the lowest average rates for minimum coverage:

  1. Geico: $702 per year, or about $58 per month.

  2. Central Insurance: $904 per year, or about $75 per month.

  3. Allstate: $1,037 per year, or about $86 per month.

  4. Progressive: $1,289 per year, or about $107 per month.

  5. State Farm: $1,399 per year, or about $117 per month.

Cheapest auto insurance in New Mexico for 20-year-old drivers with one at-fault crash

For drivers with a recent accident in New Mexico, here are the companies with the lowest average rates for minimum coverage:

  1. Central Insurance: $739 per year, or about $62 per month.

  2. State Farm: $793 per year, or about $66 per month.

  3. Geico: $907 per year, or about $76 per month.

  4. Allstate: $1,110 per year, or about $92 per month.

  5. Progressive: $1,120 per year, or about $93 per month.

Cheapest auto insurance in New Mexico for 20-year-old drivers after a DUI

The cheapest auto insurance we found after a DUI is shown here, alongside the insurers' average rates for minimum coverage.

  1. State Farm: $975 per year, or about $81 per month.

  2. Progressive: $987 per year, or about $82 per month.

  3. Central Insurance: $1,052 per year, or about $88 per month.

  4. Allstate: $1,143 per year, or about $95 per month.

  5. Farmers: $1,564 per year, or about $130 per month.

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Cheapest for 30-year-old drivers

By the time they reach their 30s, most drivers will enjoy cheaper car insurance rates than in their teens and 20s. Still, factors like a person’s driving record and car make and model can increase prices. Drivers in their 30s can get lower rates by shopping around and taking advantage of any car insurance discounts.

Cheapest full coverage car insurance in New Mexico for 30-year-olds

Drivers in New Mexico with clean driving records may get the lowest rates from these companies:

  1. Geico: $1,195 per year, or about $100 per month.

  2. State Farm: $1,246 per year, or about $104 per month.

  3. MetLife: $1,370 per year, or about $114 per month.

  4. Central Insurance: $1,432 per year, or about $119 per month.

  5. Farm Bureau Financial Services: $1,587 per year, or about $132 per month.

Cheapest minimum coverage car insurance in New Mexico for 30-year-olds

Drivers in New Mexico who want their state's minimum coverage can check with the following companies, which had the lowest average rates:

  1. Central Insurance: $252 per year, or about $21 per month.

  2. Geico: $261 per year, or about $22 per month.

  3. State Farm: $282 per year, or about $24 per month.

  4. Farm Bureau Financial Services: $440 per year, or about $37 per month.

  5. MetLife: $446 per year, or about $37 per month.

Cheapest auto insurance in New Mexico for 30-year-olds with poor credit

Drivers with poor credit in New Mexico should consider the following companies with the lowest average rates for full coverage:

  1. Geico: $1,461 per year, or about $122 per month.

  2. State Farm: $2,303 per year, or about $192 per month.

  3. Progressive: $2,375 per year, or about $198 per month.

  4. Encompass: $2,396 per year, or about $200 per month.

  5. Farm Bureau Financial Services: $2,486 per year, or about $207 per month.

Cheapest auto insurance in New Mexico for 30-year-old drivers with one at-fault crash

For drivers in New Mexico with a recent accident, here are the lowest average rate options for full coverage:

  1. State Farm: $1,499 per year, or about $125 per month.

  2. Central Insurance: $1,885 per year, or about $157 per month.

  3. Geico: $1,916 per year, or about $160 per month.

  4. Encompass: $2,129 per year, or about $177 per month.

  5. Farm Bureau Financial Services: $2,144 per year, or about $179 per month.

Cheapest auto insurance in New Mexico for 30-year-old drivers after a DUI

For the cheapest auto insurance after a DUI, we found the following options for full coverage.

  1. State Farm: $1,703 per year, or about $142 per month.

  2. Progressive: $1,771 per year, or about $148 per month.

  3. Farmers: $2,318 per year, or about $193 per month.

  4. Central Insurance: $2,389 per year, or about $199 per month.

  5. Farm Bureau Financial Services: $2,554 per year, or about $213 per month.

Cheapest for 40-year-old drivers

Drivers in their 40s tend to have better insurance rates than their younger counterparts on average, but still pay more than older age groups. Shopping around for cheap car insurance quotes with multiple insurers is the best way to find lower rates. Good drivers who don’t get behind the wheel often might want to consider pay-per-mile insurance, which charges drivers by how many miles they drive.

Cheapest full coverage car insurance in New Mexico for 40-year-olds

Drivers in New Mexico with clean driving records may want to think about the following companies, which had the lowest average rates:

  1. Geico: $1,163 per year, or about $97 per month.

  2. State Farm: $1,224 per year, or about $102 per month.

  3. MetLife: $1,287 per year, or about $107 per month.

  4. Central Insurance: $1,316 per year, or about $110 per month.

  5. Progressive: $1,444 per year, or about $120 per month.

Cheapest minimum coverage car insurance in New Mexico for 40-year-olds

Drivers in New Mexico who want just the minimum coverage may want to check prices from these companies, which had the lowest average rates:

  1. Central Insurance: $224 per year, or about $19 per month.

  2. Geico: $256 per year, or about $21 per month.

  3. State Farm: $283 per year, or about $24 per month.

  4. Farm Bureau Financial Services: $418 per year, or about $35 per month.

  5. MetLife: $430 per year, or about $36 per month.

Cheapest auto insurance in New Mexico for 40-year-olds with poor credit

Drivers with poor credit in New Mexico can check out the following insurers with the lowest average rates for full coverage:

  1. Geico: $1,422 per year, or about $118 per month.

  2. Progressive: $2,158 per year, or about $180 per month.

  3. State Farm: $2,254 per year, or about $188 per month.

  4. Central Insurance: $2,393 per year, or about $199 per month.

  5. Encompass: $2,396 per year, or about $200 per month.

Cheapest auto insurance in New Mexico for 40-year-old drivers with one at-fault crash

For drivers with a recent accident living in New Mexico, here are the companies with the lowest average rates for full coverage:

  1. State Farm: $1,471 per year, or about $123 per month.

  2. Central Insurance: $1,712 per year, or about $143 per month.

  3. Geico: $1,862 per year, or about $155 per month.

  4. Farm Bureau Financial Services: $2,062 per year, or about $172 per month.

  5. MetLife: $2,093 per year, or about $174 per month.

Cheapest auto insurance in New Mexico for 40-year-old drivers after a DUI

The cheapest full coverage auto insurance we found for drivers with a DUI came from the following companies.

  1. Progressive: $1,613 per year, or about $134 per month.

  2. State Farm: $1,673 per year, or about $139 per month.

  3. Central Insurance: $2,154 per year, or about $180 per month.

  4. Farmers: $2,300 per year, or about $192 per month.

  5. Farm Bureau Financial Services: $2,451 per year, or about $204 per month.

Cheapest for 50-year-old drivers

Drivers in their 50s have cheaper car insurance rates than most other age groups on average. Prices will continue to drop as they inch toward their 60s and gain more driving experience. Rates can still vary depending on other factors such as a driver’s gender and location, so it’s smart to shop around to find the best rate. Our list of cheap auto insurance companies is a good place to start.

Cheapest full coverage car insurance in New Mexico for 50-year-olds

Drivers in New Mexico with clean driving records may want to get quotes from these insurers, which had the lowest average rates:

  1. Geico: $1,104 per year, or about $92 per month.

  2. MetLife: $1,189 per year, or about $99 per month.

  3. State Farm: $1,198 per year, or about $100 per month.

  4. Central Insurance: $1,279 per year, or about $107 per month.

  5. Progressive: $1,369 per year, or about $114 per month.

Cheapest minimum coverage car insurance in New Mexico for 50-year-olds

Drivers in New Mexico who opt for the state minimum coverage may want to consider the following companies, with the lowest average rates:

  1. Central Insurance: $219 per year, or about $18 per month.

  2. Geico: $243 per year, or about $20 per month.

  3. State Farm: $282 per year, or about $24 per month.

  4. Farm Bureau Financial Services: $344 per year, or about $29 per month.

  5. MetLife: $395 per year, or about $33 per month.

Cheapest auto insurance in New Mexico for 50-year-olds with poor credit

Drivers with poor credit in New Mexico can check with the following companies, which showed the lowest average rates for full coverage:

  1. Geico: $1,346 per year, or about $112 per month.

  2. Progressive: $2,049 per year, or about $171 per month.

  3. Farm Bureau Financial Services: $2,144 per year, or about $179 per month.

  4. State Farm: $2,196 per year, or about $183 per month.

  5. Encompass: $2,251 per year, or about $188 per month.

Cheapest auto insurance in New Mexico for 50-year-old drivers with one at-fault crash

For drivers living in New Mexico with a recent accident, here are the insurers with the lowest average full coverage rates:

  1. State Farm: $1,438 per year, or about $120 per month.

  2. Central Insurance: $1,665 per year, or about $139 per month.

  3. Geico: $1,765 per year, or about $147 per month.

  4. Farm Bureau Financial Services: $1,839 per year, or about $153 per month.

  5. MetLife: $1,926 per year, or about $160 per month.

Cheapest auto insurance in New Mexico for 50-year-old drivers after a DUI

The cheapest auto insurance we found for drivers with a recent DUI comes from the following companies, listed with rates for full coverage.

  1. Progressive: $1,544 per year, or about $129 per month.

  2. State Farm: $1,638 per year, or about $136 per month.

  3. Central Insurance: $2,097 per year, or about $175 per month.

  4. Farm Bureau Financial Services: $2,169 per year, or about $181 per month.

  5. Farmers: $2,178 per year, or about $182 per month.

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Cheapest for 60-year-old drivers

Although 60-year-olds have cheaper car insurance rates than many other age groups on average, prices will start increasing as they get older. To find cheap car insurance for seniors, drivers in their 60s should make sure to shop around to find the best rate. Drivers in this age group should also take advantage of any available discounts for senior citizens.

Cheapest full coverage car insurance in New Mexico for 60-year-olds

Drivers in New Mexico with clean driving records may want to think about getting quotes from these companies, which had the lowest average rates:

  1. MetLife: $1,081 per year, or about $90 per month.

  2. Geico: $1,117 per year, or about $93 per month.

  3. State Farm: $1,144 per year, or about $95 per month.

  4. Central Insurance: $1,316 per year, or about $110 per month.

  5. Progressive: $1,321 per year, or about $110 per month.

Cheapest minimum coverage car insurance in New Mexico for 60-year-olds

Drivers in New Mexico who want just the state minimum coverage may want to check with these insurers, which had the lowest average rates:

  1. Central Insurance: $236 per year, or about $20 per month.

  2. Geico: $250 per year, or about $21 per month.

  3. State Farm: $266 per year, or about $22 per month.

  4. Farm Bureau Financial Services: $344 per year, or about $29 per month.

  5. MetLife: $367 per year, or about $31 per month.

Cheapest auto insurance in New Mexico for 60-year-olds with poor credit

Drivers with poor credit in New Mexico can look at the following companies with the lowest average rates for full coverage:

  1. Geico: $1,362 per year, or about $114 per month.

  2. Progressive: $1,974 per year, or about $164 per month.

  3. State Farm: $2,078 per year, or about $173 per month.

  4. Encompass: $2,087 per year, or about $174 per month.

  5. Farm Bureau Financial Services: $2,099 per year, or about $175 per month.

Cheapest auto insurance in New Mexico for 60-year-old drivers with one at-fault crash

For drivers with a recent accident living in New Mexico, here are the companies with the lowest average rates for full coverage:

  1. State Farm: $1,375 per year, or about $115 per month.

  2. Central Insurance: $1,737 per year, or about $145 per month.

  3. MetLife: $1,758 per year, or about $146 per month.

  4. Geico: $1,790 per year, or about $149 per month.

  5. Farm Bureau Financial Services: $1,800 per year, or about $150 per month.

Cheapest auto insurance in New Mexico for 60-year-old drivers after a DUI

The cheapest auto insurance we found after a DUI came from the following companies, shown with their average rates for full coverage.

  1. Progressive: $1,494 per year, or about $124 per month.

  2. State Farm: $1,563 per year, or about $130 per month.

  3. Farmers: $2,084 per year, or about $174 per month.

  4. Farm Bureau Financial Services: $2,121 per year, or about $177 per month.

  5. Central Insurance: $2,207 per year, or about $184 per month.

Cheapest car insurance for military families

If you're an active member of the military or a veteran — or have an immediate family member who is — chances are you'll get a relatively cheap rate with USAA, a company that isn't available to the general public.

Because of that restriction, USAA isn't ranked with the others, but it was among the cheapest three auto insurance options for 47 of the 48 driver profiles we examined.

Minimum required auto insurance in New Mexico

New Mexico requires drivers to carry liability insurance, which covers others’ injury treatment and property damage if you’re at fault in a crash.

You must select at least the following minimum liability limits:

  • $25,000 bodily injury liability per person.

  • $50,000 bodily injury liability per crash.

  • $10,000 property damage liability per crash.

Most drivers can benefit from choosing more than the bare minimum because a crash could easily result in damage that surpasses the amounts above. Also consider other coverages that can strengthen your policy. For instance, liability coverage won’t pay to replace your car if it’s stolen; you’d need comprehensive coverage for that.

Read NerdWallet’s guide to minimum car insurance requirements by state for more details about coverages you may want for your New Mexico auto policy.

Alternative car insurance for high-risk drivers

If you've been denied car insurance on the open market — because of DUIs, crashes or other circumstances — you can apply for coverage through the New Mexico Motor Vehicle Insurance Plan.

For more help shopping for cheap car insurance in New Mexico, try NerdWallet's car insurance comparison tool.

Methodology

For our “good driver” profile, NerdWallet averaged insurance estimates for single male and female drivers with good credit and no tickets or violations. The analysis included 5-10 of the largest insurance companies in each state; smaller insurers were also included when rates were available. Liberty Mutual and its subsidiaries were excluded from our analysis as rates were not available.

For full coverage policies, we used the following coverage limits:

  • $100,000 bodily injury liability per person.

  • $300,000 bodily injury liability per accident.

  • $50,000 property damage liability per accident.

  • $100,000 uninsured motorist coverage per person.

  • $300,000 uninsured motorist coverage per accident.

  • Collision coverage with a $1,000 deductible.

  • Comprehensive coverage with a $1,000 deductible.

In states where required, minimum additional coverages were added. Some policies include additional coverages at the insurer’s discretion.

We used a 2019 Toyota Camry L for all drivers and assumed 12,000 annual miles driven.

We analyzed rates for drivers 20 to 60 years old in ten-year increments.

We used the same assumptions for all other driver profiles, with the following exceptions:

  • For drivers with minimum coverage, we adjusted the numbers above to reflect the minimum required coverage by law in the state.

  • We changed the credit tier from “good” to “poor” as reported to the insurer to see rates for drivers with poor credit.

  • For drivers with one at-fault crash, we added a single at-fault crash that happened six months ago, resulting in $10,000 in property damage and no bodily injury claim.

  • For drivers with a DUI, we added a single drunken driving violation that happened six months ago.

We looked at 35-year-old drivers to find the cheapest company overall, the cheapest company for minimum coverage and the cheapest company for drivers with poor credit in states where credit history is used to price rates. We looked at 20-year-old drivers to find the cheapest company for young drivers.

These are rates generated through Quadrant Information Services. Your own rates will be different.

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