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Best Cheap Car Insurance in New Mexico for 2019

March 20, 2019
Auto Insurance, Insurance
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Shopping around for quotes from several companies is crucial if you want to find cheap car insurance in New Mexico. The price your friends and neighbors pay will differ from your own rate, thanks to factors such as your age, location and driving history.


To help reduce some of your legwork, NerdWallet gathered rates from the six largest auto insurers in the state and found the cheapest options for several types of drivers.

Cheapest for good drivers

State Farm was the cheapest insurance company we found for good drivers with clean credit histories in New Mexico, at $96 per month, on average. Progressive and Geico also make the list.

InsurerAverage price
4.0 NerdWallet rating

$1,148/year

$96/month
3.5 NerdWallet rating

$1,612/year

$134/month
3.5 NerdWallet rating

$1,731/year

$144/month
For this calculation, NerdWallet averaged rates for 40-year-old men and women with a clean driving record and good credit. With the exception of age, a large portion of drivers are closest to this profile, which carries standard "full coverage" insurance, including state-required coverage.

Cheapest for drivers with poor credit

State Farm was the cheapest carrier in our analysis for New Mexico drivers with blemished credit, at $185 per month, on average. Allstate and Progressive were second and third, respectively.

InsurerAverage price
4.0 NerdWallet rating

$2,220/year

$185/month
3.5 NerdWallet rating

$2,318/year

$193/month
3.5 NerdWallet rating

$2,482/year

$207/month
Poor credit can have a bigger effect on car insurance premiums than even a DUI conviction or a recent accident. To calculate these figures, NerdWallet averaged rates for 40-year-olds with a clean driving record, poor credit as reported to their insurer, and standard "full coverage" insurance.

Cheapest for drivers with one at-fault crash

The lowest auto insurance rates we found for drivers in New Mexico with a recent at-fault wreck were from State Farm, with an average price of $103 per month. Allstate and Farmers complete the list.

InsurerAverage price
4.0 NerdWallet rating

$1,235/year

$103/month
3.5 NerdWallet rating

$2,479/year

$207/month

3.5 NerdWallet rating

$3,108/year

$259/month
To get these figures, we averaged rates for 40-year-olds with one recent at-fault crash and the typical "full coverage" insurance. Your rates will remain high for three to five years after you cause an accident or have a moving violation. If you fall into this category, be sure to shop for new insurance rates just after the three-year and five-year anniversaries of your infraction.

Cheapest for low-mileage drivers

State Farm had the cheapest insurance quotes in our test for New Mexico drivers who put few annual miles on their cars, at $87 per month, on average. Progressive and Geico also make the cut, with rates very similar to one another.

InsurerAverage price
4.0 NerdWallet rating

$1,041/year

$87/month
3.5 NerdWallet rating

$1,612/year

$134/month
3.5 NerdWallet rating

$1,621/year

$135/month
Whether you're retired, work at home or often use public transportation, you may be able to get cheaper car insurance simply because you drive less. The rates above are for 40-year-olds with typical "full coverage" insurance and a clean driving record who drive 5,000 miles per year instead of the standard 12,000.

Cheapest for minimum coverage

State Farm had the cheapest average price for minimum coverage car insurance in New Mexico, at $34 per month. Geico and Progressive were second- and third-cheapest, respectively.

InsurerAverage price
4.0 NerdWallet rating

$402/year

$34/month
3.5 NerdWallet rating

$516/year

$43/month
3.5 NerdWallet rating

$567/year

$47/month
We calculated these numbers by averaging rates for 40-year-old good drivers who have only the minimum mandatory insurance in their state. Such light coverage isn't typically recommended, since it might not cover all the bills resulting from a car accident, but it's better than nothing — especially if you can't afford much more.

Cheap for military families


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  • Available only to active military members, veterans and their families.

If you’re a military member or a veteran — or have an immediate family member who is — chances are you’ll score a relatively affordable rate with USAA, a company that’s not available to the general public. For that reason, we don’t rank it against other companies but USAA returned the best rate in every category, except for drivers with an at-fault accident.

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 damages that surpass 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.

Here’s a summary of where you’ll find the cheapest insurance, by category:

Cheapest car insurance in New Mexico

CategoryCheapest option
Good driversState Farm
Drivers with poor creditState Farm
Drivers with one at-fault crashState Farm
Low-mileage driversState Farm
Minimum coverageState Farm
Military familiesUSAA

 

For our base-profile driver with good credit and a clean driving history, NerdWallet averaged rates from the largest insurers for 40-year-old men and women in 20 ZIP codes. The policy includes:

  • $100,000 bodily injury liability coverage per person.
  • $300,000 bodily injury liability coverage per crash.
  • $50,000 property damage liability coverage per crash.
  • $100,000 uninsured motorist bodily injury coverage per person.
  • $300,000 uninsured motorist bodily injury coverage per crash.
  • Collision coverage with $1,000 deductible.
  • Comprehensive coverage with $1,000 deductible.

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

  • For drivers with poor credit, we adjusted the credit tier from “good” to “poor.”
  • For drivers with one at-fault crash, we added a single at-fault crash.
  • For low-mileage drivers, we adjusted the miles driven from 12,000 per year to 5,000.
  • For drivers with minimum coverage, we adjusted the numbers above to reflect minimum required coverage by law in the state.

We used a 2015 Toyota Camry in all cases. These are rates generated through Quadrant Information Services. Your own rates will be different.