Cheap Car Insurance in New Mexico for March 2024

Geico offers the cheapest car insurance in New Mexico, with an average annual rate of $1,700 for full coverage.
Ben Moore
By Ben Moore 
Updated

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Auto insurance is an important purchase, but finding cheap car insurance in New Mexico isn’t always easy. The best way to find cheap car insurance is to compare rates from multiple insurers.

The cheapest car insurance company in New Mexico is Geico at $1,700 per year on average, or $142 per month, according to the most recent NerdWallet analysis of full coverage car insurance rates in New Mexico. Meanwhile, the average cost of full coverage car insurance in New Mexico is $2,030 per year, or about $169 per month.

Minimum coverage in New Mexico is $474 per year on average, but we found you can likely get a cheaper policy. For example, Progressive offers the cheapest rates in New Mexico at $323 per year, on average, for minimum coverage car insurance for a 35-year-old driver with a clean driving record.

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 listed the five cheapest options for drivers in several age brackets and with different histories, all driving a 2020 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.

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 New Mexico 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.

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. Geico: $2,869 per year, or about $239 per month.
  2. Farm Bureau Financial Services: $2,980 per year, or about $248 per month.
  3. Progressive: $3,145 per year, or about $262 per month.
  4. State Farm: $4,394 per year, or about $366 per month.
  5. Nationwide: $4,996 per year, or about $416 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. Progressive: $682 per year, or about $57 per month.
  2. Geico: $889 per year, or about $74 per month.
  3. Allstate: $933 per year, or about $78 per month.
  4. Farm Bureau Financial Services: $1,024 per year, or about $85 per month.
  5. State Farm: $1,064 per year, or about $89 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. Progressive: $1,020 per year, or about $85 per month.
  2. Geico: $1,175 per year, or about $98 per month.
  3. Allstate: $1,228 per year, or about $102 per month.
  4. Kemper: $1,764 per year, or about $147 per month.
  5. Farm Bureau Financial Services: $1,855 per year, or about $155 per month.

Cheapest auto insurance in New Mexico for 20-year-old drivers with one speeding ticket

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

  1. Progressive: $772 per year, or about $64 per month.
  2. Geico: $1,050 per year, or about $88 per month.
  3. Allstate: $1,051 per year, or about $88 per month.
  4. Kemper: $1,140 per year, or about $95 per month.
  5. Farm Bureau Financial Services: $1,171 per year, or about $98 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. Progressive: $815 per year, or about $68 per month.
  2. Kemper: $1,178 per year, or about $98 per month.
  3. Geico: $1,237 per year, or about $103 per month.
  4. Allstate: $1,288 per year, or about $107 per month.
  5. State Farm: $1,357 per year, or about $113 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. Progressive: $750 per year, or about $63 per month.
  2. Kemper: $1,151 per year, or about $96 per month.
  3. Allstate: $1,340 per year, or about $112 per month.
  4. Geico: $1,442 per year, or about $120 per month.
  5. State Farm: $1,609 per year, or about $134 per month.

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

  1. Geico: $1,715 per year, or about $143 per month.
  2. Farm Bureau Financial Services: $1,796 per year, or about $150 per month.
  3. Progressive: $1,876 per year, or about $156 per month.
  4. Nationwide: $2,098 per year, or about $175 per month.
  5. State Farm: $2,135 per year, or about $178 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. Progressive: $341 per year, or about $28 per month.
  2. Kemper: $404 per year, or about $34 per month.
  3. State Farm: $413 per year, or about $34 per month.
  4. Farm Bureau Financial Services: $434 per year, or about $36 per month.
  5. Geico: $481 per year, or about $40 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: $2,508 per year, or about $209 per month.
  2. Progressive: $2,830 per year, or about $236 per month.
  3. Farm Bureau Financial Services: $2,970 per year, or about $247 per month.
  4. Nationwide: $3,088 per year, or about $257 per month.
  5. Allstate: $5,830 per year, or about $486 per month.

Cheapest auto insurance in New Mexico for 30-year-old drivers with one speeding ticket

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

  1. Progressive: $426 per year, or about $36 per month.
  2. State Farm: $467 per year, or about $39 per month.
  3. Kemper: $475 per year, or about $40 per month.
  4. Farm Bureau Financial Services: $495 per year, or about $41 per month.
  5. Geico: $560 per year, or about $47 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. Farm Bureau Financial Services: $2,453 per year, or about $204 per month.
  2. State Farm: $2,647 per year, or about $221 per month.
  3. Progressive: $2,694 per year, or about $224 per month.
  4. Geico: $2,808 per year, or about $234 per month.
  5. Nationwide: $3,561 per year, or about $297 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. Progressive: $2,154 per year, or about $179 per month.
  2. Geico: $2,976 per year, or about $248 per month.
  3. State Farm: $2,990 per year, or about $249 per month.
  4. Farm Bureau Financial Services: $3,339 per year, or about $278 per month.
  5. Nationwide: $4,056 per year, or about $338 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. Progressive: $1,631 per year, or about $136 per month.
  2. Farm Bureau Financial Services: $1,703 per year, or about $142 per month.
  3. Geico: $1,710 per year, or about $143 per month.
  4. Nationwide: $2,009 per year, or about $167 per month.
  5. State Farm: $2,069 per year, or about $172 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. Progressive: $299 per year, or about $25 per month.
  2. Farm Bureau Financial Services: $413 per year, or about $34 per month.
  3. State Farm: $418 per year, or about $35 per month.
  4. Kemper: $422 per year, or about $35 per month.
  5. Geico: $480 per year, or about $40 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. Progressive: $2,477 per year, or about $206 per month.
  2. Geico: $2,518 per year, or about $210 per month.
  3. Farm Bureau Financial Services: $2,871 per year, or about $239 per month.
  4. Nationwide: $2,961 per year, or about $247 per month.
  5. Allstate: $5,830 per year, or about $486 per month.

Cheapest auto insurance in New Mexico for 40-year-old drivers with one speeding ticket

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

  1. Progressive: $381 per year, or about $32 per month.
  2. Farm Bureau Financial Services: $471 per year, or about $39 per month.
  3. State Farm: $472 per year, or about $39 per month.
  4. Kemper: $494 per year, or about $41 per month.
  5. Geico: $558 per year, or about $46 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. Farm Bureau Financial Services: $2,317 per year, or about $193 per month.
  2. Progressive: $2,422 per year, or about $202 per month.
  3. State Farm: $2,564 per year, or about $214 per month.
  4. Geico: $2,705 per year, or about $225 per month.
  5. Nationwide: $3,432 per year, or about $286 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: $1,887 per year, or about $157 per month.
  2. State Farm: $2,896 per year, or about $241 per month.
  3. Geico: $2,975 per year, or about $248 per month.
  4. Farm Bureau Financial Services: $3,141 per year, or about $262 per month.
  5. Nationwide: $3,959 per year, or about $330 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. Progressive: $1,479 per year, or about $123 per month.
  2. Farm Bureau Financial Services: $1,550 per year, or about $129 per month.
  3. Geico: $1,757 per year, or about $146 per month.
  4. Nationwide: $1,885 per year, or about $157 per month.
  5. State Farm: $2,001 per year, or about $167 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. Progressive: $266 per year, or about $22 per month.
  2. Farm Bureau Financial Services: $341 per year, or about $28 per month.
  3. Kemper: $375 per year, or about $31 per month.
  4. State Farm: $413 per year, or about $34 per month.
  5. Geico: $493 per year, or about $41 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. Progressive: $2,240 per year, or about $187 per month.
  2. Geico: $2,541 per year, or about $212 per month.
  3. Farm Bureau Financial Services: $2,559 per year, or about $213 per month.
  4. Nationwide: $2,777 per year, or about $231 per month.
  5. Allstate: $5,002 per year, or about $417 per month.

Cheapest auto insurance in New Mexico for 50-year-old drivers with one speeding ticket

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

  1. Progressive: $346 per year, or about $29 per month.
  2. Farm Bureau Financial Services: $388 per year, or about $32 per month.
  3. Kemper: $448 per year, or about $37 per month.
  4. State Farm: $466 per year, or about $39 per month.
  5. Geico: $557 per year, or about $46 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. Farm Bureau Financial Services: $2,089 per year, or about $174 per month.
  2. Progressive: $2,253 per year, or about $188 per month.
  3. State Farm: $2,481 per year, or about $207 per month.
  4. Geico: $2,767 per year, or about $231 per month.
  5. Nationwide: $3,277 per year, or about $273 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: $1,723 per year, or about $144 per month.
  2. State Farm: $2,805 per year, or about $234 per month.
  3. Farm Bureau Financial Services: $2,810 per year, or about $234 per month.
  4. Geico: $2,874 per year, or about $240 per month.
  5. Allstate: $3,763 per year, or about $314 per month.

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. Progressive: $1,403 per year, or about $117 per month.
  2. Farm Bureau Financial Services: $1,510 per year, or about $126 per month.
  3. Geico: $1,722 per year, or about $144 per month.
  4. Nationwide: $1,731 per year, or about $144 per month.
  5. State Farm: $1,865 per year, or about $155 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. Progressive: $252 per year, or about $21 per month.
  2. Farm Bureau Financial Services: $343 per year, or about $29 per month.
  3. Kemper: $378 per year, or about $32 per month.
  4. State Farm: $382 per year, or about $32 per month.
  5. Geico: $462 per year, or about $39 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. Progressive: $2,131 per year, or about $178 per month.
  2. Geico: $2,476 per year, or about $206 per month.
  3. Farm Bureau Financial Services: $2,484 per year, or about $207 per month.
  4. Nationwide: $2,557 per year, or about $213 per month.
  5. Allstate: $5,002 per year, or about $417 per month.

Cheapest auto insurance in New Mexico for 60-year-old drivers with one speeding ticket

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

  1. Progressive: $332 per year, or about $28 per month.
  2. Farm Bureau Financial Services: $391 per year, or about $33 per month.
  3. State Farm: $431 per year, or about $36 per month.
  4. Kemper: $449 per year, or about $37 per month.
  5. Geico: $567 per year, or about $47 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. Farm Bureau Financial Services: $2,029 per year, or about $169 per month.
  2. Progressive: $2,174 per year, or about $181 per month.
  3. State Farm: $2,314 per year, or about $193 per month.
  4. Geico: $2,745 per year, or about $229 per month.
  5. Nationwide: $3,044 per year, or about $254 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: $1,650 per year, or about $138 per month.
  2. State Farm: $2,615 per year, or about $218 per month.
  3. Farm Bureau Financial Services: $2,722 per year, or about $227 per month.
  4. Geico: $2,858 per year, or about $238 per month.
  5. Nationwide: $3,597 per year, or about $300 per month.

Cheapest for 70-year-old drivers

Car insurance costs may start to rise for 70-year-old drivers. To find the cheapest possible coverage, shop around and compare quotes from multiple companies. Also, look for insurers that offer discounts for seniors. For example, some insurers offer discounts to senior drivers who take a defensive driving course.

Cheapest full coverage car insurance in New Mexico for 70-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. Progressive: $1,485 per year, or about $124 per month.
  2. Farm Bureau Financial Services: $1,543 per year, or about $129 per month.
  3. Geico: $1,900 per year, or about $158 per month.
  4. Nationwide: $1,927 per year, or about $161 per month.
  5. State Farm: $1,937 per year, or about $161 per month.

Cheapest minimum coverage car insurance in New Mexico for 70-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. Progressive: $278 per year, or about $23 per month.
  2. Farm Bureau Financial Services: $397 per year, or about $33 per month.
  3. State Farm: $412 per year, or about $34 per month.
  4. Kemper: $530 per year, or about $44 per month.
  5. Geico: $578 per year, or about $48 per month.

Cheapest auto insurance in New Mexico for 70-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. Progressive: $2,239 per year, or about $187 per month.
  2. Farm Bureau Financial Services: $2,591 per year, or about $216 per month.
  3. Nationwide: $2,826 per year, or about $236 per month.
  4. Geico: $2,830 per year, or about $236 per month.
  5. Allstate: $5,168 per year, or about $431 per month.

Cheapest auto insurance in New Mexico for 70-year-old drivers with one speeding ticket

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

  1. Progressive: $381 per year, or about $32 per month.
  2. Farm Bureau Financial Services: $452 per year, or about $38 per month.
  3. State Farm: $466 per year, or about $39 per month.
  4. Kemper: $600 per year, or about $50 per month.
  5. Geico: $680 per year, or about $57 per month.

Cheapest auto insurance in New Mexico for 70-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. Farm Bureau Financial Services: $2,092 per year, or about $174 per month.
  2. Progressive: $2,408 per year, or about $201 per month.
  3. State Farm: $2,411 per year, or about $201 per month.
  4. Geico: $2,930 per year, or about $244 per month.
  5. Nationwide: $3,385 per year, or about $282 per month.

Cheapest auto insurance in New Mexico for 70-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: $1,736 per year, or about $145 per month.
  2. State Farm: $2,737 per year, or about $228 per month.
  3. Farm Bureau Financial Services: $2,820 per year, or about $235 per month.
  4. Geico: $3,056 per year, or about $255 per month.
  5. Allstate: $3,911 per year, or about $326 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 70 of the 70 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 2021 Toyota Camry LE for all drivers and assumed 12,000 annual miles driven.

We analyzed rates for drivers 20 to 70 years old in ten-year increments. For the average cost of full and minimum coverage in each state, we looked at 35-year-old drivers.

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. Some insurance companies included in this article may have made changes in their underwriting practices and no longer issue new policies in your state.

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