Advertiser Disclosure

Best Cheap Car Insurance in New Mexico for 2021

Jan. 25, 2021
Auto Insurance, Insurance
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

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 legwork, NerdWallet gathered rates from 20 auto insurers in the state and found the cheapest options for several types of drivers.

 

Cheapest for 20-year-old drivers in New Mexico

Drivers in their 20s may have to get a lot of quotes to find 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 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. Farm Bureau Financial Services: $2,245 per year.
  2. Geico: $2,396 per year.
  3. State Farm: $2,480 per year.
  4. MetLife: $2,727 per year.
  5. Progressive: $2,796 per year.

Cheapest minimum coverage 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. Geico: $694 per year.
  2. State Farm: $791 per year.
  3. Allstate: $879 per year.
  4. Progressive: $921 per year.
  5. Central Insurance: $929 per year.

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

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

  1. Geico: $830 per year.
  2. Allstate: $1,063 per year.
  3. Progressive: $1,291 per year.
  4. Farmers: $1,418 per year.
  5. Encompass: $1,655 per year.

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

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

  1. State Farm: $976 per year.
  2. Geico: $1,074 per year.
  3. Central Insurance: $1,083 per year.
  4. Progressive: $1,138 per year.
  5. Allstate: $1,141 per year.

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

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

  1. Progressive: $1,002 per year.
  2. Allstate: $1,171 per year.
  3. State Farm: $1,208 per year.
  4. Farmers: $1,261 per year.
  5. Farm Bureau Financial Services: $1,800 per year.

Cheapest for 30-year-old drivers in New Mexico

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 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: $1,301 per year.
  2. MetLife: $1,318 per year.
  3. Central Insurance: $1,347 per year.
  4. Farm Bureau Financial Services: $1,357 per year.
  5. State Farm: $1,363 per year.

Cheapest minimum coverage 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: $309 per year.
  2. State Farm: $347 per year.
  3. Central Insurance: $418 per year.
  4. Farm Bureau Financial Services: $430 per year.
  5. Farmers: $459 per year.

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

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

  1. Geico: $1,624 per year.
  2. Farm Bureau Financial Services: $2,184 per year.
  3. Progressive: $2,332 per year.
  4. Encompass: $2,432 per year.
  5. State Farm: $2,554 per year.

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

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

  1. State Farm: $1,644 per year.
  2. Central Insurance: $1,768 per year.
  3. Farm Bureau Financial Services: $1,871 per year.
  4. Geico: $2,101 per year.
  5. Encompass: $2,148 per year.

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

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

  1. Progressive: $1,750 per year.
  2. State Farm: $1,883 per year.
  3. Farm Bureau Financial Services: $2,019 per year.
  4. Farmers: $2,137 per year.
  5. Allstate: $3,178 per year.

Cheapest for 40-year-old drivers in New Mexico

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 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. MetLife: $1,241 per year.
  2. Geico: $1,261 per year.
  3. Farm Bureau Financial Services: $1,307 per year.
  4. State Farm: $1,339 per year.
  5. Central Insurance: $1,347 per year.

Cheapest minimum coverage 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. Geico: $303 per year.
  2. State Farm: $350 per year.
  3. Farm Bureau Financial Services: $409 per year.
  4. Central Insurance: $418 per year.
  5. Progressive: $442 per year.

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

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

  1. Geico: $1,574 per year.
  2. Progressive: $2,113 per year.
  3. Farm Bureau Financial Services: $2,143 per year.
  4. Encompass: $2,432 per year.
  5. State Farm: $2,503 per year.

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

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: $1,616 per year.
  2. Central Insurance: $1,768 per year.
  3. Farm Bureau Financial Services: $1,796 per year.
  4. MetLife: $2,016 per year.
  5. Geico: $2,033 per year.

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

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

  1. Progressive: $1,590 per year.
  2. State Farm: $1,851 per year.
  3. Farm Bureau Financial Services: $1,935 per year.
  4. Farmers: $2,120 per year.
  5. MetLife: $3,109 per year.

Cheapest for 50-year-old drivers in New Mexico

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 the best cheap car insurance companies is a good place to start.

Cheapest full coverage 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. MetLife: $1,147 per year.
  2. Farm Bureau Financial Services: $1,168 per year.
  3. Geico: $1,195 per year.
  4. Central Insurance: $1,271 per year.
  5. State Farm: $1,312 per year.

Cheapest minimum coverage 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. Geico: $287 per year.
  2. Farm Bureau Financial Services: $336 per year.
  3. State Farm: $347 per year.
  4. Central Insurance: $385 per year.
  5. Farmers: $396 per year.

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

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

  1. Geico: $1,489 per year.
  2. Farm Bureau Financial Services: $1,864 per year.
  3. Progressive: $2,001 per year.
  4. Encompass: $2,283 per year.
  5. Farmers: $2,355 per year.

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

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

  1. State Farm: $1,584 per year.
  2. Farm Bureau Financial Services: $1,585 per year.
  3. Central Insurance: $1,693 per year.
  4. MetLife: $1,858 per year.
  5. Geico: $1,924 per year.

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

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: $1,521 per year.
  2. Farm Bureau Financial Services: $1,699 per year.
  3. State Farm: $1,816 per year.
  4. Farmers: $2,008 per year.
  5. MetLife: $2,868 per year.

Cheapest for 65-year-old drivers in New Mexico

Although 65-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 auto insurance for seniors, drivers in their mid-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 in New Mexico for 65-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: $1,037 per year.
  2. Farm Bureau Financial Services: $1,145 per year.
  3. State Farm: $1,241 per year.
  4. Geico: $1,258 per year.
  5. Progressive: $1,314 per year.

Cheapest minimum coverage in New Mexico for 65-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. Geico: $320 per year.
  2. State Farm: $329 per year.
  3. Farm Bureau Financial Services: $338 per year.
  4. Progressive: $403 per year.
  5. Central Insurance: $407 per year.

Cheapest coverage for 65-year-olds with poor credit in New Mexico

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

  1. Geico: $1,571 per year.
  2. Farm Bureau Financial Services: $1,826 per year.
  3. Progressive: $1,946 per year.
  4. Encompass: $2,198 per year.
  5. State Farm: $2,291 per year.

Cheapest for 65-year-old drivers with one at-fault crash in New Mexico

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: $1,500 per year.
  2. Farm Bureau Financial Services: $1,550 per year.
  3. MetLife: $1,693 per year.
  4. Central Insurance: $1,753 per year.
  5. Encompass: $1,964 per year.

Cheapest insurance for 65-year-old drivers after a DUI in New Mexico

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

  1. Progressive: $1,575 per year.
  2. Farm Bureau Financial Services: $1,662 per year.
  3. State Farm: $1,720 per year.
  4. Farmers: $2,144 per year.
  5. MetLife: $2,588 per year.

Cheapest 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 40 of the 40 driver profiles we examined.

» MORE: Best car insurance for veterans and military

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 from an average of 14 insurers in each state and Washington, D.C., 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 2018 Toyota Camry L for all drivers and assumed 12,000 annual miles driven.
  • We analyzed rates for drivers 20 to 80 years old in five-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 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.

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