Cheap Car Insurance in New Mexico for 2024 (Find Savings With These 10 Companies)
State Farm, Progressive, and Geico are the top providers that offer cheap car insurance in New Mexico. State Farm, with options beginning at $24 per month, among these insurers, provides the cheapest car insurance in New Mexico, addressing their unique requirements. These insurers offer comprehensive coverage.
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Jeff Root
Licensed Insurance Agent
Jeff is a well-known speaker and expert in life insurance and financial planning. He has spoken at top insurance conferences around the U.S., including the InsuranceNewsNet Super Conference, the 8% Nation Insurance Wealth Conference, and the Digital Life Insurance Agent Mastermind. He has been featured and quoted in Nerdwallet, Bloomberg, Forbes, U.S. News & Money, USA Today, and other leading...
Licensed Insurance Agent
UPDATED: Nov 4, 2024
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
UPDATED: Nov 4, 2024
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
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13,128 reviewsCompany Facts
Min. Coverage in New Mexico
A.M. Best Rating
Complaint Level
Pros & Cons
13,128 reviews
19,116 reviewsCompany Facts
Min. Coverage in New Mexico
A.M. Best Rating
Complaint Level
Pros & Cons
19,116 reviews
Discover the cheap car insurance in New Mexico from leading providers such as State Farm, Progressive, and Geico. State Farm offers rates beginning at $24 per month.
For New Mexico residents seeking cheap car insurance, understanding local coverage options is key to making informed decisions and saving in your insurance.
Our Top 10 Company Picks: Cheap Car Insurance in New Mexico
Company Rank Monthly Rates A.M. Best Best For Jump to Pros/Cons
#1 $24 B Customer Service State Farm
#2 $30 A+ Snapshot Program Progressive
#3 $31 A++ Affordable Rates Geico
#4 $32 A++ Custom Policies Travelers
#5 $36 A Teen Drivers American Family
#6 $37 A Flexible Plans Safeco
#7 $46 A Discount Variety Farmers
#8 $56 A+ Safe Drivers Allstate
#9 $57 A Add-on Options Liberty Mutual
#10 $76 A+ Accident Forgiveness Nationwide
This article covers car insurance basics, state requirements, tips for cheap insurance, and answers, “Can I add or remove coverages in the middle of my policy?” for added flexibility. Enter your ZIP code now.
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#1 – State Farm: Top Overall Pick
Pros
- Affordable Rates: Offers some of the lowest premiums starting at $24 per month, making it a leading choice for cheap car insurance in New Mexico. Read more at “State Farm Insurance Review“.
- Comprehensive Coverage: Provides a range of coverage options that can be tailored to your needs, making it a solid option for cheap car insurance in New Mexico.
- Discounts Available: Includes discounts for safe driving and multi-policy bundling, which can enhance your options for cheap car insurance in New Mexico.
Cons
- Limited Coverage Options: Fewer add-on options may limit customization for those looking for specialized cheap car insurance in New Mexico.
- Higher Rates for Young Drivers: Premiums for younger drivers can be higher, which may impact affordability for cheap car insurance in New Mexico.
#2 – Progressive: Best for Snapshot Program
Pros
- Snapshot Program: Known for its Snapshot program, which rewards safe driving with discounts, potentially providing cheap car insurance in New Mexico.
- Competitive Rates: Offers affordable premiums starting at $30 per month, positioning it as a strong contender for cheap car insurance in New Mexico.
- High A.M. Best Rating: With an A+ rating from A.M. Best, Progressive ensures reliability and stability for those seeking cheap car insurance in New Mexico.
Cons
- Complex Pricing: The wide variation in premiums may complicate finding the most affordable cheap car insurance in New Mexico. Learn more at “Progressive Insurance Review“.
- Mixed Customer Service Reviews: Inconsistent feedback on customer service could affect the overall experience with cheap car insurance in New Mexico.
#3 – Geico: Best for Affordable Rates
Pros
- Excellent A.M. Best Rating: With an A++ rating from A.M. Best, Geico provides financial stability and reliability for cheap car insurance in New Mexico.
- Easy Online Management: The user-friendly website and mobile app make managing cheap car insurance in New Mexico convenient and straightforward.
- Wide Range of Discounts: Includes various discounts, such as for military members, enhancing the affordability of cheap car insurance in New Mexico.
Cons
- Limited Local Agents: Fewer physical locations may impact in-person support for those looking for cheap car insurance in New Mexico. See further details through our Geico Insurance Review & Ratings.
- Higher Rates for High-Risk Drivers: Premiums can be higher for high-risk drivers, which might affect their access to cheap car insurance in New Mexico.
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#4 – Travelers: Best for Custom Policies
Pros
- Customizable Policies: Offers a variety of coverage options and add-ons, allowing for tailored cheap car insurance in New Mexico to fit specific needs.
- High A.M. Best Rating: Rated A++ by A.M. Best, ensuring financial strength and reliability for cheap car insurance in New Mexico. Learn more in our article “How can I pay my Travelers insurance premium?“.
- Flexible Coverage Options: Provides extensive choices for coverage adjustments, helping to secure the best cheap car insurance in New Mexico.
Cons
- Higher Rates for Some Drivers: Premiums can be higher for certain drivers, potentially complicating the search for cheap car insurance in New Mexico.
- Complex Policy Options: The range of coverage options might be overwhelming, making it harder to identify the best cheap car insurance in New Mexico.
#5 – American Family: Best for Teen Drivers
Pros
- Teen Driver Friendly: Provides competitive rates starting at $36 per month specifically for teen drivers, making it a good choice for cheap car insurance in New Mexico.
- Good Discount Opportunities: Offers discounts for safe driving and good academic performance, enhancing the affordability of cheap car insurance in New Mexico.
- Comprehensive Coverage: Includes options for your cheap car insurance. Read details through “How long does it typically take for American Family Insurance to process a car insurance claim?“
Cons
- Higher Rates for Non-Teen Drivers: Premiums can be higher for drivers outside of the teen category, affecting access to cheap car insurance in New Mexico.
- Limited Discounts for High-Risk Drivers: Fewer discounts for drivers with poor records, potentially impacting the affordability of cheap car insurance in New Mexico.
#6 – Safeco: Best for Flexible Plans
Pros
- Flexible Plans: Offers customizable insurance to see diverse needs, making it an option for cheap car insurance in New Mexico. Follow us through our Safeco insurance review.
- Good Discount Programs: Provides discounts for safe driving and multi-policy bundling, helping to make cheap car insurance in New Mexico more accessible.
- Comprehensive Coverage: Includes coverage options for different types of incidents, supporting your quest for cheap car insurance in New Mexico.
Cons
- Higher Premiums for Certain Vehicles: Premiums can be higher for high-performance or luxury cars, which might affect the affordability of cheap car insurance in New Mexico.
- Mixed Customer Feedback: Customer service reviews can vary, potentially impacting your experience with cheap car insurance in New Mexico.
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#7 – Farmers: Best for Discount Variety
Pros
- Discount Variety: Offers a broad range of discounts, including multi-policy and safe driver discounts, contributing to cheap car insurance in New Mexico. Read more at “Farmers Insurance Review“.
- Comprehensive Coverage Options: Provides a wide array of coverage options and add-ons to tailor your policy for cheap car insurance in New Mexico.
- Local Agent Network: Personalized service through local agents supports finding the best cheap car insurance in New Mexico.
Cons
- Higher Premiums: Can be more expensive compared to some competitors, which might make it harder to find cheap car insurance in New Mexico.
- Inconsistent Claims Experience: Mixed feedback on claims processing can affect your overall experience with cheap car insurance in New Mexico.
#8 – Allstate: Best for Safe Drivers
Pros
- Safe Driver Discounts: Offers discounts for safe drivers and those with a clean driving record, making it easier to find cheap car insurance in New Mexico.
- Strong A.M. Best Rating: Rated A+ by A.M. Best, reflecting excellent financial strength and reliability for cheap car insurance in New Mexico.
- Comprehensive Coverage: Variety of options such as accident forgiveness and new car replacement, supporting your cheap car insurance. Discover more at “Allstate Insurance Review“.
Cons
- Higher Premiums: Rates can be higher compared to some other providers, which might impact the affordability of cheap car insurance in New Mexico.
- Mixed Claims Processing: Customer experiences with claims processing can vary, potentially affecting your experience with cheap car insurance in New Mexico.
#9 – Liberty Mutual: Best for Add-on Options
Pros
- Add-On Options: Provides add-ons like new car replacement, enhancing value of cheap car insurance in New Mexico. Read more about “Liberty Mutual Insurance Review“.
- Customizable Policies: Offers various coverage options to tailor your policy, helping you find the best cheap car insurance in New Mexico.
- Good Discount Programs: Includes discounts for bundling and safe driving, which can make cheap car insurance in New Mexico more affordable.
Cons
- Higher Premiums: Can be more expensive compared to some competitors, which might affect the availability of cheap car insurance in New Mexico.
- Complex Quote Process: The process for obtaining quotes can be more involved, potentially complicating the search for cheap car insurance in New Mexico.
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#10 – Nationwide: Best for Accident Forgiveness
Pros
- Accident Forgiveness: Offers accident forgiveness as an add-on, which can be beneficial for maintaining cheap car insurance in New Mexico.
- Strong A.M. Best Rating: Rated A+ by A.M. Best, reflecting robust financial strength and reliability for cheap car insurance in New Mexico.
- Comprehensive Coverage Options: Provides options to suit needs, supporting cheap car insurance. Read our article “How do I renew my car insurance policy with Nationwide?“.
Cons
- Higher Premiums: Rates can be higher compared to some other providers, which might make it challenging to find cheap car insurance in New Mexico.
- Limited Discounts: Fewer discount opportunities for certain risk profiles, potentially impacting the affordability of cheap car insurance in New Mexico.
Knowing New Mexico Car Insurance
Car insurance in New Mexico is a contract where you pay a premium for coverage against accidents and other events, providing financial protection for you and your vehicle.
It typically includes liability coverage, which covers damages you cause to others; collision coverage, which handles repair costs for your own vehicle after an accident; and comprehensive coverage, which protects against non-collision incidents like theft and severe weather.
New Mexico Car Insurance Monthly Rates by Provider & Coverage Level
Insurance Company Minimum Coverage Full Coverage
$56 $158
$36 $103
$46 $131
$31 $90
$57 $161
$76 $96
$30 $86
$37 $103
$24 $69
$32 $91
Additionally, uninsured/underinsured motorist coverage ensures you’re protected if you’re hit by a driver with insufficient insurance. In New Mexico, drivers must have at least $25,000 in bodily injury liability per person, $50,000 per accident, and $10,000 in property damage liability.
While these are the minimum requirements, higher coverage limits may be wise to better protect your assets and vehicle.
Car Insurance Discounts From the Top Providers in New Mexico| Insurance Company | Available Discounts |
|---|---|
| Bundling, Safe Driver, New Car, Anti-Theft |
| Bundling, Loyalty, Safe Driver, Low Mileage |
| Bundling, Safe Driver, Homeowner, Good Student |
| Bundling, Safe Driver, Good Student, Military, Federal Employee |
| Bundling, Homeowner, Early Shopper, Good Student |
| Bundling, Safe Driver, Accident-Free, Anti-Theft |
| Bundling, Continuous Coverage, Good Student, Homeowner |
| Bundling, Accident Prevention, Good Student, Safe Driver |
| Bundling, Accident-Free, Good Student, Safe Driver |
| Bundling, Homeownership, Safe Driver, Hybrid/Electric Vehicles |
It’s also important to be aware of auto insurance fraud, which involves deliberately misleading insurers to receive financial benefits you’re not entitled to.
5 Common Car Insurance Claims in New Mexico| Claim Type | Portion of Claims | Cost per Claim |
|---|---|---|
| Collision | 30% | $4,500 |
| Comprehensive | 25% | $3,000 |
| Property Damage | 20% | $2,800 |
| Bodily Injury | 15% | $15,000 |
| Uninsured Motorist | 10% | $20,000 |
This can include falsifying claims or staging accidents. Engaging in or falling victim to auto insurance fraud can lead to severe legal consequences and higher premiums, making it crucial to maintain honest practices and report any suspicious activities to avoid potential issues. Enter your ZIP code now to begin comparing.
Elements Affecting Auto Insurance Costs in New Mexico
Car insurance rates in New Mexico are influenced by several key factors, and understanding these can help you find ways to lower your premiums. Insurers consider your age and driving experience, with younger drivers typically paying more due to their higher risk of accidents.
As you gain experience and maintain a clean record, you might qualify for lower rates, with discounts varying by insurer. Your driving record and claims history are also crucial; a history of accidents or violations can lead to higher premiums, while a clean record can help you secure more affordable coverage.
Jeff Root
Licensed Insurance Agent
Additionally, the make and model of your vehicle impact rates, with high-performance and luxury cars generally costing more to insure due to higher repair and replacement costs. Vehicles with good safety features may qualify for discounts.
When evaluating your insurance options, it’s also important to consider whether your policy covers specific types of damage. For instance, you might wonder, “Does my auto insurance cover break-ins?”
New Mexico Report Card: Car Insurance Premiums| Category | Grade | Explanation |
|---|---|---|
| Traffic Density | B | Moderate traffic density |
| Average Claim Size | B- | Lower claim sizes compared to average |
| Weather-Related Risks | C+ | Occasional extreme weather |
| Vehicle Theft Rate | C | Higher-then-average vehicle theft rate |
| Uninsured Drivers Rate | D | High percentage of uninsured drivers |
Comprehensive coverage typically includes protection against vandalism and theft, including break-ins. If this type of coverage is not included in your policy, you may want to consider adding it or choosing a plan that offers it to ensure you’re fully protected.
By understanding these factors and ensuring comprehensive coverage, you can make informed decisions to potentially lower your car insurance costs in New Mexico while maintaining adequate protection.
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Ways on Getting Cheap Car Insurance in New Mexico
Finding affordable car insurance in New Mexico is achievable with some strategic steps. Start by comparing quotes from various insurance providers, as rates and discounts can vary significantly.
New Mexico Accidents & Claims per Year by City| City | Accidents per Year | Claims per Year |
|---|---|---|
| Alamogordo | 500 | 400 |
| Albuquerque | 4,500 | 3,600 |
| Carlsbad | 600 | 480 |
| Farmington | 1,000 | 800 |
| Gallup | 400 | 320 |
| Hobbs | 700 | 560 |
| Las Cruces | 2,000 | 1,600 |
| Rio Rancho | 1,500 | 1,200 |
| Roswell | 800 | 640 |
| Santa Fe | 1,200 | 960 |
Research reputable insurers with competitive rates and request quotes tailored to your coverage needs, including pay-per-mile insurance coverage if you drive less frequently.
Additionally, take advantage of available discounts such as safe driving discounts, multi-policy savings, and good student discounts. Maintaining a clean driving record is crucial; avoid traffic violations and accidents, and consider enrolling in defensive driving courses to potentially earn further discounts.
New Mexico Report Card: Car Insurance Discounts| Discount Name | Grade | Savings | Participating Providers |
|---|---|---|---|
| Accident-Free | A | 25% | Geico, Progressive, Farmers |
| Bundling | A | 25% | State Farm, Progressive, Allstate |
| Good Student | A | 20% | State Farm, Allstate, Farmers |
| Safe Driver | A | 20% | Geico, Liberty Mutual, Farmers |
| Military | A | 15% | USAA, Geico, Liberty Mutual |
| Hybrid/Electric Vehicles | A- | 15% | Travelers, Nationwide, State Farm |
| Low Mileage | A- | 15% | Allstate, Geico, Nationwide |
| Anti-Theft | B+ | 15% | State Farm, Allstate, Progressive |
| Continuous Coverage | B+ | 15% | Nationwide, State Farm, Allstate |
| Federal Employee | B+ | 10% | Geico, USAA |
| Homeowner | B+ | 10% | State Farm, USAA, Liberty Mutual |
| Accident Prevention | B | 10% | Liberty Mutual, Progressive, Farmers |
| Early Shopper | B | 10% | Allstate, Liberty Mutual, Travelers |
| Loyalty | B | 10% | Nationwide, Farmers, Liberty Mutual |
| New Car | B | 10% | Nationwide, USAA, Travelers |
Regular vehicle maintenance and staying informed about traffic laws also contribute to keeping your insurance premiums low. By following these tips, you can secure cost-effective car insurance in New Mexico. Enter your ZIP code now to begin comparing.
Frequently Asked Questions
What factors affect the cost of car insurance in New Mexico?
The cost of car insurance in New Mexico can be affected by various factors such as your driving record, age, gender, type of vehicle, coverage limits, and deductible amount.
How can I find cheap car insurance in New Mexico?
To find cheap car insurance in New Mexico, you can start by comparing quotes from multiple insurance companies.
Additionally, maintaining a clean driving record, opting for higher deductibles, and taking advantage of available discounts can help lower your premiums. Enter your ZIP code now to begin.
What are the minimum car insurance requirements in New Mexico?
Can I get car insurance in New Mexico if I have a bad driving record?
Yes, even if you have a bad driving record, you can still get car insurance in New Mexico. However, insurance companies may consider you a higher risk and charge you higher premiums.
Shopping around and comparing quotes can help you find the best rates available to you.
What are some common discounts available for car insurance in New Mexico?
Common discounts available for car insurance in New Mexico include safe driver discounts, multi-policy discounts, good student discounts, discounts for completing driver’s education courses, and discounts for having certain safety features installed in your vehicle. Enter your ZIP code now to begin.
Which insurance provider offers the lowest monthly rates for cheap car insurance in New Mexico?
What is the A.M. Best rating for Progressive, and how does it benefit those seeking cheap car insurance in New Mexico?
Progressive has an A+ rating from A.M. Best, indicating strong financial stability and reliability. This rating ensures that Progressive is a dependable option for those seeking cheap car insurance in New Mexico.
How does Geico’s A++ rating from A.M. Best impact its reliability for cheap car insurance in New Mexico?
Geico’s A++ rating from A.M. Best signifies the highest level of financial strength and reliability.
This top rating enhances Geico’s credibility as a provider of cheap car insurance in New Mexico. Enter your ZIP code now to begin.
What are the primary benefits of Travelers’ customizable policies for those looking for cheap car insurance in New Mexico?
How does Nationwide’s accident forgiveness feature affect the cost of cheap car insurance in New Mexico?
Nationwide’s accident forgiveness feature helps prevent rate increases after your first accident, making it a cost-effective choice. This feature helps maintain affordable rates for cheap car insurance in New Mexico despite driving mishaps.
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Jeff Root
Licensed Insurance Agent
Jeff is a well-known speaker and expert in life insurance and financial planning. He has spoken at top insurance conferences around the U.S., including the InsuranceNewsNet Super Conference, the 8% Nation Insurance Wealth Conference, and the Digital Life Insurance Agent Mastermind. He has been featured and quoted in Nerdwallet, Bloomberg, Forbes, U.S. News & Money, USA Today, and other leading...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.