Cheap car insurance in New Mexico

Cheap car insurance in New Mexico

It is mandatory to get car insurance in New Mexico for drivers to drive legally in the state. Different companies in New Mexico provide car insurance at different rates. According to data gathered by MyMoneyMyQuotes following are the cheap car insurance providers that offer car insurance at affordable rates in New Mexico:

Name of the Company Average annual car insurance premiums
Safeco $999
USAA $1028
State Farm $1067
Allied $1250
Farm Bureau Mutual $1259
Dairyland $1325
The Hartford $1344
GEICO $1428
Central Mutual Insurance Co $1459
Progressive $1519
Cal Casualty $1612
MetLife $1615
Metropolitan $1698
Farmers $1870
Allstate $2590
Encompass $4500

Cheap car insurance in New Mexico for good drivers 

Car insurance companies may charge high car insurance premiums from drivers in New Mexico with histories of speeding tickets, at-fault accidents, or DUI citations. Car insurance companies in New Mexico provide discounts on car insurance premiums to those who have a good driving history but discount rates vary from company to company. You can save money on a car insurance policy in New Mexico by maintaining a good driving record. Most auto insurance companies in New Mexico provide a 5-10% good driver discount to those having a good driving history without violations.

  • Drivers with no traffic ticket may save $253 on car insurance premiums in New Mexico.
  •  Drivers may save $660 on car insurance premiums if they have an accident-free record in New Mexico.
  •  By maintaining a good credit history you may save $885 on car insurance premiums in New Mexico

Cheap car insurance for inexperienced drivers in New Mexico

Most auto insurance providers may charge high auto insurance premiums in New Mexico from young or inexperienced drivers because inexperienced drivers are riskier for auto insurance companies than experienced drivers.  Auto insurance premiums in New Mexico vary according to the age of the drivers. Some companies charge high auto insurance costs from young drivers in New Mexico. 

Age Average annual auto insurance premiums with parents Average annual auto insurance premiums for young drivers alone
16 $5152 $6867
17 $4925 $6032
18 $4640 $5097
19 $4149 $3149

Affordable auto insurance in New Mexico for high-risk drivers

Car insurance companies in New Mexico charge high auto insurance premiums from those drivers who have a bad driving history as compared to the drivers those who have no at-fault accidents, speeding tickets, or DUIs. Drivers with a good driving record in New Mexico can save money on auto insurance policies because auto insurance companies check the driving record of the past 3 to 5 years to decide the car insurance cost. Drivers with a good driving history in New Mexico may get discounts on car insurance policies.

Rating factor                                Average annual car insurance premium
At-Fault Accident $1977
DUI $2022
Speeding Violation $1569
Bad Credit $2200

Best car insurance companies in New Mexico

Car insurance prices in New Mexico may vary from company to company. Some companies in New Mexico charge lower car insurance premiums than others. To get the best auto insurance policy in New Mexico you should check the reputation and services of the insurance companies because finding an affordable car insurance policy is not just enough. You can find the best auto insurance company in New Mexico by comparing car insurance quotes from different car insurance providers. According to the data gathered by the MyMoneyMyQuotes following are the best car insurance providers in New Mexico:

  1. Allstate
  2. Cal Casualty
  3. Central Mutual
  4. Encompass
  5. Farmers
  6. GEICO
  7. Liberty Mutual
  8. MetLife
  9. Progressive
  10. Safeco
  11. Sentry
  12. State Farm
  13. The Hartford
  14. Travelers
  15. USAA

What auto insurance coverage is mandatory to purchase for drivers in New Mexico?

The average annual cost to get the minimum required coverage in New Mexico may around $615.  The minimum required coverage for drivers in New Mexico to drive legally in the state is:

Coverage type Coverage limit
Bodily injury coverage per person $25000
Bodily injury per accident $50000
Property damage per accident $10000

 The state minimum auto insurance requirements in New Mexico

The state minimum auto insurance coverage requirement in New Mexico is liability coverage.

  1. $25000 bodily injury coverage per person is required in New Mexico.
  2. $50000 bodily injury coverage per accident is required in New Mexico.
  3. $10000 property damage coverage per accident is required in New Mexico.

Other types of optional coverages in New Mexico are:

  1. Comprehensive
  2. Collision
  3. Roadside Assistance
  4. Loan/Lease Payoff
  5. Rental Car Reimbursement
  6. Underinsured Motorist Bodily Injury
  7. Medical Payments
  8. Uninsured Motorist Property Damage

Fine for driving without car insurance in New Mexico

If anyone caught driving without a car insurance policy in New Mexico then police may charge a fine.

Car insurance prices by cities in New Mexico

Car insurance premiums in New Mexico may vary from city to city. In some cities of New Mexico, car insurance prices are high compared to others.

City Average annual insurance premiums
Albuquerque $1560
Rio Rancho $1437
Espanola $1435
Lovington $1419
Hobbs $1412
Carlsbad $1387
Santa Fe $1360
Roswell $1359
Las Vegas $1346
Artesia $1330
Chaparral $1290
Sunland Park $1286
Los Alamos $1282
Anthony $1265
Gallup $1252
Portales $1237
Las Cruces $1220
Farmington $1215
Silver City $1200
Deming $1170
Alamogordo $1140

If you are looking for a car insurance deal in New Mexico, you can compare car insurance quotes provided for free by MyMoneyMyQuotes.com to get yourself the best possible deal.

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