The Best Cheap New Mexico Car Insurance
Updated
If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.
Car insurance is required by law in nearly all states to help protect others on the road. While the national average cost is over $2,800 per year, New Mexico auto insurance is typically much cheaper than that. Here's a closer look at which companies offer the best car insurance in New Mexico for several common driver profiles.
A 35-year-old female driver with a clean record pays about $1,752 per year for New Mexico auto insurance while her male counterpart pays $1,789 per year. But both can save considerably by going with Geico. Its average annual premiums for female and male drivers in New Mexico are just $1,056 and $1,016, respectively.
2025 Award Winner
These insurers are also among the best car insurance companies in New Mexico:
Drivers with a single accident on their records should take a closer look at State Farm. Its average annual premium for these drivers was just $1,302 -- well under the state average of $2,398 per year for these drivers.
2025 Award Winner
These companies also offer some of the best car insurance in New Mexico for drivers with prior accidents:
Drivers with prior speeding tickets may also want to check out State Farm. While the state average for drivers with one ticket is $2,152 per year, State Farm will cover them for just $1,302 per year.
These companies also offer cheap auto insurance in New Mexico to drivers with speeding tickets:
A typical 18-year-old male driver with no accidents pays about $4,799 per year for New Mexico auto insurance. But those who choose Geico can get the same coverage for just $3,005 per year.
These companies also offer cheap car insurance quotes in New Mexico to teen drivers:
Seniors pay about $1,603 per year for New Mexico auto insurance. But once again, Geico offers a much lower rate. Its drivers only pay about $974 per year.
Senior drivers can also score affordable car insurance in New Mexico with these insurers:
New Mexico minimum car insurance only costs about $512 annually, but drivers hoping to save even more should turn to Central Insurance. It only charges about $348 per year for state minimum coverage.
Drivers can also get cheap liability car insurance in New Mexico with these companies:
Drivers with bad credit can expect to pay about $2,830 per year for New Mexico auto insurance. But those who choose Geico can get coverage for nearly $1,000 less. Its average annual premium for these drivers is just $1,875.
New Mexico drivers with bad credit can also score low-cost car insurance with these companies:
How much is car insurance in New Mexico? That depends on several factors, like a driver's record, vehicle make and model, address, and more. But typically, New Mexico auto insurance rates are well under the national average. Here's a look at how its average annual premiums stack up to the rest of the country for some of the driver profiles discussed above.
| Average Rate Category | New Mexico | National Average |
|---|---|---|
| Overall | $2,191 | $2,875 |
| Young drivers | $4,799 | $6,087 |
| 1 accident on driving record | $2,398 | $3,226 |
| 1 speeding ticket on driving record | $2,152 | $2,840 |
All drivers should familiarize themselves with these New Mexico car insurance laws:
New Mexico is an at-fault state. In an accident involving two or more vehicles, the driver who is found to be at fault is responsible for paying the medical bills for all parties involved. This is different from no-fault states where each driver bills their own insurer for medical expenses.
Drivers who skip New Mexico minimum auto insurance will have their vehicle registration suspended until they're able to present proof of insurance. Failure to turn in the license plates and vehicle registration within 10 days of receiving a Notice of Suspension of Registration letter from the state may result in further criminal penalties.
All New Mexico drivers must carry at least the following coverage with their insurance company:
Drivers must have at least:
In addition, drivers must carry at least $10,000 of property damage liability coverage.
Drivers seeking the cheapest car insurance in New Mexico should try the following:
Here are a few other things drivers should keep in mind when shopping for New Mexico car insurance:
About 21.8% of New Mexico's drivers are uninsured. This is a serious concern for everyone, even drivers who do have insurance. Those who want to be fully protected should consider adding uninsured and underinsured motorist coverage to their policy. This protects them if they're hit by a driver who doesn't have insurance or who doesn't have enough to cover the full cost of the damages.
About 5,835 cars were stolen in Albuquerque in 2020. That makes it the city with the sixth-highest rate of auto theft in the nation. Drivers who live or work here should consider adding comprehensive coverage to their car insurance coverage. This protects the policyholder's vehicle against theft, vandalism, animal-vehicle collisions, bad weather, and more.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page.
The data found on this page is a combination of publicly available quote data obtained directly from the carrier as well as insurance rate data from Quadrant Information Services. These rates were publicly sourced from the top ten (10) to fifteen (15) carrier markets, within each state, based on annual written premium and should be used for comparative purposes only -- your own quotes may be different.
