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How much does car insurance cost in New Mexico?
respective factors determine car policy rates in New Mexico, including the city you live in, your age, sex, marital status, driving history and recognition sexual conquest. It can be beneficial to notify your insurance carrier anytime you have a significant liveliness event, such as a variety in your casual commute or marital condition.
The average price of car indemnity in the U.S. is $ 565 per year for minimum coverage and $ 1,674 for a full coverage policy. Drivers looking for policy in New Mexico typically find that premiums are lower than average .
New Mexico car insurance rates by company
To find the best New Mexico car indemnity rates, you may want to start by reviewing respective carriers. not entirely will you find the coverage you need, but you can besides make certain you are getting the cheapest rates for your needs .
New Mexico car insurance rates by city
When you are looking for car insurance in New Mexico, it ’ s all-important to understand that your actual rates will vary depending on where you live within the state. Below are some average costs for New Mexico ’ s most populous cities .
| City | Average annual premium for full coverage | % increase in average annual premium |
|---|---|---|
| Albuquerque | $1,614 | 12% |
| Las Cruces | $1,292 | -9% |
| Santa Fe | $1,471 | 4% |
| Rio Rancho | $1,498 | 6% |
| Roswell | $1,438 | 1% |
| Farmington | $1,312 | -8% |
| South Valley | $1,719 | 21% |
| Clovis | $1,399 | -1% |
| Hobbs | $1,465 | 3% |
| Alamogordo | $1,199 | -16% |
| Carlsbad | $1,469 | 4% |
| Deming | $1,235 | -13% |
| Gallup | $1,353 | -5% |
| Los Lunas | $1,552 | 9% |
| Silver City | $1,247 | -12% |
| Portales | $1,360 | -4% |
| Las Vegas | $1,433 | 1% |
| Anthony | $1,315 | -7% |
| Chaparral | $1,316 | -7% |
| Artesia | $1,404 | -1% |
New Mexico car insurance rates by age
Like any submit, long time makes a big difference in the average cost of policy for New Mexico drivers, and 18-year erstwhile drivers appear to pay the most typically. Keep in mind that other factors, such as how expensive your vehicle is, can affect average premium amounts american samoa well. *Rates for the 16-year old drivers were calculated based on a rear ’ second policy
New Mexico car insurance rates by driving record
If you receive a accelerate slate, are at fault for an accident or are charged with a DUI, expect your car insurance rates in New Mexico to increase. A DUI can catapult your premiums by closely 50 %, and that ’ s fair for a first crime .
| Driving incident | Average annual full coverage premium in New Mexico | % increase in average annual premium |
|---|---|---|
| Speeding ticket | $1,682 | 16% |
| Accident | $1,953 | 27% |
| DUI | $2,757 | 49% |
How to save on car insurance in New Mexico
There are a variety show of ways to save on car policy rates in New Mexico. With a bite of campaign, there are several things you can do to lower your premiums .
- Shop around: Comparing rates from one carrier to another is a great way to save money. Each company has its method for calculating rates, and there can be many benefits when you compare multiple carriers and coverage options.
- Raise your deductible: If you are willing to take on a higher deductible, it will save you additional money on your premiums. A deductible is your out-of-pocket costs for your comprehensive and collision claims. The more you agree to pay out of pocket, the lower your monthly premiums.
- Look for discounts: Almost all carriers offer discounts, ranging from multi-policy bundling to a discount for good grades. But be sure to review all the options available from each carrier, as you may be eligible for discounts you were not aware were available.
- Take a defensive driving course: If you take a defensive driving course, not only do you learn valuable driving skills that could make you a better driver, but you might earn an additional discount. Many carriers give you a break on your premiums if you take one, as long as it is an approved course.
Frequently asked questions
How much car insurance do I need in New Mexico?
The sum of car indemnity you need in New Mexico depends on your driving habits, life style and budget. In summation to state minimal requirements, you will credibly want enough coverage to protect you financially and might want to consider carrying extra liability coverage, depending on your net income deserving. You may besides need to add comprehensive and collision coverage if you have a loanword or lease. You may besides be required to purchase col indemnity if you lease or finance your car. The bed line is that your policy needs are unique to you, and working with a license car policy agentive role can guide you in the right direction .
Is New Mexico a no-fault state?
New Mexico is not a no-fault state, which means it is considered an at-fault matchless. If you are in an accident, whoever is ruled as the at-fault driver must use their policy for payments towards property damage or medical expenses.
Is uninsured motorist coverage required in New Mexico?
No, drivers in New Mexico are not required to purchase uninsured motorist coverage ( UM ). however, before you say no to this optional coverage, keep in mind New Mexico the fourth highest state for the numeral of uninsured motorists in the state. Almost 22 % of all drivers in the department of state drive uninsured, which could put you at fiscal risk. If you are in an accident with person without indemnity, this coverage helps pay for possible vehicle or place damage and medical payments .
Methodology
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on a 40-year-old male and female driver with a clean drive record, dependable credit and the following wax 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 bodily injury per person
- $300,000 uninsured motorist bodily injury per accident
- $500 collision deductible
- $500 comprehensive deductible
To determine minimum coverage limits, Bankrate used minimal coverages that meet each state ’ sulfur requirements. Our base profile drivers own a 2019 Toyota Camry, commute five days a workweek and drive 12,000 miles annually .