You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life ’ s fiscal journey. Bankrate ’ s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make bright personal finance decisions. We follow hard-and-fast guidelines to ensure that our editorial contented is not influenced by advertisers. Our column team receives no lineal compensation from advertisers, and our subject is thoroughly fact-checked to ensure accuracy. then, whether you ’ re reading an article or a revue, you can trust that you ’ re getting credible and dependable information. We measure your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in plaza to ensure that happens. Our editors and reporters thoroughly fact-check editorial capacity to ensure the information you ’ re read is accurate. We maintain a firewall between our advertisers and our editorial team. Our column team does not receive direct compensation from our advertisers. Bankrate follows a hard-and-fast editorial policy, so you can trust that we ’ rhenium putting your interests first gear. Our award-winning editors and reporters create honest and accurate content to help you make the right fiscal decisions. All providers discussed on our site are vetted based on the respect they provide. And we constantly review our criteria to ensure we ’ ra putting accuracy beginning. Our indemnity team is composed of agents, data analysts, and customers like you. They focus on the points consumers care about most — price, customer service, policy features and savings opportunities — so you can feel confident about which provider is right for you. Bankrate follows a stern editorial policy, so you can trust that we ’ ra putting your interests first. All of our contentedness is authored by highly stipulate professionals and reviewed by capable matter experts, who ensure everything we publish is objective, accurate and desirable of your believe. Founded in 1976, Bankrate has a long lead criminal record of helping people make chic fiscal choices. We ’ ve maintained this repute for over four decades by demystifying the fiscal decision-making summons and giving people confidence in which actions to take adjacent. While we adhere to strict column integrity, this post may contain references to products from our partners. here ‘s an explanation for how we make money. This capacity is powered by HomeInsurance.com ( NPN : 8781838 ). For more information, please see our Insurance disclosure. The average cost of car insurance in New Mexico is $1,419, according to Bankrate’s 2021 study of quoted annual premiums. The “ Land of Enchantment ” features some of the oldest byways in the nation. Historic Route 66 runs east to west through the center of New Mexico and has carried motorists to their destinations for about a century. Recent decades have seen the phone number of drivers in New Mexico rise as the state grows in popularity. In 2017, the Bureau of Transportation Statistics counted 1.5 million license drivers in the state, a 7.9 % increase from the count counted in 2007. New Mexico is a alone region with a culture all its own and batch of different car insurers to choose from. Finding the correct paroxysm can be a daunting job in any state, and there are a few things to consider before shop around for a authentic New Mexico car insurance company :
- What is the driver’s history behind the wheel? Motorists with at-fault accidents on their records might be best served by a different insurance company than drivers with no accidents.
- What type of coverage is needed? People with auto loans usually need different coverages than those who have paid off their vehicles.
- What information is required for coverage? Have the vehicle’s mileage handy, as well as the VIN and license plate numbers, before speaking with a local insurance dealer.
Best car insurance companies in New Mexico
Every year, J.D. Power releases a report that looks at the finest car insurers on the market. The 2021 J.D. Power U.S. Auto Insurance Study shows which car policy providers rise to the crown of the diligence to become the best in the Southwest. We besides included ratings from AM Best and the Better Business Bureau to help determine the top policy companies .
|Car insurance company||Bankrate Score||Average annual full coverage premium||J.D. Power customer satisfaction score|
|Safeco||4.9||Rates not available||813/1,000|
Safeco gives its members access to a variety of coverage options, such as ride-sharing insurance for professional drivers and selective accident forgiveness to reward good drive records. Founded in 1923, Safeco has a retentive history to help policyholders feel secure in their choice of supplier. Learn More: Safeco Insurance Review
Geico is one of the best options for low-cost car policy and is a capital start point for first-time car owners. Geico besides allows different kinds of indemnity plans to be bundled together for even more savings and offers a wide stove of discounts. Geico has options to insure bad drivers as well, then if you have accidents on your record, you may want to consider a quote from Geico. Learn More: Geico Insurance Review
State Farm gets a high rat from J.D. Power for good reason. It has a comprehensive examination set of discounted insurance plans available, including defensive repel course discounts, good scholar discounts and multiple car discounts.
Learn More: State Farm Insurance Review
American Family features plans with interesting offerings like discounts to incentivize safe drive and a car arranger that tracks driving for individualize discounts of up to 20 %. american Family has an extensive number of discounts for policyholders to peruse. As the ninth-largest car insurance company in the United States, drivers can trust that american Family is a reputable policy supplier. Learn More: american Family Insurance Review
Allstate has encompassing offerings that will fit the needs of most drivers, including collision coverage for accidents and medical payments coverage for both the driver and the passenger of the vehicle. Allstate besides has a range of discounts to provide policyholders with options to lower their savings. Learn More: Allstate Insurance Review
Average car insurance cost in New Mexico
The average annual cost of cable car insurance in New Mexico is $ 1,419 for full coverage and $ 385 for minimal coverage. Drivers in New Mexico pay closely $ 300 less per year than the home annual average of $ 1,674 for fully coverage, which is not very surprise given New Mexico ’ s more balmy climate .
|Average Annual Premium for Minimum Coverage in New Mexico||Average Annual Premium for Full Coverage in New Mexico|
New Mexico city Average annual premium for full coverage Average annual premium for minimum coverage Albuquerque, New Mexico $1,614 $501 Farmington, New Mexico $1,312 $354 Las Cruces, New Mexico $1,292 $380
State minimum insurance requirements in New Mexico
In New Mexico, motorists are required to obtain a state minimal level of liability car policy before getting behind the roulette wheel. New Mexico ’ s minimum liability levels are :
- $25,000 for bodily injury liability each person
- $50,000 for bodily injury liability per accident
- $10,000 for property damage liability per accident
Bodily injury refers to anyone who has been injured by the driver in an accident, including pedestrians and other motorists. Property damage refers to any individual or populace property that has been damaged by a person ’ s actions while driving. And although indebtedness car insurance is all that New Mexico requires, it is worth considering higher coverage limits and extra coverage options for extra auspices in the event of an accident .
How to get the best car insurance
Shopping about for a car policy company can be overwhelming due to the number of factors involved. Drivers should compare rates for and consider obtaining full coverage car insurance rather than the minimal coverage. Full coverage can protect you from paying large sums out of pocket in the event that you get into an at-fault accident. With minimal coverage, you are alone protected up to the minimum state requirements and any extra expenses from an at-fault accident will have to be covered out of pouch. You will besides want to evaluate your individual needs and consider your geographic placement when searching for cable car indemnity. Factors such as whether you will be buying a new fomite, if you will need to add another driver to your policy in the future, if you have been involved in an accident in the past and your budget are all things that will impact your car insurance choice .
- Evaluate your needs. There are specific rate factors that affect how much you pay for insurance, including your past driving and claims history, credit score, budget and more. For example, if you have a low credit score, you may want to seek out a company that does not use credit scoring to rate your policy. If you have one or more accidents on your driving record, you may want to look for car insurance companies that offer accident forgiveness so that your premiums may not be raised as much if you get into another accident.
- Consider state factors. Your ZIP code is just as important when calculating your car insurance costs. If you are in an area with a high crime rate, for example, you may want to consider adding comprehensive coverage to protect yourself from vandalism and theft. According to the Insurance Information Institute, New Mexico ranks third in the nation for the number of uninsured drivers as of 2015, so discussing uninsured and underinsured motorist coverage with your agent may be prudent.
Car insurance discounts in New Mexico
Discounts on car indemnity rates come in all shapes and sizes. Most companies offer at least a few, but some companies may offer discounts that match up with your needs and life style better than others. To help you find the cheapest cable car policy in New Mexico, take a expression at a few of the different deduction options available :
- Safety discounts: You may be able to save when your car is equipped with extra safety features. This can include having anti-lock brakes or anti-theft devices installed.
- Bundle discounts: There may be extra savings when you purchase more than one policy from the same provider.
- Good grades: Good student discounts are available for full time students who earn a B average or higher. This discount can provide significant premium savings.
- Loyalty discounts: Some providers reward you for using the same provider as other family members. If your parents have a policy with certain companies like American Family, you could receive extra discounts off your policy.
You may besides be able to save money when you drive less than the average driver. Some companies like Safeco will offer low-mileage discounts to reward those who spend less time behind the bicycle. There are besides telematics-based discounts, like State Farm ’ s Drive Safe and Save, which reward your safe drive with lower premiums .
Frequently asked questions
What is the best car insurance in New Mexico?
The best car policy company is going to vary depending on the individual practice. For model, if a driver is an active or former member of the U.S. Military, USAA may be a good choice. Drivers who use their cars for ride communion may want to consider Safeo. Obtaining a variety of quotes is the best manner to find the right company for you .
Why would the best insurance provider for one person not be the best for someone else?
Auto indemnity providers vary in their rates, deduction offerings, allowance for bad drivers and how they utilize your credit seduce to rate your policy. Because each driver has a singular sic of experiences and needs, car insurance companies evaluate likely policies on a individual footing. Getting multiple quotes can help you compare companies to find the right fit for your needs .
What information is needed to get car insurance in New Mexico?
To get cable car insurance in New Mexico, people will need proof that they are a accredited driver in the express and that they own the vehicle they are seeking to insure. Be sure to have your car ’ sulfur vehicle identification phone number ( VIN ) on hand, arsenic well as the dates of birth and license numbers for each driver in your family .
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 citation and the following fully coverage limits :
Read more: The 7 Best Car Insurance Companies (2022)
- $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 minimum coverages that meet each express ’ s requirements. Our infrastructure profile drivers own a 2019 Toyota Camry, commute five days a week and drive 12,000 miles per annum. These are sample rates and should alone be used for comparative purposes .
Bankrate Scores primarily reflect a weighted rate of diligence standard ratings for fiscal persuasiveness ( AM Best, S & P, Moody ’ sulfur ) and customer experience ( J.D. Power, NAIC ), in addition to average quote rates from Quadrant Information Services. The J.D. Power studies use include the 2020 Auto Insurance Study and the 2020 Auto Claims Study. Our Bankrate editorial team ’ s across-the-board research and analysis provided a secondary assessment of each insurance company ’ randomness on-line and mobile resources and policy management options, which besides contributed to overall ratings .