Cheapest New Mexico Car Insurance Quotes
Do you need cheap Car Insurance in New Mexico? We can help you quickly compare multiple car insurnace quotes at once with our comparison calculator.
New Mexico drivers are probably aware of how difficult it is to get affordable car insurance rates with many different car insurance companies on the market. Although New Mexico is considered safe in general, violent crime and property damage are rising; therefore, cheap car insurance can be hard to find. Fortunately, with proper guidance, it’s not impossible to get the cheapest auto insurance on the market!
Your New Mexico insurance rate is dependent on a variety of factors – and it’s not always about how many accidents you’ve had. With about 1.5 million licensed drivers present in New Mexico at the current time, most centrally located in metro areas, it makes sense to go for the best protection out there to keep you and your family safe.
Here at Insurance Geek, we love getting New Mexico drivers on the road with policies that work for their budgets and specific needs. We’d love to put a policy together for you that will do just that. Often, meeting the state minimum requirements isn’t enough. You need the best protection not just to keep you on the road – but to help you in the aftermath of a catastrophic event on the road.
New Mexico Car Insurance Minimum Required Coverage
Pretty much all states require some bodily injury (BI) courage, and many also require underinsured and uninsured auto coverage. Below, you’ll find New Mexico insurance minimums, including the protection amounts you can expect and our further recommendations. Minimum coverage limits will not be enough for drivers in New Mexico.
Bodily injury liability – $25,000 person/$50,000 accident
BI covers you if you harm someone else while driving your vehicle. If you have others named on your policy, this part of your auto insurance protects them, as well. Whether you hit another driver, someone on a bike, or a pedestrian, this auto coverage will pay for the medical bills and any other associated injury liability for that person.
This also covers anyone you’ve allowed to drive your car.
Property damage liability – $10,000/accident
This is a fairly low minimum. Sure, $10,000 in insurance coverage will get you on the road – but it certainly won’t cover the cost of replacing someone’s car in an accident. Imagine hitting someone in a Tesla – will $10k cover the cost of replacing the other driver’s car? Not likely.
Most states are able to delay your registration if you can’t demonstrate holding the recommended minimum insurance, so keep this in mind.
Underinsured/Uninsured Insurance
New Mexico drivers must have uninsured or underinsured insurance. You’ll want the auto insurance coverage to kick in when a driver without insurance or with little insurance damages your vehicle. Perhaps the situation may not allow you to wait through long court-appointed sessions, and you’ll need the money right away. This type of insurance can help you in such situations, and it is always better to have full coverage.
How Much Will I Pay for Car Insurance in New Mexico?
The average auto insurance policy costs around $760 a year, a little lower than the national average.
Your insurance premium will be calculated depending on your ZIP code, but it is important to realize that more factors come into consideration when it comes to car insurance rates. You can examine the list of all the things you should pay attention to:
Age Groups
Young drivers (that can be anyone who falls into the following categories – teen drivers, inexperienced drivers, or new drivers) will get higher than average rates precisely because they lack driving experience.
Statistically speaking, companies will consider inexperienced drivers or young drivers more likely to be involved in an at-fault accident, therefore they will pay a higher price for their car insurance.
Driving Record
Your insurance provider will want to make sure that you have a clean driving record. Average rates for drivers in New Mexico will depend on their driving history and driver profiles, that is to say, whether or not they are good drivers.
What makes a good driver? A clean driving record without a speeding ticket (or tickets) looming over. If you are among good drivers with an upright driving record, you’ll score a lower premium.
Credit Score
One factor that affects how much your average rates for car insurance in New Mexico will be is your credit score. Your credit record reflects your financial responsibility, and it will tell insurance companies all about your financial behavior.
A poor credit score will definitely downgrade you a bit in terms of your average rates. However, poor credit is not the sole deciding factor, and you’ll definitely be able to find cheap auto insurance quotes. What you’ll need to do is use our free tool on this page!
Your Vehicle
Your vehicle information (like the make, the model, even the color) is important to get the cheapest car insurance rates. Insurance rates vary depending on this information.
Drivers in New Mexico who own sports cars or cars with powerful engines can expect to pay more for their car insurance.
Location
New Mexico drivers can expect to pay more for minimum coverage in urban areas like Santa Fe or Las Cruces. Here are some sample auto premiums for the largest cities in New Mexico:
- Albuquerque
- Las Cruces
- Rio Rancho
- Santa Fe
- Roswell
The increased potential for an accident in more densely populated areas tends to come with higher premiums. In Albuquerque, for example, you might pay $765 for your annual premium, while the same coverage in a suburb like Alamogordo might set you back $1200.
Insurance Company
Insurance companies offer different products, deals, quotes, and rates. In order to make things easy and accessible for our clients, we’ve created a quote engine tool they can use to get free quotes from multiple different carriers.
By using our quote tool, you can get free personalized quotes and compare them!
Discounts
Aside from free quotes, you can get discounts! If you shop for insurance at one insurance company, they’ll be eager to reward your loyalty. For example, if you buy different insurance products (say home insurance or life insurance policies) in addition to car insurance, your insurance company will recognize your trust and reward it with discounts.
There are other ways to make discounts more accessible, like keeping an upstanding driving record. Drivers in New Mexico can get better coverage and score a great auto policy by bundling up to save!
Get Best New Mexico Cheap Car Insurance Quotes
At Insurance Geek, we are constantly in the business of connecting our clients to the best insurance companies. We enjoy connecting our drivers in New Mexico to the cheapest car insurance, regardless of where their ZIP code places them.
You can get free quotes and much more out of our services when you fill in your info in our calculator. It takes less than a minute, and you can get so much out of the way and start planning your insurance policy objectively.
After completing the form, you can compare quotes from over 20 of our best carriers. Companies like Nationwide and Safeco are among our top insurance providers.
You’ll find it tiring to communicate to dozens of agents and discuss different coverage levels and offers all the time. Our tool is there to help you compare multiple quotes and get a personalized one without us blasting you with countless offers daily.
Our agents cannot wait to answer your questions. Make sure to contact an Insurance Geek agent if you have any doubts or questions while thinking about your full coverage!
Can I Get a Discount?
Insurance providers are eager to give you discounts if they recognize that you are a serious client, ready to commit your business to them. Your monthly insurance bill will see a significant decrease when you work with your carrier of choice because bundling up on insurance products will help you get a lower price. So, if you’re looking to cover multiple types of insurance, make sure you commit to one carrier.
Depending on your profile, auto insurance rates can be cheaper with discounts when you are looking for full coverage. Discounts vary by carrier. Here are some you’re likely to see:
- Low mileage;
- Student, senior or military;
- PIF discount (paid in full);
- Paperless billing discount
- Bundling coverage
- Adding certain safety features to your vehicle could result in additional discounts, including theft alarms, etched glass, etc.
There are many different ways to save your hard-earned money. Make sure you talk to us about your specific situation, and we’ll help you with it!
What Does Coverage in New Mexico Include?
Insurance is more than the state minimum. Here are some examples of other auto coverage:
Medical Liability/PIP (Personal Injury Protection)
Regardless of who is at fault, if you or your passengers are injured in an accident, the PIP part of your coverage auto insurance can help cover medical expenses and lost wages. This coverage protects you and your passengers, regardless of whether or not you have health insurance.
Uninsured and underinsured
Uninsured and underinsured coverage protects you under any circumstances. If someone hits you and they don’t have the minimum recommended insurance – or any insurance at all – this type of coverage will assist you.
Collision
You don’t necessarily need to be involved in an accident with another driver to require collision protection. Have you ever hit a pothole or a speed bump going a little faster than you should have? Have you hit a non-moving object? It sure happened to a lot of us. Your collision auto coverage will protect you in these situations.
Comprehensive
Windshield cracks, dings, items stolen out of your car – all these things are covered under comprehensive. Comprehensive is essentially “everything else” insurance, covering non-collision-related incidents that happen to your car.
Bodily injury liability insurance (BI)
Bodily injury liability coverage in New Mexico pays for the medical bills for the other party involved in an at-fault accident. We strongly advise you to go over the minimum coverage for New Mexico and make sure you are completely insured in case of an accident.
Property damage liability insurance
Property damage liability coverage will cover the costs of the other party’s damage on your behalf when you are involved in an at-fault accident.
Deductibles
Choosing a higher deductible can lower your premium, but you might feel the pain in the event you need to use your policy. Typically, deductibles are $250, $500, or $1000, but can be higher in some cases. We find deductibles for comprehensive coverage claims ring right around $500 for most customers.
How Much Coverage in New Mexico Should I Get?
The state minimum in New Mexico is listed above, but in most cases, it’s simply not enough. We recommend 100/300/100 coverage – meaning, at least $100,000 in BI protection ($100,000 per person, $300,000 total per accident) and at least $100,000 in property damage coverage.
There’s nothing better than watching our New Mexico customers get the exact type of policy coverage they need for their entire household. Remember, 100/300/100 – don’t just go with the state minimums, go with an amount of coverage that will protect you and your family based on your individual, specific needs.
The needs of all our customers are different, and we strive to give our New Mexico customers the best possible experience with affordable rates to get them out on the road – not just with the minimums. All you have to do is fill out one quote form, and we will connect you with a variety of quotes from different carriers to help you get everything you need to drive safely.
FAQ: New Mexico Car Insurance
Q: What car insurance companies have the cheapest auto insurance in New Mexico?
A: Car insurance in New Mexico can be cheaper than the national average if you know which companies you can trust. With companies such as Nationwide and Safeco, your car insurance policy is bound to be the cheapest possible. Their high ratings, impeccable service record, and a great reputation with their customers make them the market favorites!
Q: How much does car insurance cost in New Mexico?
A: Your New Mexico auto insurance premiums are affected by many different factors, including recent accidents or citations, your age, vehicle color, age, make, and model of your vehicle. All of these factors in combination result in a personalized price for each client. You can also get fantastic discounts by having safety features and a great safety rating. Another great option is to put your trust in one company, obtain bundle offerings, or simply have a safe driving record!
Q: How does an accident or citation affect my rates?
A: “Accident forgiveness” doesn’t necessarily apply to every auto policy. The more accidents or even claims you have, the higher the cost of your premiums could increase. It’s difficult to say, “make sure you don’t get into an incident” – because after all, that’s what insurance is for! Just know that minimizing accidents, speeding tickets, or citations can help you save.
Calculate New Mexico Auto Insurance Rates
The average cost of car insurance in New Mexico does not have to be your reality – you can get the cheapest possible version with us here at Insurance Geek!
We provide quotes from a variety of carriers to meet your needs. We’d love to talk to you about the best insurance for you and your family. Calculate quotes today, and let’s get you set up with a policy that works for you!
To get easier access to full coverage and lower prices on it in New Mexico, make sure that you talk to your agent at Insurance Geek! We’re always happy to help.